CFPB awards $1.1M task order to RUST CONSULTING for financial transaction processing

Contract Overview

Contract Amount: $110,982 ($111.0K)

Contractor: Rust Consulting, Inc.

Awarding Agency: Consumer Financial Protection Bureau

Start Date: 2022-03-01

End Date: 2024-02-29

Contract Duration: 730 days

Daily Burn Rate: $152/day

Competition Type: FULL AND OPEN COMPETITION

Number of Offers Received: 2

Pricing Type: FIRM FIXED PRICE

Sector: IT

Official Description: TASK ORDER FOR YORBA MATTER

Place of Performance

Location: MINNEAPOLIS, HENNEPIN County, MINNESOTA, 55402

State: Minnesota Government Spending

Plain-Language Summary

Consumer Financial Protection Bureau obligated $110,981.53 to RUST CONSULTING, INC. for work described as: TASK ORDER FOR YORBA MATTER Key points: 1. Spending of $1.1M on financial transaction processing. 2. RUST CONSULTING, INC. is the sole awardee. 3. Risk is moderate due to firm fixed price contract. 4. IT sector spending for financial services.

Value Assessment

Rating: fair

The contract value of $1.1M over two years appears reasonable for specialized financial transaction processing services. Benchmarking against similar contracts is difficult without more granular data on the scope of services.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded under full and open competition, suggesting a competitive bidding process. This method generally leads to better price discovery and value for the government.

Taxpayer Impact: Taxpayer funds are being used for essential financial transaction processing, with competition aiming to ensure efficient use of these funds.

Public Impact

Ensures smooth operation of financial transactions for consumers. Supports the Consumer Financial Protection Bureau's mission. Potential impact on consumer data security and privacy.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Lack of specific performance metrics in provided data.
Potential for vendor lock-in if services are highly specialized.

Positive Signals

Firm fixed price contract limits cost overrun risk.
Awarded under full and open competition.

Sector Analysis

This spending falls within the IT and Financial Services sector, specifically related to financial transactions processing. Benchmarks for this niche area are highly variable based on complexity and volume.

Small Business Impact

The data does not indicate whether small businesses were involved in the competition or subcontracting. Further analysis would be needed to assess small business participation.

Oversight & Accountability

Oversight would typically involve regular performance reviews and audits by the CFPB to ensure compliance with contract terms and service level agreements.

Related Government Programs

Financial Transactions Processing, Reserve, and Clearinghouse Activities
Consumer Financial Protection Bureau Contracting
Consumer Financial Protection Bureau Programs

Risk Flags

Limited detail on specific services provided.
No information on small business subcontracting.
Potential reliance on a single vendor for critical functions.
Performance metrics not readily available.

Frequently Asked Questions

What is this federal contract paying for?

Consumer Financial Protection Bureau awarded $110,981.53 to RUST CONSULTING, INC.. TASK ORDER FOR YORBA MATTER

Who is the contractor on this award?

The obligated recipient is RUST CONSULTING, INC..

Which agency awarded this contract?

Awarding agency: Consumer Financial Protection Bureau (Consumer Financial Protection Bureau).

What is the total obligated amount?

The obligated amount is $110,981.53.

What is the period of performance?

Start: 2022-03-01. End: 2024-02-29.

What specific financial transaction processing activities are covered under this task order?

The task order likely covers a range of activities including processing, clearing, and potentially reserve management for financial transactions. Specific details would be found in the Statement of Work (SOW) which is not provided here. This is crucial for understanding the full scope and value.

What are the key performance indicators (KPIs) for RUST CONSULTING, INC. under this contract?

Key performance indicators would typically include metrics such as transaction processing speed, accuracy rates, system uptime, and data security compliance. These KPIs are essential for measuring the contractor's effectiveness and ensuring the CFPB receives the contracted services adequately.

How does the $1.1M award compare to the Bureau's historical spending on similar services?

Without historical spending data for comparable services at the CFPB, it's difficult to make a direct comparison. A comprehensive analysis would require examining past contracts for financial transaction processing to determine if this award represents an increase, decrease, or stable spending trend.

Industry Classification

NAICS: Finance and Insurance › Activities Related to Credit Intermediation › Financial Transactions Processing, Reserve, and Clearinghouse Activities

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY

Offers Received: 2

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 625 MARQUETTE AVE STE 900, MINNEAPOLIS, MN, 55402

Business Categories: Category Business, Corporate Entity Not Tax Exempt, Not Designated a Small Business, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $110,982

Exercised Options: $110,982

Current Obligation: $110,982

Contract Characteristics

Multi-Year Contract: Yes

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Cost or Pricing Data: NOT OBTAINED - WAIVED

Parent Contract

Parent Award PIID: CFP17D00004

IDV Type: IDC

Timeline