FDIC OIG publishes results of audit of personally identifiable information in owned real estate properties

Buckley Sandler LLP writes:

On April 28, the FDIC’s Office of the Inspector General published a report – The FDIC’s Controls for Identifying, Securing, and Disposing of Personally Identifiable Information in Owned Real Estate Properties– regarding its audit of the agency’s internal controls of personally identifiable information (PII) in owned real estate (ORE) properties, which it acquires from failed FDIC-insured financial institutions. The audit was conducted to determine whether or not the FDIC’s internal controls sufficiently identified, secured, and disposed of ORE properties’ PII. According to the report, the OIG determined that the agency’s Division of Resolutions and Receivership (DRR), which is responsible for the liquidation of assets, often did not identify PII in a timely manner, and its “practices for handling and disposing of the information were inconsistent in certain key respects.”

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