Internal controls (41 - 50 of 84 items)
Bank Examination Quality: FDIC Examinations Do Not Fully Assess Bank Safety and Soundness
AFMD-93-12: Published: Feb 16, 1993. Publicly Released: Feb 16, 1993.
GAO reviewed bank examinations performed by the Federal Deposit Insurance Corporation (FDIC).GAO found that: (1) the most recent FDIC examination did not include sufficient evidence for detecting loan quality problems for at least 40 percent of the banks FDIC supervised as of September 30, 1990; (2) FDIC officials believed that examiners were adequately evaluating loans but were not documenting th...
Bank Examination Quality: FRB Examinations and Inspections Do Not Fully Assess Bank Safety and Soundness
AFMD-93-13: Published: Feb 16, 1993. Publicly Released: Feb 16, 1993.
GAO reviewed the Federal Reserve Board's (FRB) bank examinations and bank holding company inspections, focusing on FRB examiners' reviews of: (1) loan quality, the loan loss reserve, and internal controls; and (2) holding company and nonbank subsidiary activities that could adversely impact the insured bank.GAO found that: (1) FRB failure to sufficiently and systematically identify, test, and eval...
Thrift Examination Quality: OTS Examinations Do Not Fully Assess Thrift Safety and Soundness
AFMD-93-11: Published: Feb 16, 1993. Publicly Released: Feb 16, 1993.
GAO reviewed the quality of the Office of Thrift Supervision's (OTS) thrift institution examinations, focusing on: (1) OTS reviews of thrifts' loans and internal controls; and (2) the effectiveness of coordination between OTS and the Federal Deposit Insurance Corporation (FDIC).GAO found that: (1) for 17 of the 20 thrifts it reviewed, OTS examiners failed to review sufficient numbers of loans to a...
Asset Management System: Liquidation of Failed Bank Assets Not Adequately Supported by FDIC System
IMTEC-93-8: Published: Feb 3, 1993. Publicly Released: Feb 3, 1993.
Pursuant to a congressional request, GAO reviewed the Federal Deposit Insurance Corporation's (FDIC) Division of Liquidation's operating requirements, focusing on whether: (1) FDIC was following asset management requirements at three regional offices; and (2) the Liquidation Asset Management Information System (LAMIS) and manual asset files are providing sufficient activity administration and over...
Banks and Thrifts: Safety and Soundness Reforms Need to Be Maintained
T-GGD-93-3: Published: Jan 27, 1993. Publicly Released: Jan 27, 1993.
GAO discussed the condition of the banking and thrift industries, focusing on: (1) the safety and soundness provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA); (2) the condition of the banking and thrift industries' insurance funds; (3) the volume of bank lending; and (4) congressional oversight. GAO noted that: (1) FDICIA requires that banks operate in a safe...
RTC Western Storm Follow-up
GGD-93-8R: Published: Dec 4, 1992. Publicly Released: Jan 4, 1993.
Pursuant to a congressional request, GAO provided: (1) an assessment of the Resolution Trust Corporation's (RTC) efforts to correct contracting deficiencies in the Western Storm Project; and (2) the results of its inquiry into alleged criminal conduct relating to the award and performance of the Western Storm contract. GAO noted that: (1) poor planning, poor oversight, and the use of an improper c...
High Risk Series: Bank Insurance Fund
HR-93-3: Published: Dec 1, 1992. Publicly Released: Dec 1, 1992.
GAO reviewed the Bank Insurance Fund, focusing on the factors that contributed to the depletion of the Fund's reserves and the need for improved accounting rules and bank examinations.GAO noted that: (1) during the 1980s, U.S. banks made riskier loans to increase their customer base and fight competition from other domestic and foreign financial service vendors; (2) weak internal controls, flawed...
Resolution Trust Corporation: Western Storm Investigation and Related Contracting Deficiencies
T-GGD-92-67: Published: Aug 6, 1992. Publicly Released: Aug 6, 1992.
GAO discussed its investigation of the Resolution Trust Corporation's (RTC) contracting procedures, focusing on the RTC Western Storm Project. GAO noted that: (1) RTC does not have a good, sound contracting process because RTC undervalues the significance of contracting; (2) the RTC staff's failure to plan for the project and to follow RTC contracting procedures led to excessive costs and inadequa...
Thrift Resolutions: FSLIC 1988 and 1989 Assistance Agreement Costs Subject to Continuing Uncertainties
AFMD-92-78: Published: Aug 3, 1992. Publicly Released: Aug 3, 1992.
GAO provided information on the costs of the Federal Savings and Loan Insurance Corporation's (FSLIC) 1988 and 1989 assistance agreements.GAO found that: (1) FSLIC 1988 and 1989 assistance agreements payments totalled $56.1 billion; (2) 1990 total estimated payments decreased by $9.3 billion, largely resulting from future interest cost savings and a $15.7-billion Resolution Trust Corporation (RTC)...
Asset Valuation Reviews and Cost Test
GGD-92-17R: Published: Jul 16, 1992. Publicly Released: Jul 16, 1992.
GAO reviewed the Resolution Trust Corporation's (RTC) implementation of the cost test used in making resolution decisions, to determine whether RTC was applying the cost test properly and whether it was a valid reflection of market values. GAO noted that: (1) the RTC guidelines formerly in effect contained elements necessary to arrive at reasonable estimates of market value, although some weakness...