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Federal Reserve System, Independent Agencies (11 - 20 of 146 items)
U.S. Currency: Reader Program Should Be Evaluated While Other Accessibility Features for Visually Impaired Persons Are Developed
GAO-14-823: Published: Sep 26, 2014. Publicly Released: Sep 26, 2014.
The Bureau of Engraving and Printing (BEP) has progressed in making currency accessible through a three-pronged approach it adopted and is considering the costs of its approach as it continues its efforts. BEP has:Added large, high-contrast numerals to notes, and it plans to continue to refine these numerals.Started to distribute free currency-reader devices that can scan a note and audibly announ...
Consumer Financial Protection Bureau: Some Privacy and Security Procedures for Data Collections Should Continue Being Enhanced
GAO-14-758: Published: Sep 22, 2014. Publicly Released: Sep 22, 2014.
To carry out its statutory responsibilities, the Consumer Financial Protection Bureau (CFPB) has collected consumer financial data on credit card accounts, mortgage loans, and other products through one-time or ongoing collections. As the following table shows, these large-scale data collections varied from about 11,000 consumer arbitration case records from a trade association to 173 million mort...
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...
Troubled Asset Relief Program: Government's Exposure to Ally Financial Lessens as Treasury's Ownership Share Declines
GAO-14-698: Published: Aug 5, 2014. Publicly Released: Aug 5, 2014.
The Department of the Treasury (Treasury) reduced its ownership stake in Ally Financial Inc. (Ally Financial) from 74 percent in October 2013, to 16 percent as of June 30, 2014. As shown in the figure below, the pace of Treasury's reduction in its ownership share of Ally Financial accelerated in 2013 and corresponds with two key events. First, in November 2013, the Board of Governors of the Federa...
Large Bank Holding Companies: Expectations of Government Support
GAO-14-621: Published: Jul 31, 2014. Publicly Released: Jul 31, 2014.
While views varied among market participants with whom GAO spoke, many believed that recent regulatory reforms have reduced but not eliminated the likelihood the federal government would prevent the failure of one of the largest bank holding companies. Recent reforms provide regulators with new authority to resolve a large failing bank holding company in an orderly process and require the largest...
Management Report: Areas for Improvement in the Federal Reserve Banks' Information Systems Controls
GAO-14-691R: Published: Jun 18, 2014. Publicly Released: Jun 18, 2014.
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, 2013, and 2012, GAO identified four new deficiencies in information systems controls over key financial systems maintained and operated by the Federal Reserve Banks (FRBs) on behalf of Treasury relevant to...
Foreclosure Review: Regulators Could Strengthen Oversight and Improve Transparency of the Process
GAO-14-376: Published: Apr 29, 2014. Publicly Released: Apr 29, 2014.
To negotiate the $3.9 billion cash payment amount in servicers' amended consent orders, the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) considered information from the incomplete foreclosure review, including factors such as projected costs for completing the file reviews and remediation amounts that would have been pai...
Troubled Asset Relief Program: Status of Treasury's Investments in General Motors and Ally Financial
GAO-14-6: Published: Oct 29, 2013. Publicly Released: Oct 29, 2013.
Since receiving federal assistance, General Motors Company (GM) has shown increasingly positive financial results. For each of the past 3 years, GM has reported profits, positive and growing operational cash flow, and a stable liquidity position. This improved financial performance has been reflected in GM's credit rating, as each of the three largest credit rating agencies has increased GM's long...
Federal Reserve Banks: Areas for Improvement in Information Systems Controls
GAO-13-419R: Published: May 9, 2013. Publicly Released: May 9, 2013.
During GAO's fiscal year 2012 audit of the Schedules of Federal Debt managed by the Department of the Treasury's (Treasury) Bureau of the Public Debt (BPD), GAO identified two new general information systems control deficiencies related to security management. In a separately issued Limited Official Use Only report, GAO communicated to Federal Reserve Bank (FRB) management detailed information reg...
Foreclosure Review: Lessons Learned Could Enhance Continuing Reviews and Activities under Amended Consent Orders
GAO-13-550T: Published: Apr 17, 2013. Publicly Released: Apr 17, 2013.
GAO found the following:Regulators' ability to achieve the goals of the foreclosure review was affected by the complexity of the reviews, as well as by overly broad regulator-issued guidance and limited monitoring for the consistency and sufficiency of consultants' review activities. For example, regulators' statistical sampling approach did not include mechanisms to allow the regulators to monito...