OIG says CFPB should strengthen controls over contracting processes

This story appeared in Bank Digest.   

The Office of Inspector General for the Consumer Financial Protection Bureau and the Federal Reserve Board has issued a report assessing the Bureau's compliance with applicable laws, regulations, and internal policies and procedures related to the award and management of its contract with GMMB for advertising and marketing services, which it awarded in August 2013. The OIG found that while the Bureau competitively awarded the GMMB blanket purchase agreement and performed technical and price reasonableness evaluations in compliance with the Federal Acquisition Regulation, it can improve controls to help ensure compliance with other aspects of the FAR and can improve contract management. 

The OIG issued recommendations designed to strengthen the Bureau's controls over its contracting processes. The recommendations included enhancing existing policy and associated training related to contract financing and improving contract management practices.