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Offices, Department of the Treasury, Executive (21 - 30 of 146 items)
Foreclosure Review: Lessons Learned Could Enhance Continuing Reviews and Activities under Amended Consent Orders
GAO-13-277: Published: Mar 26, 2013. Publicly Released: Apr 4, 2013.
Complexity of the reviews, overly broad guidance, and limited monitoring for consistency impeded the ability of the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) to achieve the goals of the foreclosure review--to identify as many harmed borrowers as possible and ensure similar results for similarly situated borrowers. Reg...
Financial Regulatory Reform: Financial Crisis Losses and Potential Impacts of the Dodd-Frank Act
GAO-13-180: Published: Jan 16, 2013. Publicly Released: Feb 14, 2013.
The 2007-2009 financial crisis has been associated with large economic losses and increased fiscal challenges. Studies estimating the losses of financial crises based on lost output (value of goods and services not produced) suggest losses associated with the recent crisis could range from a few trillion dollars to over $10 trillion. Also associated with the crisis were large declines in employmen...
Financial Institutions: Causes and Consequences of Recent Bank Failures
GAO-13-71: Published: Jan 3, 2013. Publicly Released: Jan 3, 2013.
Ten states concentrated in the western, midwestern, and southeastern United Statesall areas where the housing market had experienced strong growth in the prior decadeexperienced 10 or more commercial bank or thrift (bank) failures between 2008 and 2011. The failures of the smaller banks (those with less than $1 billion in assets) in these states were largely driven by credit losses on...
Dodd-Frank Act: Agencies' Efforts to Analyze and Coordinate Their Rules
GAO-13-101: Published: Dec 18, 2012. Publicly Released: Dec 18, 2012.
Federal agencies conducted the regulatory analyses required by various federal statutes for all 54 regulations issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that GAO reviewed. As part of their analyses, the agencies generally considered, but typically did not quantify or monetize, the benefits and costs of these rules. Most of the federal financi...
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...
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...