Bank failures (71 - 80 of 258 items)
Bank Insider Activities: Insider Problems and Violations Indicate Broader Management Deficiencies
GGD-94-88: Published: Mar 30, 1994. Publicly Released: Mar 30, 1994.
Pursuant to a congressional request, GAO reviewed: (1) insider activities at failed and open banks; (2) the underlying reasons for insider problems, such as insider fraud, insider abuse, and loan losses to insiders; (3) federal bank regulators' oversight of such activities; and (4) the overall amount of insider lending in the U.S. banking industry.GAO found that: (1) insider fraud and loan losses...
Deposit Insurance Funds: Compliance With Obligation and Repayment Requirements as of 3/31/93 and 6/30/93
AIMD-94-62: Published: Feb 4, 1994. Publicly Released: Feb 4, 1994.
Pursuant to a legislative requirement, GAO reviewed the Federal Deposit Insurance Corporation's (FDIC) compliance with obligation and repayment requirements, focusing on: (1) Bank Insurance Fund (BIF) and Savings Association Insurance Fund (SAIF) compliance with the statutory maximum obligation limitation specified in the Federal Deposit Insurance Corporation Improvement Act of 1991; (2) BIF and S...
Resolution Trust Corporation: Analysis of Selected Asset Sales and Financial Data
GGD-94-37: Published: Feb 1, 1994. Publicly Released: Feb 1, 1994.
GAO reviewed the costs and revenues associated with Resolution Trust Corporation (RTC) assets under standard asset management and disposition agreement (SAMDA) contracts, focusing on: (1) holding costs and revenues; (2) holding times; (3) net recovery rates; and (4) how RTC could use asset information to maximize recoveries.GAO found that: (1) it could not determine holding costs and revenues, hol...
Federal Deposit Insurance Corporation: Management Letter as of December 31, 1992
AIMD-94-30ML: Published: Jan 24, 1994. Publicly Released: Jan 24, 1994.
Pursuant to a legislative requirement, GAO reviewed the Federal Deposit Insurance Corporation's (FDIC) accounting procedures and internal controls for corporate, consolidated office, and asset pool operations. GAO found that: (1) FDIC has not performed physical inventories and reconciliations, properly recorded fund transactions and administrative expenses, developed policies and procedures for ca...
Bank Insurance Fund: Review of Loss Estimation Methodologies
AIMD-94-48: Published: Dec 9, 1993. Publicly Released: Jan 10, 1994.
Pursuant to a congressional request, GAO reviewed certain public and private-sector estimates of bank failures and related losses incurred by the Bank Insurance Fund (BIF), focusing on the: (1) various approaches used by these forecasters in estimating bank failures and losses; and (2) similarities, differences, and key assumptions of their estimation methodologies.GAO found that: (1) the forecast...
Resolution Trust Corporation: Ineffective Management of HomeFed Bank Environmental Services Contracting
GGD-94-62: Published: Dec 28, 1993. Publicly Released: Dec 28, 1993.
GAO reviewed the Resolution Trust Corporation's (RTC) management of the HomeFed Bank environmental services contract, focusing on the potential taxpayer liability and costs associated with identifying and managing environmentally sensitive assets.GAO found that: (1) HomeFed environmental services contracts were not timely completed, and experienced cost overruns because RTC contract management was...
Resolution Trust Corporation: Better Information Could Enhance Controls Over Loan Servicing Costs
GGD-94-41: Published: Dec 22, 1993. Publicly Released: Dec 22, 1993.
GAO discussed the Resolution Trust Corporation's (RTC) loan servicing contracting requirements, fee structures, and costs.GAO found that: (1) RTC regional offices do not coordinate their loan servicing contracting activities; (2) each RTC regional office independently awards its own servicing contracts, resulting in wide variations in the types and amounts of loan servicing fees paid by regional o...
Minority-Owned Financial Institutions: Status of Federal Efforts to Preserve Minority Ownership
GGD-94-1: Published: Nov 3, 1993. Publicly Released: Dec 2, 1993.
Pursuant to a congressional request, GAO reviewed the implementation of legislation that is designed to preserve minority ownership of financial institutions and assist minority-owned institutions and minority investors in acquiring failed institutions, focusing on: (1) Department of the Treasury, Federal Deposit Insurance Corporation (FDIC), Office of Thrift Supervision (OTS), and Resolution Trus...
Resolution Trust Corporation: Oversight of SAMDA Property Management Contractors Needs Improvement
GGD-94-5: Published: Nov 30, 1993. Publicly Released: Nov 30, 1993.
GAO reviewed the actions that the Resolution Trust Corporation's (RTC) Standard Asset Management and Disposition Agreement (SAMDA) contractors have taken to monitor the performance of property management companies (PMC).GAO found that: (1) most of the SAMDA contractors reviewed have not audited PMC accounting records to ensure that all revenues and expenditures are properly recorded; (2) none of t...
FDIC: Liquidation of Failed Bank Assets at Risk Due to Inadequate Manual and Automated Processes
T-AIMD-94-56: Published: Nov 9, 1993. Publicly Released: Nov 9, 1993.
Pursuant to a congressional request, GAO discussed the automated systems that the Federal Deposit Insurance Corporation (FDIC) uses in liquidating failed bank assets. GAO noted that: (1) FDIC does not have basic internal controls in place to ensure that manual and computerized asset files accurately reflect the actual status of assets; (2) manual and automated files are not properly updated; (3) a...