Inspector general criticizes consumer bureau headquarters renovation

From: L. A. Times

Jim Puzzanghera

A government watchdog criticized the Consumer Financial Protection Bureau’s controversial headquarters renovation, whose price tag has risen to an estimated $216 million, saying there was not a “sound business case” for the project because the agency never analyzed other options.

The inspector general’s report, released Wednesday, said bureau officials have been “unable to locate any documentation of the decision to fully renovate the building.”

The bureau also failed to follow its own guidelines for approval by an internal investment review board because a required analysis of alternatives to the renovation was not completed, the report said.

“We cannot conclude whether a complete analysis would have altered the decision to approve funding for the renovation,” said the report by the Federal Reserve’s inspector general, which is the official watchdog for the bureau.

“However, without this analysis, the value of the IRB process as a funding control is diminished and a sound business case is not available to support the funding of the renovation,” the report said.

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