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Search reports, investigative results, and agency plansShowing 1 - 10 of 17 results
Federal Reserve Board & CFPB OIG

The Board and FRB Boston Generally Followed Their Process for Purchasing MSLP Loan Participations but Can Formally Document Some Key Processes

Federal Reserve Board & CFPB OIG

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.

National Security Agency OIG

Audit of the Implementation of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Section 3610

The audit found the agency had significant issues implementing the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The agency did not sufficiently review CARES invoices due to changing guidelines, reduced contract oversight staffing during the pandemic, overreliance on contractor-provided information, and the lack of clear and comprehensive Contracting Officer Representative (COR) oversight procedures for CARES invoices. As a result, the OIG questioned more than $16.4 million, or 40 percent of the sampled CARES invoice charges. As of June 8, 2021, NSA reported $917 million in CARES...
Federal Reserve Board & CFPB OIG

The Board Has Effective Processes to Collect, Aggregate, Validate, and Report CARES Act Lending Program Data

Peace Corps OIG

Final Report on the Peace Corps' Compliance with CARES Act Supplemental Funding Requirements

This audit assessed the Peace Corps' internal controls over the budget, obligation, and disbursement of CARES Act funds, including compliance with the law and other implementing guidance. We concluded that the Peace Corps complied with necessary provisions of the law and other relevant policies and did not issue any recommendations with this report.