Other, Independent Agencies (1 - 10 of 23 items)
Dodd-Frank Regulations: Regulators' Analytical and Coordination Efforts [Reissued on December 18, 2014]
GAO-15-81: Published: Dec 18, 2014. Publicly Released: Dec 18, 2014.
Federal financial regulators—Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit Union Administration, Consumer Financial Protection Bureau, Commodity Futures Trading Commission, and the Securities and Exchange Commission—have continued to conduct required regulatory analyses for rules issued pursua...
Financial Stability Oversight Council: Status of Efforts to Improve Transparency, Accountability, and Collaboration
GAO-14-873T: Published: Sep 17, 2014. Publicly Released: Sep 17, 2014.
The Financial Stability Oversight Council's (FSOC) has taken steps to address some of GAO's September 2012 recommendations, but additional efforts are needed. GAO made nine recommendations to FSOC in three areas: emerging threats and risks identification, transparency and accountability, and collaboration and coordination. GAO recommended, among other things, that FSOC:develop a systematic approac...
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...
Private Pensions: Some Key Features Lead to an Uneven Distribution of Benefits
GAO-11-333: Published: Mar 30, 2011. Publicly Released: Apr 29, 2011.
Despite sizeable tax incentives, private pension participation has remained at about 50 percent of the workforce. For those in a pension plan, there is concern that these incentives accrue primarily to higher income employees and do relatively little to help lower income workers save for retirement. The financial crisis and labor-market downturn may have exacerbated these difficulties. Therefore,...
Hedge Funds: Overview of Regulatory Oversight, Counterparty Risks, and Investment Challenges
GAO-09-677T: Published: May 7, 2009. Publicly Released: May 7, 2009.
In 2008, GAO issued two reports on hedge funds--pooled investment vehicles that are privately managed and often engage in active trading of various types of securities and commodity futures and options contracts--highlighting the need for continued regulatory attention and for guidance to better inform pension plans on the risks and challenges of hedge fund investments. Hedge funds generally quali...
State and Local Government Retiree Benefits: Current Funded Status of Pension and Health Benefits
GAO-08-223: Published: Jan 29, 2008. Publicly Released: Feb 28, 2008.
Pension and other retiree benefits for state and local government employees represent liabilities for state and local governments and ultimately a burden for state and local taxpayers. Since 1986, accounting standards have required state and local governments to report their unfunded pension liabilities. Recently, however, standards changed and now call for governments also to report retiree healt...
Credit Cards: Customized Minimum Payment Disclosures Would Provide More Information to Consumers, but Impact Could Vary
GAO-06-434: Published: Apr 21, 2006. Publicly Released: Apr 24, 2006.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that credit card issuers (issuers) include in all cardholder billing statements a generic warning, or "disclosure," about the potential financial consequences of consistently making only the minimum payment due on a credit card. However, some have urged that consumers should instead receive "customized" disclosures in the...
Long-Term Capital Management: Regulators Need to Focus Greater Attention on Systemic Risk
GGD-00-3: Published: Oct 29, 1999. Publicly Released: Nov 19, 1999.
Pursuant to a congressional request, GAO provided information on Long Term Capital Management (LTCM) funds, focusing on: (1) how LTCM's positions became large and leveraged enough to be deemed a potential systemic threat; (2) what federal regulators knew about LTCM and when they found out about its problems; (3) what the extent of coordination among regulators was; and (4) whether regulatory autho...
Electronic Banking: Enhancing Federal Oversight of Internet Banking Activities
GGD-99-91: Published: Jul 6, 1999. Publicly Released: Aug 3, 1999.
Pursuant to a congressional request, GAO reviewed federal oversight of depository institutions' Internet banking activities, focusing on: (1) the risks posed by Internet banking and the extent of any industrywide Internet banking-related problems; (2) the methods used by regulators to track depository institutions' plans to provide Internet banking services; (3) how regulators examined Internet ba...
Year 2000 Computing Crisis: Federal Regulatory Efforts to Ensure Financial Institution Systems Are Year 2000 Compliant
T-AIMD-98-116: Published: Mar 24, 1998. Publicly Released: Mar 24, 1998.
GAO discussed the progress of the federal regulatory agencies in ensuring that the thousands of financial institutions they oversee are ready for the upcoming century date change.GAO noted that: (1) because financial institutions are heavily dependent on information technology, their viability hinges on whether they can successfully remediate systems before the Year 2000 deadline; (2) given this p...