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.
Audit of the Utilization of ARPA Information Technology Modernization Funds at the Railroad Retirement Board
Audit of the Railroad Retirement Board Mobile Phones Deployed as a Result of the Pandemic
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.
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.
Review of COVID-19 Business Tax Relief Provisions on Original and Amended Tax Returns
The objective of this review is to assess the IRS’s processes and procedures to ensure the accuracy and validity of COVID‐19 related employer tax credits on original and amended tax returns.
Office on Violence Against Women's Administration Due to the COVID-19 Pandemic
The OIG is conducting an audit of the Office on Violence Against Women’s Grant Administration due to the COVID-19 Pandemic. The preliminary objectives are to assess: (1) the grant administration and monitoring during the pandemic and (2) the guidance and assistance provided to grant recipients for addressing any increased risks to effective program implementation and to violence against women.
Audit of the Occupational Safety and Health Administration’s (OSHA) Adequacy of Plans and Use of Funds Provided under the American Rescue Plan (ARP) Act
Evaluation of Department of Defense Military Medical Treatment Facility Challenges During the Coronavirus Disease-2019 (COVID-19) Pandemic in Fiscal Year 2021
We plan to begin the subject evaluation in August 2021. The objective of this evaluation is to determine the challenges, concerns, and needs encountered by medical personnel working at DoD Military Medical Treatment Facilities (MTFs) during the COVID-19 pandemic. We may revise the objective as the evaluation proceeds, and we will also consider suggestions from management for additional or revised objectives.