Department of the Treasury (11 - 20 of 2,769 items)
Troubled Asset Relief Program: Status of Housing Programs
GAO-17-236: Published: Jan 9, 2017. Publicly Released: Jan 9, 2017.
As of October 31, 2016, the Department of the Treasury (Treasury) had disbursed $22.6 billion (60 percent) of the $37.51 billion Troubled Asset Relief Program (TARP) funds obligated to the three housing programs (see fig.).The Making Home Affordable (MHA) program allowed homeowners to apply for loan modifications to avoid foreclosure. Under this program, which was closed to applicants on December...
Social Security Offsets: Improvements to Program Design Could Better Assist Older Student Loan Borrowers with Obtaining Permitted Relief
GAO-17-45: Published: Dec 19, 2016. Publicly Released: Dec 20, 2016.
Older borrowers (age 50 and older) who default on federal student loans and must repay that debt with a portion of their Social Security benefits often have held their loans for decades and had about 15 percent of their benefit payment withheld. This withholding is called an offset. GAO's analysis of characteristics of student loan debt using data from the Departments of Education (Education), Tre...
Mortgage-Related Assets: Capital Requirements Vary Depending on Type of Asset
GAO-17-93: Published: Dec 15, 2016. Publicly Released: Dec 15, 2016.
Rules for capital adequacy require banks to hold a percentage of their assets as capital to act as a financial cushion to absorb unexpected losses. Under current rules, banks must hold capital equal to at least 8 percent of risk-weighted assets. Since the early 1990s, U.S. federal banking regulators have used a risk-weighting system under which banks multiply asset amounts by factors, known as ris...
DATA Act: Implementation Progresses but Challenges Remain
GAO-17-282T: Published: Dec 8, 2016. Publicly Released: Dec 8, 2016.
The Office of Management and Budget (OMB), the Department of the Treasury (Treasury), and federal agencies have taken steps to implement the Digital Accountability and Transparency Act of 2014 (DATA Act); however, more work is needed for effective implementation.Data governance and the transition to a new administration. OMB and Treasury have established a new Data Standards Committee responsible...
Data Act: OMB and Treasury Have Issued Additional Guidance and Have Improved Pilot Design but Implementation Challenges Remain
GAO-17-156: Published: Dec 8, 2016. Publicly Released: Dec 8, 2016.
Data governance and the transition to the new administration. Consistent with a July 2015 GAO recommendation to establish clear policies and processes that follow leading practices for data governance under the Digital Accountability and Transparency Act of 2014 (DATA Act), the Office of Management and Budget (OMB) and the Department of the Treasury (Treasury) have taken the initial step of conve...
State and Local Governments' Fiscal Outlook: 2016 Update
GAO-17-213SP: Published: Dec 8, 2016. Publicly Released: Dec 8, 2016.
GAO’s State and Local Fiscal SimulationsFiscal sustainability presents a national challenge shared by all levels of government. GAO’s simulations of long-term fiscal trends in the state and local government sector—published since 2007—have consistently shown that state and local governments face long-term fiscal pressures driven largely by the rising health-related costs of Medicaid and th...
Enterprise Risk Management: Selected Agencies' Experiences Illustrate Good Practices in Managing Risk
GAO-17-63: Published: Dec 1, 2016. Publicly Released: Dec 1, 2016.
Enterprise Risk Management (ERM) is a forward-looking management approach that allows agencies to assess threats and opportunities that could affect the achievement of its goals. While there are a number of different frameworks for ERM, the figure below lists essential elements for an agency to carry out ERM effectively. GAO reviewed its risk management framework and incorporated changes to better...
Federal Student Loans: Education Needs to Improve Its Income-Driven Repayment Plan Budget Estimates
GAO-17-22: Published: Nov 15, 2016. Publicly Released: Nov 30, 2016.
For the fiscal year 2017 budget, the U.S. Department of Education (Education) estimates that all federally issued Direct Loans in Income-Driven Repayment (IDR) plans will have government costs of $74 billion, higher than previous budget estimates. IDR plans are designed to help ease student debt burden by setting loan payments as a percentage of borrower income, extending repayment periods from th...
IT Workforce: Key Practices Help Ensure Strong Integrated Program Teams; Selected Departments Need to Assess Skill Gaps
GAO-17-8: Published: Nov 30, 2016. Publicly Released: Nov 30, 2016.
Integrated program teams (IPT) are cross-functional or multidisciplinary groups of individuals that are organized and collectively responsible for delivering a product to an external or internal customer. GAO identified three characteristics that contribute to the creation and operation of a comprehensive IPT: (1) executive leadership through team support, empowerment, and oversight; (2) team comp...
401(K) Plans: Effects of Eligibility and Vesting Policies on Workers' Retirement Savings
GAO-17-69: Published: Oct 21, 2016. Publicly Released: Nov 21, 2016.
GAO's nongeneralizable survey of 80 401(k) plans ranging in size from fewer than 100 participants to more than 5,000 and its review of industry data found that many plans have policies that affect workers' ability to (1) save in plans (eligibility policies), (2) receive employer contributions, and (3) keep those employer contributions if they leave their job (vesting policies). Thirty-three of 80...