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Federal Reserve System, Independent Agencies (51 - 60 of 404 items)
Bankruptcy: Agencies Continue Rulemakings for Clarifying Specific Provisions of Orderly Liquidation Authority
GAO-12-735: Published: Jul 12, 2012. Publicly Released: Jul 12, 2012.
The federal financial regulators have issued certain final rules for resolving large, complex financial companies under the Dodd-Frank Wall Street Reform and Consumer Protection Acts (Dodd-Frank Act) established Orderly Liquidation Authority (OLA). Under OLA, the Federal Deposit Insurance Corporation (FDIC) could serve as receiver of a failing financial company instead of the company enterin...
Foreclosure Review: Opportunities Exist to Further Enhance Borrower Outreach Efforts
GAO-12-776: Published: Jun 29, 2012. Publicly Released: Jul 5, 2012.
Regulators and servicers have gradually increased their efforts to reach eligible borrowers and have taken steps to improve communication materials. Conducting readability tests or using focus groups are generally considered best practices for consumer outreach, but regulators and servicers did not undertake these activities. Staff at the Board of Governors of the Federal Reserve System (Federal R...
Residential Appraisals: Regulators Should Take Actions to Strengthen Appraisal Oversight
GAO-12-840T: Published: Jun 28, 2012. Publicly Released: Jun 28, 2012.
Data GAO obtained from Fannie Mae and Freddie Mac (the enterprises) and five of the largest mortgage lenders indicate that appraisalswhich provide an estimate of market value at a point in timeare the most commonly used valuation method for first-lien residential mortgage originations. Other methods, such as broker price opinions and automated valuation models, are quicker and less cos...
Troubled Asset Relief Program: Government's Exposure to AIG Lessens as Equity Investments Are Sold
GAO-12-574: Published: May 7, 2012. Publicly Released: May 7, 2012.
Since GAOs last report in July 2011, more of the assistance provided by the Department of the Treasury (Treasury) and the Board of Governors of the Federal Reserve System (Federal Reserve) to benefit American International Group, Inc. (AIG) has been repaid. As of March 22, 2012, the remaining assistance to AIG was $46.3 billion, including unpaid dividends and accrued interest. This amount in...
Federal Reserve Banks: Areas for Improvement in Information Systems Controls
GAO-12-615R: Published: Apr 11, 2012. Publicly Released: Apr 11, 2012.
During our fiscal year 2011 follow up on the status of FRBs corrective actions to address information systems control-related recommendations contained in our prior years reports and open as of September 30, 2010, we determined that corrective action was in progress for each of the three open recommendations related to security management and access controls. The potential effect of th...
U.S. Coins: Alternative Scenarios Suggest Different Benefits and Losses from Replacing the $1 Note with a $1 Coin
GAO-12-307: Published: Feb 15, 2012. Publicly Released: Feb 15, 2012.
According to GAOs updated analysis, replacing the $1 note with a $1 coin would provide a net benefit to the government of approximately $4.4 billion over 30 years, or an average of about $146 million per year. The overall net benefit was due solely to increased seigniorage and not to reduced production costs. This estimate differs from GAOs 2011 estimate because it considers recent eff...
Highlights of a Forum: Financial Literacy: Strengthening Partnerships in Challenging Times
GAO-12-299SP: Published: Feb 9, 2012. Publicly Released: Feb 9, 2012.
What Participants SaidParticipants highlighted the following themes during the forum: Focus on key populations. Participants discussed a number of areas that should be the most sustained focus of the nations financial literacy efforts in the coming years. Among other areas, efforts should target kindergarten through 12th grade education; the workplace; the preretirement years; and special p...
Bank Holding Company Act: Characteristics and Regulation of Exempt Institutions and the Implications of Removing the Exemptions
GAO-12-160: Published: Jan 19, 2012. Publicly Released: Jan 20, 2012.
The 1,002 exempt financial institutions make up a small percentage of the assets of the overall banking systemabout 7 percentand include industrial loan corporations (ILC), limited-purpose credit card banks, municipal deposit banks, trust banks with insured deposits, and savings and loans (S&L). Although exempt from the BHC Act, S&L holding companies are regulated by the Federal Reserv...
Dodd-Frank Act: Hybrid Capital Instruments and Small Institution Access to Capital
GAO-12-237: Published: Jan 18, 2012. Publicly Released: Jan 18, 2012.
Tier 1 hybrid capital instruments, particularly trust preferred securities, have been heavily used by bank holding companies because of their financial advantages, but they are not as effective in absorbing losses as traditional forms of Tier 1 capital, such as common equity. As of December 31, 2010, almost two-thirds of all top-level bank holding companies that were subject to capital requirement...
Bank Capital Requirements: Potential Effects of New Changes on Foreign Holding Companies and U.S. Banks Abroad
GAO-12-235: Published: Jan 17, 2012. Publicly Released: Jan 17, 2012.
Foreign-owned intermediate holding companies can engage in the same activities as and generally are regulated similarly to their U.S. counterparts. The Board of Governors of the Federal Reserve System (Federal Reserve) oversees the regulation, supervision, and examination of foreign and U.S. bank and thrift holding companies. As of the end of 2010, four qualifying foreign-owned intermediate holdin...