Pandemic Response Oversight

The economic disruptions caused by the COVID-19 pandemic resulted in an abrupt shock to financial markets and affected many credit channels that households, businesses, and state and local governments rely on.

In response, the Board of Governors of the Federal Reserve System took steps to support the flow of credit to these sectors by establishing emergency lending programs that made liquidity available to ensure market stability and provide lending support to various sectors of the economy. In addition, the Consumer Financial Protection Bureau played a vital role throughout the pandemic by enforcing federal consumer protection laws and protecting consumers from abuse.

As the Board's and the CFPB's independent inspector general, we provide robust oversight of their pandemic response efforts in coordination with our oversight and law enforcement partners. Although the federal government declared an end to the pandemic, matters related to the lending programs—in particular, investigations of alleged fraud—will continue for the foreseeable future. Our pandemic response oversight work to date is listed below.

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