An inspector general faulted the Consumer Financial Protection Bureau in a report released Monday for its management of a contract with the media and political consulting firm GMMB, saying the agency could have better managed the contract that eventually accounted for $43.8 million in spending.
Among other shortcomings, the agency did not properly monitor media purchases made by the firm and did not adequately verify billed expenses, according to the report by the Federal Reserve’s inspector general.
Conservative groups have been critical of the bureau’s contract with GMMB, which aligns with Democratic politicians and left-leaning interest groups. GMMB has worked with Democrats such as Sen. Ron Wyden of Oregon on campaigns, as well as with the League of Conservation Voters.
The contract originally called for spending $11.5 million on the GMMB contract. Over the years, however, that sum ballooned as the CFPB tasked the company with more jobs.
The inspector general didn’t find a problem with the increase in the total bill, but did flag the way it was incurred and the subsequent monitoring of the work produced.
The agency granted the contract in 2013, when it was run by Richard Cordray, an Obama appointee. Cordray is now a Democratic candidate for Ohio governor.
GMMB completed the work scheduled under the contract, the firm said, and it expired this year.
The inspector general advised the CFPB, now led by Trump-appointed acting Director Mick Mulvaney, to inquire about recouping unspent funds allocated for media purchases, and the CFPB said it was trying to do so.
The report released Monday was dated June 20.
