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Volume 25 - Number 14

July 7, 2014

Why is OFHEO’s Old Stomping Grounds So Pricey for the CFPB?

The CFPB got a public relations black eye last week when its Inspector General issued a report finding that renovation costs for the bureau’s headquarters in Washington, DC, now stand at a projected $215.8 million – $160.8 million more than the original estimate. “These estimated all-in costs include the $145.1 million obligated for construction, construction management, and General Services Administration fees, as well as $70.7 million for other items including A/E [architectural/engineering] services, rent for swing space, costs associated with moving, and additional renovation-related expenses,” the IG noted. According to the IG, the CFPB has formalized policies for budgeting and funding, as well as for approving major investments prior to obligating funds. “However, we noted that the approval of funding for ...

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