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Financial Markets and Institutions (151 - 160 of 1,447 items)
Treasury Continues to Implement Its Oversight System for Addressing TARP Conflicts of Interest
GAO-12-984R: Published: Sep 18, 2012. Publicly Released: Sep 18, 2012.
Treasury has taken a number of actions since 2008, in part in response to recommendations we made, to establish a structured system to manage potential conflicts of interest involving its contractors and financial agents. The system is based on a formal regulation Treasury issued in interim form in 2009 and final form in 2011, which prohibits organizational or personal conflicts of interest unless...
Financial Stability: New Council and Research Office Should Strengthen the Accountability and Transparency of Their Decisions
GAO-12-886: Published: Sep 11, 2012. Publicly Released: Sep 13, 2012.
These new organizations--the Financial Stability Oversight Council (FSOC) and Office of Financial Research (OFR)--face challenges in achieving their missions. Key FSOC missions--to identify risks and respond to emerging threats to financial stability--are inherently challenging, in part, because risks to financial stability do not develop in precisely the same way in successive crises. Collaborati...
Securities Investor Protection Corporation: Customer Outcomes in the Madoff Liquidation Proceeding
GAO-12-991: Published: Sep 13, 2012. Publicly Released: Sep 13, 2012.
GAO's analysis of Madoff account data shows that more than three-fourths of the firm's customers were individuals and families (individuals). The remaining accounts were held by institutions, such as pension funds and charities. A higher proportion of accounts held by an individual (60 percent) were "net winners" based on their net equity position--meaning they had withdrawn more from their accoun...
Community Banks and Credit Unions: Impact of the Dodd-Frank Act Depends Largely on Future Rule Makings
GAO-12-881: Published: Sep 13, 2012. Publicly Released: Sep 13, 2012.
While the number of community banks and credit unions has declined in recent years, they have remained important lenders to small businesses and other local customers. From 1985 through 2010, the number of banks under $10 billion in assets and credit unions declined by over 50 percent to 7,551 and 7,339, respectively. The decline resulted largely from consolidations, which were facilitated by chan...
Management Report: Opportunities for Improvements in FDIC's Shared Loss Estimation Process
GAO-12-752R: Published: Jul 19, 2012. Publicly Released: Jul 19, 2012.
During our audit of the DIFs 2011 and 2010 financial statements, we identified deficiencies in controls over FDICs process for deriving and reporting estimates of losses to the DIF from resolution transactions involving shared loss agreements. While these deficiencies, individually and collectively, did not constitute a material weakness in internal control over financial reporting, th...
Municipal Securities: Options for Improving Continuing Disclosure
GAO-12-698: Published: Jul 19, 2012. Publicly Released: Jul 19, 2012.
Market participants indicated that primary market disclosure for municipal securitiesofficial statementsgenerally provides useful information, but investors and market participants cited a number of limitations to continuing disclosures. The most frequently cited limitations were timeliness, frequency, and completeness. For example, investors and other market participants said that iss...
Troubled Asset Relief Program: Further Actions Needed to Enhance Assessments and Transparency of Housing Programs
GAO-12-783: Published: Jul 19, 2012. Publicly Released: Jul 19, 2012.
The Department of the Treasury announced changes in January 2012 to its Making Home Affordable (MHA) programs, which are funded by the Troubled Asset Relief Program (TARP), to address barriers to borrower participation. These changes include expanding eligibility criteria and extending application deadlines through 2013. Not enough time has passed to assess the extent to which these changes will i...
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...
Foreclosure Review: Opportunities Exist to Further Enhance Borrower Outreach Efforts
GAO-12-776: Published: Jun 29, 2012. Publicly Released: Jul 5, 2012.
Regulators and servicers have gradually increased their efforts to reach eligible borrowers and have taken steps to improve communication materials. Conducting readability tests or using focus groups are generally considered best practices for consumer outreach, but regulators and servicers did not undertake these activities. Staff at the Board of Governors of the Federal Reserve System (Federal R...
Securities Regulation: Factors That May Affect Trends in Regulation A Offerings
GAO-12-839: Published: Jul 3, 2012. Publicly Released: Jul 3, 2012.
The number of Regulation A offerings filed and qualified (that is, cleared) by the Securities and Exchange Commission (SEC) has declined significantly after peaking in fiscal years 1997 and 1998, respectively. In particular, offerings filed since 1997 decreased from 116 in 1997 to 19 in 2011. Similarly, the number of qualified offerings dropped from 57 in 1998 to 1 in 2011. Securities attorneys GA...