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OIG updated work plan includes review of CFPB headquarters renovation

Posted in CFPB General

Since issuing its work plan updated as of January 21, 2014, the only new notable item added by the by the Office of Inspector General (OIG) to its work plan updated as of March 3, 2014 is an evaluation of the CFPB’s headquarters renovation budget.  The evaluation is being done at the request of Republican Representative Patrick McHenry, who chairs the House Financial Services Committee’s Subcommittee on Oversight and Investigations.  In response to questions about the renovation during his January 2014 appearance before the House Financial Services Committee, Director Cordray indicated that, although previously estimated to be $95 million, the cost of the renovation had reached $145 million. 

The work plan also moved the OIG’s audit of the CFPB’s civil penalty fund from the list of “work in progress” to the list of completed projects.  In its audit report, the OIG recommended that the CFPB consolidate fund information on the CFPB’s web site and specify in its fund administration procedures that the fund administrator must collect any case-related data from the CFPB’s Office of Enforcement in writing.