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Federal regulations (1 - 10 of 43 items)
Consumer Financial Protection Bureau: Observations from Small Business Review Panels
GAO-16-647: Published: Aug 10, 2016. Publicly Released: Aug 10, 2016.
The Consumer Financial Protection Bureau (CFPB) has taken steps to solicit, consider, and incorporate inputs from small entities into its rulemaking process, as required by the Regulatory Flexibility Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). GAO reviewed documents from the four Small Business Regulatory Enforcement Fairness Act (SBREFA) pane...
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...
Resolution Plans: Regulators Have Refined Their Review Processes but Could Improve Transparency and Timeliness
GAO-16-341: Published: Apr 12, 2016. Publicly Released: Apr 12, 2016.
The Federal Deposit Insurance Corporation (FDIC) and Federal Reserve System (Federal Reserve) have developed separate but similar review processes for determining whether a resolution plan is “not credible” or would not facilitate a company's orderly resolution under the Bankruptcy Code (the Code). Both regulators have processes for staffing review teams, determining whether a plan includes al...
Consumer Product Safety Oversight: Opportunities Exist to Strengthen Coordination and Increase Efficiencies and Effectiveness
GAO-15-52: Published: Nov 19, 2014. Publicly Released: Nov 19, 2014.
GAO identified eight agencies that have direct oversight responsibilities for consumer product safety: the Consumer Product Safety Commission (CPSC), Department of Housing and Urban Development, Environmental Protection Agency, Food and Drug Administration, National Highway Traffic Safety Administration (NHTSA), Nuclear Regulatory Commission, Pipeline and Hazardous Materials Safety Administration,...
Financial Audit: Bureau of Consumer Financial Protection's Fiscal Years 2014 and 2013 Financial Statements
GAO-15-146R: Published: Nov 17, 2014. Publicly Released: Nov 17, 2014.
GAO found (1) the Consumer Financial Protection Bureau's (CFPB) financial statements as of and for the fiscal years ended September 30, 2014, and 2013, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) CFPB's internal control over financial reporting was not effective as of September 30, 2014, because of a material weakness in int...
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...
Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges
GAO-14-496: Published: May 29, 2014. Publicly Released: Jun 26, 2014.
Virtual currencies are financial innovations that pose emerging challenges to federal financial regulatory and law enforcement agencies in carrying out their responsibilities, as the following examples illustrate:Virtual currency systems may provide greater anonymity than traditional payment systems and sometimes lack a central intermediary to maintain transaction information. As a result, financi...
Homeowners Insurance: Multiple Challenges Make Expanding Private Coverage Difficult
GAO-14-179: Published: Jan 30, 2014. Publicly Released: Jan 30, 2014.
Homeowners insurance policies typically protect homes, garages and other structures, and personal belongings from damage caused by perils such as fire, hail, lightning, explosion, and theft, among others. The insurance industry considers these perils insurable because they are accidental, predictable, and do not involve catastrophic losses. These policies also typically exclude losses from a numbe...
Financial Audit: Bureau of Consumer Financial Protection's Fiscal Years 2013 and 2012 Financial Statements
GAO-14-170R: Published: Dec 16, 2013. Publicly Released: Dec 16, 2013.
GAO found (1) the Consumer Financial Protection Bureau's (CFPB) financial statements as of and for the fiscal years ended September 30, 2013, and 2012, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) CFPB maintained, in all material respects, effective internal control over financial reporting as of September 30, 2013, although...
Financial Audit: Bureau of Consumer Financial Protection's Fiscal Years 2012 and 2011 Financial Statements
GAO-13-125R: Published: Nov 15, 2012. Publicly Released: Nov 15, 2012.
GAO found (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) the Consumer Financial Protection Bureau (CFPB) maintained, in all material respects, effective internal control over financial reporting as of September 30, 2012; and (3) no reportable noncompliance in fiscal year 2012 with provisions of laws...