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CFPB Report: 2023-FMIC-C-012 September 18, 2023

The CFPB Can Improve Its Controls for Exercising Contract Options

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Contract options allow federal agencies to add supplies or services to existing contracts. The CFPB obligated $88 million for contract options from July 2019 to June 2021.

Our audit found that the CFPB did not consistently document that all Federal Acquisition Regulation requirements were met before exercising options. The agency also did not always exercise options before the associated contracts expired or notify the contractors of the option extension within contract-required time frames.

After receiving a draft of our report, the CFPB took steps to address these findings; therefore, our final report does not include recommendations.