This audit was conducted to evaluate CARES Act funds designated for City Council-approved small business recovery and housing relief programs. The Office found that Community relief programs were adequately designed to address the economic impact from the pandemic. Controls over the distribution and monitoring of some community recovery programs should be improved to prevent and detect misappropriations. Emergency relief programs can benefit from the lessons learned during these COVID-19 responses.

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State (State and Local Reports)

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Management Challenges

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Reports

FRB Minneapolis Followed Its Paycheck Protection Program Liquidity Facility Collateral Risk Management Processes and Can Enhance Monitoring and Collection Processes

The CFPB Effectively Monitors Consumer Complaints but Can Enhance Certain Processes

FRB Boston Followed Its Processes for Monitoring the Credit Quality of Main Street Lending Program Loans

The Board and FRB Boston Generally Followed Their Process for Purchasing MSLP Loan Participations but Can Formally Document Some Key Processes

Following Established Processes Helped FRB New York and the Board Reduce Risks Associated With Lending Facility Contracts

Observations on Cybersecurity Risk Management Processes for Vendors Supporting the Main Street Lending Program and the Secondary Market Corporate Credit Facility

The CFPB Implemented Safety Measures in Accordance With Its Reentry Plan

The Board Implemented Safety Measures in a Manner Consistent With Its Return-to-Office Plan

The Board Has Effective Processes to Collect, Aggregate, Validate, and Report CARES Act Lending Program Data

CARES Act Fund Distributions for Small Business Recovery and Housing Relief

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