Reports

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.

The objectives of this audit are to: 1) obtain, review, and assess agency plans to expend these funds, 2) determine the current status of the RRB IT initiatives to expend all or part of the appropriation, 3) evaluate if the project progress is in accordance with the RRB’s project plan timeline, and reasons for delay, if any, 4) evaluate if the RRB’s goals and timeline are reasonable and attainable to achieve the intended purpose as stated in agency plans, and 5) evaluate the outcomes of the project relative to the anticipated improvements.

The objectives of this audit are to: 1) determine if mobile phones purchased and deployed as a result of the pandemic comply with RRB mobile device policies including records retention for voice mail, text messages, photographs, etc, 2) conduct a cost benefit analysis for the cell phones that would include identification of non-usage of cell phones and extensive personal usage, 3) assess the necessity for the mobile phone, for the entire population of cell phones, based on cell phone usage tied to employee positions within the agency, 4) assess the types of the applications downloaded to the mobile phones and determine if they are appropriate for business purposes and if approvals were required, and 5) assess whether agency records of mobile phone assignment are accurate and complete for the entire population of cell phones.

To determine to what extent eligible DHS employees received FEMA's Disaster Relief Fund for supplemental state lost wages assistance.

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.

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.

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. 
 

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.

The objective of this desk review is to evaluate Los Angeles County documentation supporting the uses of its Coronavirus Relief Fund proceeds as reported in GrantSolutions, and to assess risk of unallowable use of funds. The scope of our review will include obligation and expenditure data as reported in the GrantSolutions portal.