Internal controls (1 - 10 of 20 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...
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...
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...
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...
Strategic Sourcing: Selected Agencies Should Develop Performance Measures on Inclusion of Small Businesses and OMB Should Improve Monitoring
GAO-14-126: Published: Jan 23, 2014. Publicly Released: Feb 24, 2014.
The Office of Management and Budget (OMB), the General Services Administration (GSA), and selected agencies have taken steps to consider small businesses, including small disadvantaged businesses, in their strategic sourcing efforts. (Small disadvantaged businesses are those unconditionally owned and controlled by socially and economically disadvantaged individuals.) OMB and GSA have developed gui...
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...
Financial Audit: Bureau of Consumer Financial Protection's Fiscal Year 2011 Financial Statements
GAO-12-186: Published: Nov 15, 2011. Publicly Released: Nov 15, 2011.
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to as the Consumer Financial Protection Act of 2010, created the Bureau of Consumer Financial Protection (CFPB). The act charged it with the responsibility of regulating the offering and provision of consumer financial products or services under the federal consumer financial laws. The act also requires CFPB to annu...
Carbon Trading: Current Situation and Oversight Considerations for Policymakers
GAO-10-851R: Published: Aug 19, 2010. Publicly Released: Sep 20, 2010.
This letter is our response to a congressional request concerning carbon trading in the United States and various design and implementation issues to be considered in discussions about a possible national carbon trading program. Industrial activities in the United States emit significant amounts of carbon dioxide and other greenhouse gases each year, substantially affecting the earth's climate, ac...
Reverse Mortgages: Product Complexity and Consumer Protection Issues Underscore Need for Improved Controls over Counseling for Borrowers
GAO-09-606: Published: Jun 29, 2009. Publicly Released: Jun 29, 2009.
Reverse mortgages--a type of loan against the borrower's home that is available to seniors--are growing in popularity. However, concerns have emerged about the adequacy of consumer protections for this product. Most reverse mortgages are made under the Department of Housing and Urban Development's (HUD) Home Equity Conversion Mortgage (HECM) program. HUD insures the mortgages, which are made by pr...