The CFPB also faces roadblocks in building and retaining high-performing personnel, the Fed said.

“As the agency seeks to build and sustain a high-performing workforce, it will need to strengthen workforce planning, establish appropriate training and development programs, implement an effective performance management system, and put in place a comprehensive diversity and inclusion program,” the report said.

According to the OIG, maintaining a diverse workforce is also a challenge at the CFPB. The bureau said it is planning to help managers develop diversity and inclusion strategies in the hopes of sustaining the agency's workface.

The report also said the CFPB's multiyear $215.8 million renovation of its headquarters poses several challenges, including managing risks like unanticipated expenses and higher costs.

“Once the renovation is complete, not all headquarters personnel will fit into the renovated building and additional space will still be required,” the report said. “To address this issue, the CFPB is planning to consolidate personnel currently located in the other two buildings into one permanent space. Any delays in the renovation schedule could affect the CFPB's planning for both the swing space and the permanent space.”

The OIG also said the CFPB must guarantee an effective information security program. The CFPB currently collects, processes, stores, and shares private information on consumer financial products and services.

“Protecting personally identifiable information in federal systems is critical because its loss or unauthorized disclosure can lead to serious consequences for individuals,” the report said. “The CFPB must continue to ensure that sensitive privacy information is adequately protected within the systems it owns and maintains and within those maintained on its behalf by contractors and other entities.”

The CFPB has said it does not examine consumers' accounts or monitor the financial activities of any individuals.

“In the normal course of carrying out its statutory mandate to protect consumers, ensure regulatory compliance, and monitor the consumer financial marketplace for risks to consumers, the CFPB receives information about accounts from consumers who seek the CFPB's help through the consumer response function and from the institutions involved in the complaints,” the report said.