Department of the Treasury (11 - 20 of 2,767 items)
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...
Federal Housing Finance Agency: Objectives Needed for the Future of Fannie Mae and Freddie Mac After Conservatorships
GAO-17-92: Published: Nov 17, 2016. Publicly Released: Nov 17, 2016.
The Federal Housing Finance Agency (FHFA) issued a new strategic plan for the conservatorships of Fannie Mae and Freddie Mac (the enterprises) in 2014 with reformulated goals and supporting actions that reflect a shift in priorities and changing market conditions. While the three goals in the 2014 strategic plan are broadly similar to those in the previous plan issued in 2012, FHFA changed the wei...
Financial Audit: Bureau of Consumer Financial Protection's Fiscal Years 2016 and 2015 Financial Statements
GAO-17-138R: Published: Nov 15, 2016. Publicly Released: Nov 15, 2016.
GAO found (1) the Bureau of Consumer Financial Protection’s, known as the Consumer Financial Protection Bureau (CFPB), financial statements as of and for the fiscal years ended September 30, 2016, and 2015, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) although internal controls could be improved, CFPB maintained, in all mat...