Banking (1 - 10 of 31 items)
Nonbank Mortgage Servicers: Existing Regulatory Oversight Could Be Strengthened [Reissued on April 14, 2016]
GAO-16-278: Published: Mar 10, 2016. Publicly Released: Apr 11, 2016.
The share of home mortgages serviced by nonbanks increased from approximately 6.8 percent in 2012 to approximately 24.2 percent in 2015 (as measured by unpaid principal balance). However, banks continued to service the remainder (about 75.8 percent). Some market participants GAO interviewed said nonbank servicers' growth increased the capacity for servicing delinquent loans, but they also noted ch...
Small Business Credit Programs: Treasury Continues to Enhance Performance Measurement and Evaluation but Could Better Communicate and Update Results
GAO-15-105: Published: Dec 11, 2014. Publicly Released: Dec 11, 2014.
The Small Business Lending Fund (SBLF) and State Small Business Credit Initiative (SSBCI) have continued to support small business lending. According to the Department of the Treasury (Treasury), as of June 30, 2014, SBLF participants had increased their qualified small business lending by $13.5 billion over their aggregate 2010 baseline, and SSBCI participants had used 60 percent of the $1.5 bill...
Consumer Finance: Credit Cards Designed for Medical Services Not Covered by Insurance
GAO-14-570: Published: Jun 19, 2014. Publicly Released: Jul 21, 2014.
Multiple entities offer medical credit cards, but according to market participants with whom GAO spoke, CareCredit LLC issues the majority of medical credit cards. In 2013, the company reported 4.4 million cardholders and 177,000 participating providers in its network, the majority of which were dental offices. Several other financial institutions also issue medical credit cards, usually offering...
College Debit Cards: Actions Needed to Address ATM Access, Student Choice, and Transparency
GAO-14-91: Published: Feb 13, 2014. Publicly Released: Feb 13, 2014.
At least 852 schools, or 11 percent of U.S. colleges and universities, had agreements to provide debit or prepaid card services to their students as of July 2013, and most offered students the ability to receive federal student aid and other payments on a card. These schools were disproportionately large; their enrollments constituted about 40 percent of all postsecondary students. However, the pe...
Government Support for Bank Holding Companies: Statutory Changes to Limit Future Support Are Not Yet Fully Implemented
GAO-14-174T: Published: Jan 8, 2014. Publicly Released: Jan 8, 2014.
GAO found that from 2007 through 2009, the federal government's actions to stabilize the financial system provided significant funding support and other benefits to bank holding companies and their subsidiaries. The Board of Governors of the Federal Reserve System (Federal Reserve Board), the Department of the Treasury (Treasury), and FDIC introduced new programs with broad-based eligibility that...
Small Business Lending Fund: Treasury Should Ensure Evaluation Includes Methods to Isolate Program Impact
GAO-14-135: Published: Dec 11, 2013. Publicly Released: Dec 11, 2013.
According to the U.S. Department of the Treasury (Treasury), as of June 30, 2013, Small Business Lending Fund (SBLF) participants had increased their qualified small business lending by $10.4 billion over their aggregate 2010 baseline of $36.5 billion. However, SBLF participants varied greatly in the extent to which they had increased small business lending. GAO analysis for the quarter ending Jun...
Automated Teller Machines: Some Consumer Fees Have Increased
GAO-13-266: Published: Apr 11, 2013. Publicly Released: Apr 11, 2013.
Automated teller machine (ATM) operators include financial institutions--banks and credit unions--as well as independent firms. Industry representatives GAO spoke with estimate there are approximately 420,000 ATMs in the United States. They estimate that financial institutions operate and set the fees for about half of the market, and independent operators work together with merchants to operate t...
Mortgage Foreclosures: Regulatory Oversight of Compliance with Servicemembers Civil Relief Act Has Been Limited
GAO-12-700: Published: Jul 17, 2012. Publicly Released: Jul 17, 2012.
Certain protections under the Servicemembers Civil Relief Act (SCRA) only apply to those servicemembers who obtained mortgages prior to becoming active duty, but at least 15,000 instances of financial institutions failing to properly reduce servicemembers mortgage interest rates and over 300 improper foreclosures have been identified by federal investigations and financial institutions in re...
Conflict Minerals Disclosure Rule: SEC's Actions and Stakeholder-Developed Initiatives
GAO-12-763: Published: Jul 16, 2012. Publicly Released: Jul 16, 2012.
The Securities and Exchange Commission (SEC) has taken some steps toward developing a conflict minerals disclosure rule, but it has not issued a final rule. For example, SEC published a proposed rule in December 2010 and has gathered and reviewed extensive input from external stakeholders through comment letters and meetings. SEC has also announced, on several occasions, new target dates for the p...
Bankruptcy: Agencies Continue Rulemakings for Clarifying Specific Provisions of Orderly Liquidation Authority
GAO-12-735: Published: Jul 12, 2012. Publicly Released: Jul 12, 2012.
The federal financial regulators have issued certain final rules for resolving large, complex financial companies under the Dodd-Frank Wall Street Reform and Consumer Protection Acts (Dodd-Frank Act) established Orderly Liquidation Authority (OLA). Under OLA, the Federal Deposit Insurance Corporation (FDIC) could serve as receiver of a failing financial company instead of the company enterin...