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Federal Reserve System, Independent Agencies (31 - 40 of 146 items)
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...
Vacant Properties: Growing Number Increases Communities' Costs and Challenges
GAO-12-34: Published: Nov 4, 2011. Publicly Released: Dec 6, 2011.
Vacant and unattended residential properties can attract crime, cause blight, and pose a threat to public safety. While homeowners or mortgage owners--including the mortgage servicers that administer loans on behalf of loan owners--are responsible for maintaining vacant properties with mortgages undergoing foreclosure, the costs local governments incur to mitigate any unsafe conditions can be sign...
Financial Audit: Bureau of Consumer Financial Protection's Fiscal Year 2011 Financial Statements
GAO-12-186: Published: Nov 15, 2011. Publicly Released: Nov 15, 2011.
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to as the Consumer Financial Protection Act of 2010, created the Bureau of Consumer Financial Protection (CFPB). The act charged it with the responsibility of regulating the offering and provision of consumer financial products or services under the federal consumer financial laws. The act also requires CFPB to annu...
Troubled Asset Relief Program: The Government's Exposure to AIG Following the Company's Recapitalization
GAO-11-716: Published: Jul 18, 2011. Publicly Released: Jul 18, 2011.
Assistance provided by the Department of the Treasury (Treasury) under the Troubled Asset Relief Program (TARP), and the Board of Governors of the Federal Reserve System (Federal Reserve) to American International Group, Inc. (AIG) represented one of the federal government's largest investments in a private sector institution. AIG is a holding company that, through its subsidiaries, engages in a b...
Dodd-Frank Act: Eleven Agencies' Estimates of Resources for Implementing Regulatory Reform
GAO-11-808T: Published: Jul 14, 2011. Publicly Released: Jul 14, 2011.
This testimony provides information on selected federal agencies' reported funding and staff resources associated with implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) in 2010, 2011, and 2012. The recent financial crisis is considered to be the worst since the Great Depression, and data from the Board of Governors of the Federal Reserve System (Federal Re...
Banking Regulation: Enhanced Guidance on Commercial Real Estate Risks Needed
GAO-11-489: Published: May 19, 2011. Publicly Released: May 19, 2011.
Since the onset of the financial crisis in 2008, commercial real estate (CRE) loan delinquencies have more than doubled. The federal banking regulators have issued statements and guidance encouraging banks to continue lending to creditworthy borrowers and explaining how banks can work with troubled borrowers. However, some banks have stated that examiners' treatment of CRE loans has hampered their...
Mortgage Foreclosures: Documentation Problems Reveal Need for Ongoing Regulatory Oversight
GAO-11-433: Published: May 2, 2011. Publicly Released: May 5, 2011.
Mortgage servicers--entities that manage home mortgage loans--halted foreclosures throughout the country in September 2010, finding that documents required to be provided to courts in some states may have been improperly signed or notarized. In addition, academics and court cases are raising questions over whether foreclosures are being brought properly because of concerns over how loans were tran...
Federal Reserve Banks: Areas for Improvement in Information Systems Controls
GAO-11-447R: Published: Mar 31, 2011. Publicly Released: Mar 31, 2011.
In connection with fulfilling our requirement to audit the financial statements of the U.S. government, we audited and reported on the Schedules of Federal Debt Managed by the Bureau of the Public Debt (BPD) for the fiscal years ended September 30, 2010 and 2009. As part of these audits, we performed a review of information systems controls over key financial systems maintained and operated by the...
State and Local Governments: Knowledge of Past Recessions Can Inform Future Federal Fiscal Assistance
GAO-11-401: Published: Mar 31, 2011. Publicly Released: Mar 31, 2011.
The most recent recession, which started in December 2007, is generally believed to be the worst economic downturn the country has experienced since the Great Depression. In response to this recession, Congress passed the American Recovery and Reinvestment Act of 2009 (Recovery Act), which provided state and local governments with about $282 billion in fiscal assistance. The Recovery Act requires...
Troubled Asset Relief Program: Third Quarter 2010 Update of Government Assistance Provided to AIG and Description of Recent Execution of Recapitalization Plan
GAO-11-46: Published: Jan 20, 2011. Publicly Released: Jan 20, 2011.
Assistance provided by the Department of the Treasury (Treasury), under the Troubled Asset Relief Program (TARP), and the Board of Governors of the Federal Reserve System (Federal Reserve) to American International Group, Inc. (AIG) represents one of the federal government's largest investments in a private-sector institution since the financial crisis began in 2008. AIG is a holding company that,...