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Financial Markets and Institutions (61 - 70 of 1,449 items)
Community Development Capital Initiative: Status of the Program Investments and Participants
GAO-15-542: Published: May 5, 2015. Publicly Released: May 5, 2015.
As of March 31, 2015, 64 of the 84 participating banks and credit unions remained in the Community Development Capital Initiative (CDCI), and 80 percent of the Department of the Treasury's (Treasury) $570 million total investment remained outstanding. Treasury's most recent estimated lifetime cost of the program—the present value of all program outflows and inflows—was $100 million, an amount...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-15-387R: Published: Apr 30, 2015. Publicly Released: Apr 30, 2015.
During its audit of the U.S. Securities and Exchange Commission’s (SEC) fiscal year 2014 financial statements, GAO identified continuing and new deficiencies in SEC’s financial reporting controls over its accounting for disgorgement and penalty transactions, which contributed to a significant deficiency in SEC’s internal control over financial reporting as of September 30, 2014. This signifi...
Securities Regulation: SEC Can Further Enhance Its Oversight Program of FINRA
GAO-15-376: Published: Apr 30, 2015. Publicly Released: Apr 30, 2015.
Since GAO reported in May 2012, the Securities and Exchange Commission (SEC) has incorporated elements of a risk-management framework into its oversight program of the Financial Industry Regulatory Authority (FINRA). For example, SEC has developed and implemented procedures for identifying and assessing FINRA program risks, which then inform its annual oversight plan and activities for FINRA. In 2...
Export-Import Bank: Status of Actions to Address GAO Recommendations since the Bank's 2012 Reauthorization
GAO-15-557T: Published: Apr 15, 2015. Publicly Released: Apr 15, 2015.
In six reports on the U.S. Export-Import Bank (Ex-Im) issued since March 2013, GAO presented findings and made 16 recommendations to improve Ex-Im's operations, summarized in this testimony in three broad areas: (1) risk management, (2) underwriting and fraud prevention, and (3) forecasting its exposure and reporting on its estimates of its impact on U.S. jobs.Six of GAO's recommendations focus on...
Information Security: FDIC Implemented Many Controls over Financial Systems, but Opportunities for Improvement Remain
GAO-15-426: Published: Apr 9, 2015. Publicly Released: Apr 9, 2015.
The Federal Deposit Insurance Corporation (FDIC) has implemented numerous information security controls intended to protect its key financial systems; nevertheless, weaknesses remain that place the confidentiality, integrity, and availability of financial systems and information at risk. During 2014, the corporation implemented 27 of the 36 GAO recommendations pertaining to previously reported sec...
Management Report: Areas for Improvement in the Federal Reserve Banks' Information Systems Controls
GAO-15-413R: Published: Apr 6, 2015. Publicly Released: Apr 6, 2015.
During GAO's audit of the Schedules of Federal Debt Managed by the Department of the Treasury's (Treasury) Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2014, and 2013, GAO identified and communicated to the Federal Reserve Banks' (FRB) management certain new deficiencies in information systems controls over key financial systems maintained and operated by...
Financial Company Bankruptcies: Information on Legislative Proposals and International Coordination
GAO-15-299: Published: Mar 19, 2015. Publicly Released: Mar 19, 2015.
The U.S. Bankruptcy Code (Code) chapters dealing with the liquidation or reorganization of a financial company have not been changed since GAO last reported on financial company bankruptcies in July 2013. However, bills introduced in the previous Congress would, if re-introduced and passed, make broad changes to the Code relevant to financial company bankruptcies. The Financial Institution Bankrup...
Troubled Asset Relief Program: Winding Down the Capital Purchase Program
GAO-15-367R: Published: Mar 6, 2015. Publicly Released: Mar 6, 2015.
The Department of the Treasury (Treasury) continues to make progress in winding down the Capital Purchase Program (CPP), and returns have surpassed original CPP investments. As of December 31, 2014, Treasury had received $226.4 billion in repayments, sales, dividends, and interest from its CPP investments, exceeding the amount originally disbursed by $21.5 billion. After accounting for write-offs...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2014 and 2013 Financial Statements
GAO-15-289: Published: Feb 12, 2015. Publicly Released: Feb 12, 2015.
In GAO's opinion, the Federal Deposit Insurance Corporation (FDIC) fairly presented, in all material respects, the 2014 and 2013 financial statements for the two funds it administers—the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF). Also, in GAO's opinion, FDIC maintained, in all material respects, effective internal control over financial reporting relevant to the DIF and to...
Troubled Asset Relief Program: Treasury Continues to Wind down Most Programs, but Housing Programs Remain Active
GAO-15-197: Published: Jan 6, 2015. Publicly Released: Jan 6, 2015.
The Department of the Treasury (Treasury) continues to wind down Troubled Asset Relief Program (TARP) nonhousing programs that were designed to support financial and automotive markets (see figure). As of September 30, 2014, Treasury had exited four of the nine nonhousing programs that were once active, and was managing assets totaling $2.9 billion under those remaining. Some programs have yielded...