The Six Biggest Inaccuracies in the July 10 Bloomberg Businessweek Article Regarding the CFPB’s Building Renovations

From: The House Committee on Financial Services

Inaccuracy #1: “When the U.S. Consumer Financial Protection Bureau opened in 2011, the best available government office space large enough to accommodate its thousand-plus employees was a run-down concrete building on G Street near the White House that once housed the now-defunct Office of Thrift Supervision.”

Facts
The House Financial Services Committee has investigated whether 1700 G Street was in fact the “best available” office space for the CFPB at the time the Bureau opened.  Earlier this year, the Committee requested that the CFPB produce “copies of all documents prepared by the Bureau, the General Services Administration or any private contractor or consultant prior to February 17, 2012 that reference or evaluate the Bureau’s commercial real estate lease or purchase opportunities.”  The CFPB responded that, “in regard to the documents requested, the Bureau has not, to date, found documents that can be responsive to this request.”  

It therefore appears that the CFPB conducted no due diligence before selecting 1700 G Street, so it could not possibly know whether the facility was the “best available.”

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