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Financial Markets and Institutions (51 - 60 of 1,449 items)
Troubled Asset Relief Program: Status of GAO Recommendations
GAO-15-813: Published: Sep 4, 2015. Publicly Released: Sep 4, 2015.
As of August 2015, GAO's performance audits of the Troubled Asset Relief Program (TARP) activities have resulted in 72 recommendations to the Department of the Treasury (Treasury). Treasury has implemented 59 of the 72 recommendations (about 82 percent), some of which were aimed at improving transparency and internal controls of TARP. The status of the remaining recommendations is as follows:Treas...
SEC Conflict Minerals Rule: Initial Disclosures Indicate Most Companies Were Unable to Determine the Source of Their Conflict Minerals
GAO-15-561: Published: Aug 18, 2015. Publicly Released: Aug 18, 2015.
According to a generalizable sample GAO reviewed, company disclosures filed with the Securities and Exchange Commission (SEC) for the first time in 2014 in response to the SEC conflict minerals disclosure rule indicated that most companies were unable to determine the source of their conflict minerals. Companies that filed disclosures used one or more of the four “conflict minerals”—tantalum...
Credit Rating Analysts: Views Varied on Merits of a Professional Organization, but Creating One Now Viewed as Premature
GAO-15-591: Published: Jul 30, 2015. Publicly Released: Jul 30, 2015.
Views varied on the merits of a professional organization for credit rating analysts of nationally recognized statistical rating organizations (NRSRO), but some concluded it was too early to tell if one was needed, in part because of new Securities and Exchange Commission (SEC) requirements on NRSROs to establish standards for their analysts. The analysts, representatives of NRSROs and existing pr...
International Insurance Capital Standards: Collaboration among U.S. Stakeholders Has Improved but Could Be Enhanced
GAO-15-534: Published: Jun 25, 2015. Publicly Released: Jul 27, 2015.
International capital standards establishing the amounts of capital that large, internationally active insurers could be required to maintain are in the early stages of development, and much about them remains uncertain. For example, the International Association of Insurance Supervisors (IAIS) has not finalized the methodologies that will be used to determine the required capital levels. Further,...
Mortgage Reforms: Actions Needed to Help Assess Effects of New Regulations
GAO-15-185: Published: Jun 25, 2015. Publicly Released: Jul 27, 2015.
Federal agency officials, market participants, and observers estimated that the qualified mortgage (QM) and qualified residential mortgage (QRM) regulations would have limited initial effects because most loans originated in recent years largely conformed with QM criteria.The QM regulations, which address lenders' responsibilities to determine a borrower's ability to repay a loan, set forth standa...
Troubled Asset Relief Program: Treasury Could More Consistently Analyze Potential Benefits and Costs of Housing Program Changes
GAO-15-670: Published: Jul 6, 2015. Publicly Released: Jul 6, 2015.
Between February 2009 and May 2015, the U.S. Department of the Treasury (Treasury) disbursed approximately $16.3 billion of the $37.5 billion in Troubled Asset Relief Program (TARP) funds allocated to support housing programs. The number of new borrowers with permanent modifications added to the Home Affordable Modification Program (HAMP), the key component of these programs, began to decline in l...
Cybersecurity: Bank and Other Depository Regulators Need Better Data Analytics and Depository Institutions Want More Usable Threat Information
GAO-15-509: Published: Jul 2, 2015. Publicly Released: Jul 2, 2015.
Regulators use a risk-based examination approach to oversee the adequacy of information security at depository institutions—banks, thrifts, and credit unions—but could better target future examinations by analyzing deficiencies across institutions. For information technology (IT) examinations, regulators adjust the level of scrutiny at each institution depending on the information they review,...
Bank Regulation: Lessons Learned and a Framework for Monitoring Emerging Risks and Regulatory Response
GAO-15-365: Published: Jun 25, 2015. Publicly Released: Jun 25, 2015.
Past banking-related crises highlight a number of regulatory lessons learned. These include the importance ofEarly and forceful action. GAO's past work on failed banks found that regulators frequently identified weak management practices that involved the banks in higher-risk activities early on in each crisis, before banks began experiencing declines in capital. However, regulators were not alway...
Federal Home Loan Banks: Information on Governance Changes, Board Diversity, and Community Lending
GAO-15-435: Published: May 12, 2015. Publicly Released: Jun 11, 2015.
The Housing and Economic Recovery Act (HERA) of 2008 changed several aspects of the Federal Home Loan Bank System's (FHLBank System) governance. Among other things, HERA required that independent directors on the FHLBank boards be elected by member institutions (for example, commercial banks, thrifts, credit unions, and insurance companies) rather than appointed by the regulator. HERA also added c...
Federal Home Loan Banks: Collateral Requirements Discourage Some Community Development Financial Institutions from Seeking Membership
GAO-15-352: Published: Apr 23, 2015. Publicly Released: May 22, 2015.
Collateral requirements rather than membership requirements discouraged some nondepository community development financial institutions (CDFI)—loan or venture capital funds—from seeking membership in the Federal Home Loan Bank (FHLBank) System. CDFIs are financial institutions that provide credit and financial services to underserved communities. Less than 6 percent of nondepository CDFIs (30...