Federal regulations (1 - 10 of 153 items)
Flood Insurance: FEMA Needs to Address Data Quality and Consider Company Characteristics When Revising Its Compensation Methodology
GAO-17-36: Published: Dec 8, 2016. Publicly Released: Jan 9, 2017.
The Federal Emergency Management Agency (FEMA) has yet to revise its compensation practices for Write-Your-Own (WYO) companies to reflect actual expenses as required by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act), and as GAO recommended in 2009. FEMA continues to rely on insurance industry expense information for other lines of property insurance to set compensation...
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...
Flood Insurance: Potential Barriers Cited to Increased Use of Private Insurance
GAO-16-611: Published: Jul 14, 2016. Publicly Released: Jul 14, 2016.
Lenders and their regulators have taken some action to implement provisions on private flood insurance in the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). Specifically, lenders told GAO they send notifications to borrowers that encourage borrowers to compare private and National Flood Insurance Program (NFIP) policies. Lenders with whom GAO spoke accepted private policie...
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...
Nutrition Assistance: Actions Needed to Address Potential Online Sales of Infant Formula
GAO-15-605T: Published: May 19, 2015. Publicly Released: May 19, 2015.
The U.S. Department of Agriculture (USDA) does not have data to determine the national extent of online sales of infant formula provided by the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC). Nevertheless, state WIC officials and GAO's own limited monitoring suggest that some WIC participants have offered formula for sale online. Of the officials we spoke with in 12...
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...
8(a) Subcontracting Limitations: Continued Noncompliance with Monitoring Requirements Signals Need for Regulatory Change
GAO-14-706: Published: Sep 16, 2014. Publicly Released: Sep 16, 2014.
Similar to prior GAO findings from April 2006 and January 2012, contracting officers are generally not collecting information on the amount of subcontracted work performed under the 8(a) contracts reviewed, as required. The amount of work prime contractors must perform differs according to what is being procured. For example, the subcontractor's personnel costs are not to exceed 50 percent of the...
EPA Regulations and Electricity: Update on Agencies' Monitoring Efforts and Coal-Fueled Generating Unit Retirements
GAO-14-672: Published: Aug 15, 2014. Publicly Released: Sep 15, 2014.
The Department of Energy (DOE), the Environmental Protection Agency (EPA), and the Federal Energy Regulatory Commission (FERC) have taken initial steps to implement a recommendation GAO made in 2012 that these agencies develop and document a joint process to monitor industry's progress in responding to four proposed or finalized EPA regulations affecting coal-fueled generating units. GAO concluded...