As part of our fiscal compliance audit of the Department of General Services – Office of State Procurement (OSP) for the period beginning October 16, 2018 and ending October 31, 2021, we found that OSP did not always conduct emergency procurements in compliance with State procurement regulations during the COVID-19 pandemic. Our test of four emergency procurements for commodities and information technology services valued at $54.9 million awarded between March 2020 and May 2021 disclosed that OSP could not provide documentation of the basis for the purchases (such as justification for the use...

Federal Reserve Board & CFPB OIG

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

Full Details: Oversight.gov Report Page

Federal Reserve Board & CFPB OIG

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

Full Details: Oversight.gov Report Page

Federal Reserve Board & CFPB OIG

Date Range

Report Type

Report Category

Submitting Agency

State (State and Local Reports)

Agency Reviewed

Management Challenges

Any Recommendations

Any Open Recommendations

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

Audit Report: Department of General Services Office of State Procurement

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

Glossary

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