Internal controls (71 - 80 of 84 items)
Resolution Trust Corporation: Status of Selected Management Issues
T-GGD-91-4: Published: Dec 6, 1990. Publicly Released: Dec 6, 1990.
GAO discussed selected management issues regarding the Resolution Trust Corporation (RTC), focusing on its: (1) established organizational structure; (2) management of its conservatorships; (3) resolution of failed thrifts; and (4) disposal of financial and real estate assets. GAO noted that: (1) from August 1989 through September 1990, RTC resolved 287 thrifts; (2) as of September 30, 1990, RTC m...
Immediate Measures That Can Be Taken to Strengthen the Bank Insurance Fund
T-AFMD-90-33: Published: Sep 26, 1990. Publicly Released: Sep 26, 1990.
GAO discussed a legislative proposal that would allow the Federal Deposit Insurance Corporation (FDIC) flexibility in setting deposit insurance premiums. GAO noted that: (1) the Bank Insurance Fund balance and FDIC projections showed that the current restrictions on setting assessment rates would prevent the achievement of the designated minimum reserve ratio of 1.25 percent by 1995; (2) financial...
RTC Asset Management: Contracting Controls Need to Be Strengthened
T-GGD-90-53: Published: Sep 24, 1990. Publicly Released: Sep 24, 1990.
GAO discussed the Resolution Trust Corporation's (RTC) contracting practices. GAO noted that: (1) in January 1990, GAO cited RTC as 1 of 14 federal programs that were highly vulnerable to fraud, waste, and abuse; and (2) as of June 30, 1990, RTC resolved 207 thrifts and controlled $168 billion in assets, including 40,000 properties with a book value of about $16 billion. GAO also noted that RTC re...
Deposit Insurance and Related Reforms
T-GGD-90-46: Published: Sep 19, 1990. Publicly Released: Sep 19, 1990.
GAO discussed deposit insurance reform. GAO noted that the current deposit insurance system is not the relatively and inexpensive proposition it appeared to be in the past because most of the characteristics which deflected risk away from the banks have been stripped away or significantly diminished due to advances in technology and other factors. GAO also noted that actions that could align the d...
Failed Thrifts: Better Controls Needed Over Furniture, Fixtures, and Equipment
GGD-90-87: Published: May 25, 1990. Publicly Released: Jun 18, 1990.
Pursuant to a congressional request, GAO determined whether the Federal Savings and Loan Insurance Corporation (FSLIC): (1) efficiently and effectively disposed of furniture, fixtures, and equipment (FF&E) for thrift receiverships under its Southwest Plan; and (2) appropriately took various receiverships' FF&E to furnish a regional FSLIC office.GAO found that: (1) after deducting expenses, FSLIC r...
Financial Condition of the Federal Deposit Insurance Corporation's Bank Insurance Fund
T-AFMD-89-15: Published: Sep 19, 1989. Publicly Released: Sep 19, 1989.
GAO discussed the financial condition of the Federal Deposit Insurance Corporation's (FDIC) Bank Insurance Fund. GAO noted that: (1) FDIC spent $7.3 billion during 1988 to assist record numbers of insolvent or barely solvent banks; (2) the fund incurred its first net loss, totalling $4.2 billion, in 1988, and also reduced its ratio of fund balance to insured deposits to 0.83, the lowest level ever...
Troubled Thrifts: Use of Supervisory Enforcement Actions
GGD-89-105BR: Published: Jul 19, 1989. Publicly Released: Jul 19, 1989.
Pursuant to a congressional request, GAO provided information on the Federal Home Loan Bank Board's (FHLBB) supervisory enforcement actions to prevent or correct targeted violations or unsafe or unsound practices.GAO found that FHLBB enforcement actions at 47 near-failing thrifts between January 1986 and December 1988 were not always effective in preventing or correcting violations or unsafe or un...
Thrift Failures: Costly Failures Resulted From Regulatory Violations and Unsafe Practices
AFMD-89-62: Published: Jun 16, 1989. Publicly Released: Jun 16, 1989.
GAO reviewed the Federal Savings and Loan Corporation's (FSLIC) activities to: (1) identify the common characteristics of the most costly failed thrifts, focusing on violations of federal laws or regulations, related unsafe practices, and fraud and insider abuse; (2) compare and contrast the characteristics with solvent thrifts; and (3) identify the impact of deregulation, regional or local econom...
Troubled Thrifts: Bank Board Use of Enforcement Actions
GGD-89-68BR: Published: Apr 13, 1989. Publicly Released: May 5, 1989.
In response to a congressional request, GAO provided preliminary information from its assessment of the Federal Home Loan Bank Board's (FHLBB) enforcement actions against near-failing thrift institutions.GAO found that: (1) FHLBB took no formal enforcement action against over 50 percent of the 424 thrift institutions upon which it focused increased oversight; (2) FHLBB placed thrift institutions i...
Property and Casualty Insurance: Thrift Failures Provide Valuable Lessons
T-AFMD-89-7: Published: Apr 19, 1989. Publicly Released: Apr 19, 1989.
GAO discussed two insurance companies' business practices and the events that caused them to fail. GAO found that: (1) both companies attempted growth-oriented strategies, used managing general agents (MGA) to write business on their behalf without adequately ensuring that MGA acted in their best interest, and expanded their businesses beyond their traditional lines; (2) many of the companies' rei...