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Department of Education OIG

Federal Student Aid's Processes for R2T4 Waivers Loan Cancellations and Pell Exclusions

The purpose of the audit is to determine whether Federal Student Aid has adequate processes (1) for students who withdrew because of the coronavirus pandemic, to waive the return of Title IV (R2T4) requirements, cancel Direct Loans received during the payment period, and exclude Pell Grants received during the payment period from Federal Pell lifetime usage; and (2) for schools to report the number and amounts of R2T4 waivers applied. 

Department of Housing and Urban Development OIG

External COVID-19 Loss Mitigation

HUD OIG is conducting a review of a nationwide mortgage servicing company that provides servicing and origination for FHA loans. In the summer of 2021, FHA introduced new recovery loss mitigation options for borrowers exiting forbearance, which will provide a path to deep and sustained recovery for borrowers who were significantly impacted by the pandemic by reinstating their loans from a delinquent to current status. Our objective is to determine if the servicer provided all available options to borrowers with FHA insured loans to help them stay in their homes after the COVID-19 forbearance ended.

Department of Housing and Urban Development OIG

COVID-19 Loss Mitigation

HUD OIG is conducting an audit of COVID-19 loss mitigation. In the summer of 2021, FHA introduced new recovery loss mitigation options for borrowers exiting forbearance, which will provide a path to deep and sustained recovery for borrowers who were significantly impacted by the pandemic by reinstating their loans from a delinquent to current status. Our audit objective is to determine if delinquent borrowers of FHA-insured loans received all available options to stay in their homes after forbearance ended.

Department of Education OIG

The Department’s Use of Pandemic Assistance Administration Funds

The objective of our review is to determine the Department’s progress on spending program administration funds authorized by coronavirus response and relief laws, including how those funds have been used to date and the Department’s plans for using remaining funds.

Department of Education OIG

University of Cincinnati’s Use of Higher Education Emergency Relief Fund Student Aid and Institutional Grants

To determine whether University of Cincinnati used the Student Aid (84.425E) and Institutional (84.425F) portions of its Higher Education Emergency Relief Fund (HEERF) funds for allowable and intended purposes.
Department of Housing and Urban Development OIG

Fraud Risk Management Assessment and Fraud Risk Identification

HUD OIG is conducting an audit to assess HUD’s overall fraud risk management program, and to identify fraud risks for funds that HUD received from the Coronavirus Aid Recovery and Economic Stability Act and American Rescue Plan Act. Our objectives are to 1) assess HUD’s progress in implementing a fraud risk management framework, at the enterprise and program office levels, that encompasses control activities to prevent, detect, and respond to fraud; and 2) develop an inventory of fraud risks that HUD has not already identified for the funds appropriated by the CARES and ARP Acts for the Tenant-Based Rental Assistance, Project-Based Rental Assistance, HOME Investment Partnerships, and Public Housing Operating Fund program.

Federal Reserve Board & CFPB OIG

Evaluation of the Federal Reserve System’s Loan Purchase and Administration for Its Main Street Lending Program (MSLP)

In response to the COVID-19 pandemic, the Federal Reserve System established the MSLP—composed of five different lending facilities—to facilitate lending to small and medium-sized for-profit and nonprofit organizations. Through the MSLP, the Federal Reserve Bank of Boston (FRB Boston) purchased 1,830 loans amounting to approximately $17.5 billion from lenders; the majority of these loans were purchased during the last 2 months of the program. Following the purchase of the loans, FRB Boston is now responsible for administering the loans, including assessing overall credit risk and identifying substandard loans. FRB Boston leveraged third-party vendors to support both loan purchases and loan administration. We plan to assess the MSLP’s processes for loan purchases and loan administration, including the design, implementation, and operating effectiveness of internal controls.

Federal Reserve Board & CFPB OIG

Evaluation of the Federal Reserve System’s Vendor Selection and Management Processes Related to the Federal Reserve Bank of New York’s Emergency Lending Programs

As part of its emergency lending program, FRB New York operated six emergency lending facilities, five of which were supported by multiple vendor contracts. FRB New York awarded some of its emergency lending program–related contracts noncompetitively because of the exigent circumstances, and other contracts pose potential conflict-of-interest risks to the System. FRB New York’s reliance on vendors highlights the importance of its monitoring of vendor performance. We plan to assess the Board’s and FRB New York’s processes related to vendor selection and management for FRB New York’s emergency lending programs.

Department of Housing and Urban Development OIG

CDBG CARES Act Grantee Challenges

HUD OIG is reviewing HUD’s Office of Community Planning and Development’s (CPD) HUD’s Coronavirus Aid, Relief, and Economic Security (CARES) Act, Community Development Block Grants (CDBG-CV) program.  The CARES Act provided $4.9 billion in CCDBG-CV funds to be used to prevent, prepare for, and respond to coronavirus.  Our objective is to determine what challenges grantees faced in obligating and spending their allocated CDBG-CV funds for activities that prepare for, prevent, or respond to COVID-19 and its impact.

Department of Education OIG

Audit of the State of Michigan’s Administration of the Governor’s Emergency Education Relief Fund (GEER) Grant

Determine whether Michigan designed and implemented (1) awarding processes that ensured that the GEER grant was used to support local educational agencies (LEAs) and institutions of higher education (IHEs) that were most significantly impacted by the coronavirus or LEAs, IHEs, or other education-related entities within the State that were deemed essential for carrying out emergency educational services, and (2) monitoring processes to ensure that subgrantees used GEER grant funds in accordance with the Coronavirus Aid, Relief, and Economic Security (CARES) Act and other applicable Federal requirements.