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Financial Markets and Institutions (41 - 50 of 1,454 items)
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...
Terrorism Risk Insurance: Comparison of Selected Programs in the United States and Foreign Countries
GAO-16-316: Published: Apr 12, 2016. Publicly Released: Apr 12, 2016.
The structures of the 16 terrorism insurance programs GAO reviewed generally fell into three broad categories. Programs in the first category have a multilayered structure, with insurers, reinsurers (which offer insurance for insurers), and governments providing coverage. Several programs, including those in Australia and the United Kingdom (UK), use this approach. In the second category, which in...
Financial Regulation: Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness
GAO-16-175: Published: Feb 25, 2016. Publicly Released: Mar 28, 2016.
The U.S. financial regulatory structure is complex, with responsibilities fragmented among multiple agencies that have overlapping authorities. As a result, financial entities may fall under the regulatory authority of multiple regulators depending on the types of activities in which they engage (see figure on next page). While the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Fr...
Troubled Asset Relief Program: Treasury Should Estimate Future Expenditures for the Making Home Affordable Program
GAO-16-351: Published: Mar 8, 2016. Publicly Released: Mar 8, 2016.
The U.S. Department of the Treasury (Treasury) monitors activity and aggregate expenditures under its Troubled Asset Relief Program (TARP)-funded Making Home Affordable (MHA) program, but it has not instituted a system to review the extent that it will use the full available program balance ($7.7 billion as of October 16, 2015). In a July 2009 report, GAO found that Treasury's estimates of program...
International Remittances: Money Laundering Risks and Views on Enhanced Customer Verification and Recordkeeping Requirements
GAO-16-65: Published: Jan 15, 2016. Publicly Released: Feb 16, 2016.
Financial institutions, such as money transmitters and depository institutions that provide remittance transfers—funds sent from individuals in one country to a recipient in another country—are subject to anti-money laundering (AML) requirements under the Bank Secrecy Act (BSA). For example, these remittance providers must report suspicious and other transactions, and obtain and record informa...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2015 and 2014 Financial Statements
GAO-16-300: Published: Feb 11, 2016. Publicly Released: Feb 11, 2016.
In GAO's opinion, the Federal Deposit Insurance Corporation (FDIC) fairly presented, in all material respects, the 2015 and 2014 financial statements for the two funds it administers—the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF). Also, in GAO's opinion, FDIC maintained, in all material respects, effective internal control ov...
Supply Chain Risks: SEC's Plans to Determine If Additional Action Is Needed on Climate-Related Disclosure Have Evolved
GAO-16-211: Published: Jan 6, 2016. Publicly Released: Feb 8, 2016.
Companies may disclose climate-related supply chain risks under four broad categories of climate-related topics that the Securities and Exchange Commission (SEC) identified in its 2010 guidance as some of the ways companies may be impacted. These categories are impacts of legislation and regulation related to climate change; impact of international accords; indirect consequences of regulation or b...
Banking: Federal Agencies' Compliance with Section 302 of the Riegle Community Development and Regulatory Improvement Act
GAO-16-213R: Published: Jan 27, 2016. Publicly Released: Jan 27, 2016.
Section 302 of the Riegle Community Development and Regulatory Improvement Act of 1994 (Riegle Act) requires federal banking agencies to consider administrative burdens and benefits when determining the effective date and administrative compliance requirements for certain new rules. The federal banking agencies are the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the F...
2015 Tax Filing Season: Deteriorating Taxpayer Service Underscores Need for a Comprehensive Strategy and Process Efficiencies
GAO-16-151: Published: Dec 16, 2015. Publicly Released: Jan 14, 2016.
The Internal Revenue Service (IRS) provided the lowest level of telephone service during fiscal year 2015 compared to prior years, with only 38 percent of callers who wanted to speak with an IRS assistor able to reach one. This lower level of service occurred despite lower demand from callers seeking live assistance, which has fallen by 6 percent since 2010 to about 51 million callers in 2015. Ove...
Troubled Asset Relief Program: Status of Housing Programs
GAO-16-279R: Published: Jan 8, 2016. Publicly Released: Jan 8, 2016.
As of October 31, 2015, three Troubled Asset Relief Program (TARP) housing programs— Making Home Affordable (MHA), Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (Hardest Hit Fund or HHF), and Federal Housing Administration’s Short Refinance Program (FHA Short Refinance)—remained active. Combined, the Department of the Treasury (Treasury) had obligated $37.51 bill...