The Trump Administration’s poor oversight of the Paycheck Protection Program has placed billions of dollars at risk, left lenders confounded and invited fraud, the Government Accountability Office said Thursday.
The Trump Administration is violating federal law by refusing to provide the Government Accountability Office with information concerning the Coronavirus Aid, Relief, and Economic Security (CARES) Act, five House committee chairs charged Wednesday.
The Government Accountability Office has renewed its recommendation that Congress consider consolidating financial regulatory agencies, including the National Credit Union Administration, in an effort to improve oversight of financial institutions. In its annual report issued last week on duplicative and overlapping programs, the GAO said that the fragmented organization of the regulators results in inconsistent enforcement of federal rules and consumer protection. “Without additional actions, fragmentation and overlap in the financial regulatory structure will continue to create challenges related to the efficient and effective oversight of financial institutions and the consistency of consumer protections,” the GAO said. GAO has made