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Department of the Treasury, Executive (11 - 20 of 324 items)
Financial Institutions: Fines, Penalties, and Forfeitures for Violations of Financial Crimes and Sanctions Requirements
GAO-16-297: Published: Mar 22, 2016. Publicly Released: Apr 21, 2016.
Since 2009, financial institutions have been assessed about $12 billion in fines, penalties, and forfeitures for violations of Bank Secrecy Act/anti-money- laundering regulations (BSA/AML), Foreign Corrupt Practices Act of 1977 (FCPA), and U.S. sanctions programs requirements by the federal government. Specifically, GAO found that from January 2009 to December 2015, federal agencies assessed about...
National Mediation Board: Progress Made on Some GAO Recommendations to Strengthen Operations, but Key Controls Continue to Be Needed
GAO-16-240: Published: Feb 12, 2016. Publicly Released: Feb 12, 2016.
The National Mediation Board (NMB) has made some progress in addressing the seven recommendations GAO made in December 2013; however, additional actions are needed to fully implement those recommendations and strengthen operations (see table). Without full implementation, NMB lacks reasonable assurance that its limited resources are effectively targeted and may be missing opportunities to improve...
Management Report: Improvements Needed in the Bureau of the Fiscal Service's Information Systems Controls
GAO-15-412R: Published: Jun 25, 2015. Publicly Released: Jun 25, 2015.
During GAO's audit of the Schedules of Federal Debt Managed by the Department of the Treasury's (Treasury) Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2014, and 2013, GAO identified nine new information systems general control deficiencies related to security management, access controls, and configuration management. In a separately issued Limited Officia...
Capitol Preservation Fund: Audit of Fiscal Years 2013 and 2014 Transactions
GAO-15-586R: Published: Jun 17, 2015. Publicly Released: Jun 17, 2015.
GAO found that the policies and procedures for the Capital Preservation Commission's (Commission) operations and oversight and the Library of Congress's (Library) operations and reporting were sufficiently documented and adequately designed and consistent with applicable federal internal control standards to help ensure that the Capital Preservation Fund's (Fund) receipts, disbursements, and inves...
Senate Preservation Fund: Audit of Fiscal Years 2013 and 2014 Transactions
GAO-15-587R: Published: Jun 17, 2015. Publicly Released: Jun 17, 2015.
GAO found that the policies and procedures for the Senate Commission on Art’s (Commission) operations and oversight and the Library of Congress’s (Library) operations and reporting were sufficiently documented and adequately designed and consistent with applicable federal internal control standards to help ensure that the Senate Preservation Fund’s (Fund) receipts, disbursements, and investm...
Financial Company Bankruptcies: Information on Legislative Proposals and International Coordination
GAO-15-299: Published: Mar 19, 2015. Publicly Released: Mar 19, 2015.
The U.S. Bankruptcy Code (Code) chapters dealing with the liquidation or reorganization of a financial company have not been changed since GAO last reported on financial company bankruptcies in July 2013. However, bills introduced in the previous Congress would, if re-introduced and passed, make broad changes to the Code relevant to financial company bankruptcies. The Financial Institution Bankrup...
Improper Payments: Government-Wide Estimates and Use of Death Data to Help Prevent Payments to Deceased Individuals
GAO-15-482T: Published: Mar 16, 2015. Publicly Released: Mar 16, 2015.
Government-wide, improper payment estimates totaled $124.7 billion in fiscal year 2014, a significant increase of approximately $19 billion from the prior year's estimate of $105.8 billion. The estimated improper payments for fiscal year 2014 were attributable to 124 programs spread among 22 agencies. The reported government-wide error rate was 4.5 percent of program outlays in fiscal year 2014 co...
Private Pensions: Participants Need Better Information When Offered Lump Sums That Replace Their Lifetime Benefits
GAO-15-74: Published: Jan 27, 2015. Publicly Released: Feb 26, 2015.
Little public data are available to assess the extent to which sponsors of defined benefit plans are offering participants immediate lump sums to replace their lifetime annuities, but certain laws and regulations provide incentives for use of this practice. Although the U.S. Department of Labor (DOL) has primary responsibility for overseeing pension sponsors' reporting requirements, it does not re...
Federal Subcontracting: Linking Small Business Subcontractors to Prime Contracts Is Not Feasible Using Current Systems
GAO-15-116: Published: Dec 11, 2014. Publicly Released: Dec 11, 2014.
The contract reporting systems GAO reviewed contain relevant information on subcontracting plans, subcontracts, and subcontractors, but no single system was designed to link small business subcontractors to prime contracts. Linking small business subcontractors to prime contracts when there is a subcontracting plan that pertains to multiple contracts is especially difficult because these plans do...
Older Americans: Inability to Repay Student Loans May Affect Financial Security of a Small Percentage of Retirees
GAO-14-866T: Published: Sep 10, 2014. Publicly Released: Sep 10, 2014.
Comparatively few households headed by older Americans carry student debt compared to other types of debt, such as for mortgages and credit cards. GAO's analysis of the data from the Survey of Consumer Finances reveals that about 3 percent of households headed by those aged 65 or older—about 706,000 households—carry student loan debt. This compares to about 24 percent of households headed by t...