Federal Reserve System (21 - 30 of 403 items)
Retirement Security: Most Households Approaching Retirement Have Low Savings
GAO-15-419: Published: May 12, 2015. Publicly Released: Jun 2, 2015.
Many retirees and workers approaching retirement have limited financial resources. About half of households age 55 and older have no retirement savings (such as in a 401(k) plan or an IRA). According to GAO's analysis of the 2013 Survey of Consumer Finances, many older households without retirement savings have few other resources, such as a defined benefit (DB) plan or nonretirement savings, to d...
Management Report: Areas for Improvement in the Federal Reserve Banks' Information Systems Controls
GAO-15-413R: Published: Apr 6, 2015. Publicly Released: Apr 6, 2015.
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, 2014, and 2013, GAO identified and communicated to the Federal Reserve Banks' (FRB) management certain new deficiencies in information systems controls over key financial systems maintained and operated by...
Financial Company Bankruptcies: Information on Legislative Proposals and International Coordination
GAO-15-299: Published: Mar 19, 2015. Publicly Released: Mar 19, 2015.
The U.S. Bankruptcy Code (Code) chapters dealing with the liquidation or reorganization of a financial company have not been changed since GAO last reported on financial company bankruptcies in July 2013. However, bills introduced in the previous Congress would, if re-introduced and passed, make broad changes to the Code relevant to financial company bankruptcies. The Financial Institution Bankrup...
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: Further Actions Could Improve the Nonbank Designation Process
GAO-15-51: Published: Nov 20, 2014. Publicly Released: Nov 20, 2014.
The Financial Stability Oversight Council (FSOC) uses committees comprising staff from member agencies to help it evaluate nonbank financial companies and determine if they will receive enhanced supervision. FSOC has developed and followed a process for making determination decisions that is, in part, systematic and transparent. FSOC published a final rule and guidance that establish a three-stage...
Housing Finance System: A Framework for Assessing Potential Changes
GAO-15-131: Published: Oct 7, 2014. Publicly Released: Oct 7, 2014.
Developments in the single-family housing finance market from 2000-2013 led to changes in the federal government's role in the housing finance system and ultimately to a significant increase in that role. For example,Before the 2007-2009 financial crisis, the market share of nonprime mortgages—loans often made to borrowers with high-risk characteristics and funded by mortgage backed securities (...
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...
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...
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...