Management Advisory: FHFA-OIG’s Investigation of Allegations of Fraud Affecting Paycheck Protection Program Loans Obtained or Sought from Federal Home Loan Bank Member Institutions
Impact of Pandemic-Related Forbearance and Foreclosure Relief for Single-Family Mortgages on the Enterprises’ Implementation of CECL
The objective for this management advisory report was to monitor and assess how the company is using CARES Act funds and the controls it has in place to accurately account for and report on them. The company experienced a sharp drop in ridership and passenger revenues in March 2020 as a result of the coronavirus pandemic. The company’s response included aggressive cost-cutting actions such as cancelling some of its train service and reducing management pay and retirement benefits. Despite these actions, the company projected that revenues would still not cover its reduced costs and requested...