Audit of the CFPB’s Consumer Response Operations
Pursuant to the Dodd-Frank Act, the CFPB’s Office of Consumer Response collects, monitors, and responds to consumer complaints on financial services and products. The CFPB uses these consumer complaints to help inform the agency’s supervision activities, enforce federal consumer financial laws, and write rules and regulations. With an increase in consumer complaints as a result of the COVID-19 pandemic, Consumer Response faces an operational risk with respect to the timeliness in which it can respond to consumer complaints. We plan to assess the effectiveness of the CFPB’s processes for reviewing and responding to consumer complaints.
Evaluation of the Paycheck Protection Program Liquidity Facility’s (PPPLF) Credit Extension Repayment and At-Risk Loan Monitoring Efforts
In response to the COVID-19 pandemic, the Board established the PPPLF to extend credit to financial institutions that originate loans through the U.S. Small Business Administration’s guaranteed Paycheck Protection Program (PPP), taking the PPP loans as collateral. The PPPLF, managed by the Federal Reserve Bank of Minneapolis and operated out of the 12 Federal Reserve Banks, distributed billions of dollars to eligible lenders. We will assess the effectiveness of internal controls to (1) determine lender eligibility, extend credit, and process repayments and (2) identify at-risk advances, handle instances of nonpayment, and detect and mitigate fraud. We also plan to assess the extent to which the Federal Reserve System coordinates with the U.S. Small Business Administration to determine lender eligibility, recover losses due to nonpayment, and detect and mitigate fraud.
Audit of Data Quality in Selected in USAID PEPFAR Programs in Africa
This audit will look at the quality of data reported in selected President’s Emergency Plan for AIDS Relief (PEPFAR) programs to determine if weaknesses exist that may lead to inaccurate results reporting. The objectives of this audit are to assess the extent to which USAID has: (1) designed and implemented internal controls over collecting, verifying, and reporting PEPFAR data; and (2) identified and mitigated the effects of the COVID-19 pandemic on its internal controls over PEPFAR data quality.
Oversight of Overseas Contingency Operations
As required by section 8L of the Inspector General Act of 1978, as amended, the Inspectors General for the Department of Defense, Department of State, and USAID work together to report quarterly to Congress on every overseas contingency operation’s progress and corresponding oversight activities. Starting in the second quarter of fiscal year 2020, these quarterly reports include reporting on the COVID-19 outbreaks in Afghanistan, Syria, Iraq, and the Philippines, as well as the U.S. government response to them.
Monitoring of the Federal Reserve’s Lending Programs
In response to the economic effects of the coronavirus pandemic, the Federal Reserve recently announced that it would create new lending facilities to provide loans to employers, certain businesses, and communities across the country to support the U.S. economy. Specifically, the following programs have been created or are in development: the Main Street Lending Program, the Paycheck Protection Program Liquidity Facility, the Municipal Liquidity Facility, the Primary Market Corporate Credit Facility, and the Secondary Market Corporate Credit Facility. We are initiating an active monitoring effort of these programs to gain an understanding of operational, governance, reputational, and financial matters associated with them. Through this monitoring effort, we will refine our focus on the programs and identify areas for future audits or evaluations. Some of the topics we are considering include the design, operation, governance, and oversight of the lending programs; data collection and reporting associated with the programs; and the effect of the programs on the Board’s supervision and regulation activities.
Evaluation of the Hardest Hit Fund Status and Wind Down Planning
Treasury reports that the Hardest Hit Fund is in a wind down status. SIGTARP will evaluate the status of the program, and Treasury’s planning of the program’s wind down. This will include, for example, TARP dollars remaining to be spent by state agencies, as well as current and estimated future program activity. It will also review Treasury’s direction and guidance to state agencies for wind down planning, and the state agencies’ response.
Audit of USAID’s Branding and Marking Requirements
USAID’s branding and marking efforts enhance the visibility and value of U.S. foreign assistance and are intended to inform beneficiaries that aid comes from the American people. Unfortunately, according to the Agency, beneficiaries of the billions of dollars of foreign assistance provided by the United States every year often have little to no awareness that the aid they receive is provided by the American people. The objectives of this audit are to determine the extent to which USAID: (1) has policies and procedures to ensure compliance with statutory branding and marking requirements and (2) provided information and oversight to ensure implementers complied with branding and marking requirements. Given particular interest from Congress amid the ongoing pandemic, this audit will consider the impact of COVID-19 under both objectives as appropriate.
Audit of Local Partner Participation Initiatives in USAID’s PEPFAR Programs in Africa
The Office of the U.S. Global AIDS Coordinator and Health Diplomacy (OGAC) has established a goal of 70 percent local partner participation in President’s Emergency Plan for AIDS Relief (PEPFAR) programs by 2020. Included in the definition of local partner participation is government-to-government assistance, which is especially risky in Africa given the levels of political corruption in countries with the greatest HIV prevalence. The objectives of this audit are to: (1) describe the extent to which USAID’s PEPFAR budgets are on track to meet the goal for local partner funding; (2) assess to what extent USAID’s agency-wide strategy has prepared the agency to increase PEPFAR funding to local partners while addressing risks; and (3) assess to what extent selected USAID missions in Africa followed agency guidance designed to achieve the goal for PEPFAR local partner funding while addressing risks. The audit also explores topics related to the possible effects of the COVID-19 pandemic on USAID’s ability to reach the OGAC target and the extent to which USAID has identified financial and programmatic risks emanating from the pandemic.