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Board Report: 2022-FMIC-B-004 February 28, 2022
In response to the COVID-19 pandemic, the Board of Governors established lending programs under the Coronavirus Aid, Relief, and Economic Security Act to support state and local governments and businesses of all sizes. We assessed the Board's processes for collecting, aggregating, validating, and reporting data related to its CARES Act lending programs.
The Board meets its CARES Act reporting requirements; voluntarily reports transaction-specific data; and publishes complete and accurate data, with the exception of some immaterial inaccuracies. During the drafting of this report, the Board strengthened its documentation of related processes by memorializing a key decision on how it gains assurance that the transaction-specific data are accurate and complete. We also identified opportunities to enhance the transaction-specific data. These opportunities arose because the Board created the CARES Act lending programs within a compressed time frame and focused on ensuring financial accuracy for the reported data.
This report contains recommendations.