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Financial Markets and Institutions (91 - 100 of 1,452 items)
Information Security: FDIC Made Progress in Securing Key Financial Systems, but Weaknesses Remain
GAO-14-674: Published: Jul 17, 2014. Publicly Released: Jul 17, 2014.
The Federal Deposit Insurance Corporation (FDIC) has implemented numerous information security controls intended to protect its key financial systems; nevertheless, weaknesses place the confidentiality, integrity, and availability of financial systems and information at unnecessary risk. During 2013, the corporation implemented 28 of the 39 open GAO recommendations pertaining to previously-reporte...
Export-Import Bank: Information on Export Credit Agency Financing Support for Wide-Body Jets
GAO-14-642R: Published: Jul 8, 2014. Publicly Released: Jul 9, 2014.
Since 2004, the U.S. Export-Import Bank’s (Ex-Im) financing support for Boeing wide-body jet exports has generally increased, and, in fiscal years 2008 through 2012, Ex-Im’s total authorizations increased significantly in the wake of the 2007 to 2009 financial crisis. (Authorizations are export financing transactions for which Ex-Im has granted credit approval.) The highest level of wide-body...
Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges
GAO-14-496: Published: May 29, 2014. Publicly Released: Jun 26, 2014.
Virtual currencies are financial innovations that pose emerging challenges to federal financial regulatory and law enforcement agencies in carrying out their responsibilities, as the following examples illustrate:Virtual currency systems may provide greater anonymity than traditional payment systems and sometimes lack a central intermediary to maintain transaction information. As a result, financi...
Export-Import Bank: Status of GAO Recommendations on Risk Management, Exposure Forecasting, and Workload Issues
GAO-14-708T: Published: Jun 25, 2014. Publicly Released: Jun 25, 2014.
The U.S. Export-Import Bank (Ex-Im) has addressed recommendations GAO made in two 2013 reports that related to processes for estimating losses, managing financial risks, and forecasting outstanding financial commitments (exposure). In these reports, GAO found weaknesses in the processes, including limitations in Ex-Im's data and models. Based on accounting standards for federal credit agencies, fe...
Management Report: Areas for Improvement in the Federal Reserve Banks' Information Systems Controls
GAO-14-691R: Published: Jun 18, 2014. Publicly Released: Jun 18, 2014.
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, 2013, and 2012, GAO identified four new deficiencies in information systems controls over key financial systems maintained and operated by the Federal Reserve Banks (FRBs) on behalf of Treasury relevant to...
Terrorism Insurance: Treasury Needs to Collect and Analyze Data to Better Understand Fiscal Exposure and Clarify Guidance
GAO-14-445: Published: May 22, 2014. Publicly Released: Jun 11, 2014.
Comprehensive data on the terrorism insurance market are not readily available and Department of the Treasury (Treasury) analysis to better understand federal fiscal exposure under various scenarios of terrorist attacks has been limited. Treasury compiled some market data from industry sources, but the data are not comprehensive. Federal internal control standards state that agencies should obtain...
Community Development Capital Initiative: Status of the Program and Financial Health of Remaining Participants
GAO-14-579: Published: Jun 6, 2014. Publicly Released: Jun 6, 2014.
As of April 30, 2014, 82 percent of the Department of the Treasury's (Treasury) $570 million total investment in eligible banks and credit unions through the Community Development Capital Initiative (CDCI) was still outstanding. Sixteen institutions have exited the program, leaving 29 banks and 39 credit unions, respectively, in the program. Treasury had received repayments and investment income o...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-14-416R: Published: May 12, 2014. Publicly Released: May 12, 2014.
During its audit of the U.S. Securities and Exchange Commission’s (SEC) fiscal year 2013 financial statements, GAO identified several deficiencies in SEC’s internal control over financial reporting that it did not consider to be material weaknesses or significant deficiencies, either individually or collectively, but which nonetheless warrant SEC management’s attention. These deficiencies re...
Financial Literacy: Overview of Federal Activities, Programs, and Challenges
GAO-14-556T: Published: Apr 30, 2014. Publicly Released: Apr 30, 2014.
In its July 2012 report, GAO identified 16 significant financial literacy programs or activities among 14 federal agencies in fiscal year 2010, and 4 housing counseling programs among 2 agencies and a federally chartered entity. As of April 2014, 3 of the financial literacy programs and 1 housing counseling program no longer existed or no longer received funding, and no new federal programs had be...
Foreclosure Review: Regulators Could Strengthen Oversight and Improve Transparency of the Process
GAO-14-376: Published: Apr 29, 2014. Publicly Released: Apr 29, 2014.
To negotiate the $3.9 billion cash payment amount in servicers' amended consent orders, the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) considered information from the incomplete foreclosure review, including factors such as projected costs for completing the file reviews and remediation amounts that would have been pai...