CFPB Report: 2024-FMIC-C-022 December 9, 2024
Contracts with large cost increases or scope changes can pose financial and legal risks to federal agencies. We reviewed 29 CFPB contracts valued at $244.5 million that, after undergoing cost modifications, grew to $262.1 million.
CFPB contracting officers followed Federal Acquisition Regulation and CFPB policies when awarding these contracts. However, for modifications, COs did not consistently conduct and document price reasonableness determinations and obtain the expected reviews by the CFPB's Legal Division. Providing clear guidance will promote consistent assessments of modification pricing and help the CFPB maximize value from contracting activities.
This report contains one recommendation.
