A fence stands in front of the U.S. Capitol building in Washington, D.C. Photographer: Al Drago/Bloomberg
The new ranking member of the House Financial Services Committee is asking the Inspector General of the federal banking agencies, including the NCUA and CFPB, to report on recommendations the agencies have failed to implement.
"In the most recent fiscal year, the IGs issued recommendations for reform with the potential to save taxpayers approximately $45.1 billion," Rep. Patrick McHenry (R-N.C.), wrote in a letter to the IGs. "The savings arising from the IG community's recommendations can only be realized, however, when the agencies implement them."
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McHenry noted that IGs include in their semi-annual reports to Congress the regulations the agencies have failed to implement.
"Those reports yield valuable data for policymakers seeking to improve the economy, efficiency, and effectiveness of the federal government," McHenry wrote in his letter.
He asked the IGs to respond by Jan. 24 to a series of questions regarding the most important recommendations that the agencies have not implemented.
A review of the latest semi-annual reports prepared by the IGs of the NCUA and CFPB shows several recommendations that have not yet been implemented, but in most cases, the agencies have said they are in the process of doing so.
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