Financial management (31 - 40 of 61 items)
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...
Resolution Trust Corporation: Performance Assessment for 1991
T-GGD-92-14: Published: Feb 26, 1992. Publicly Released: Feb 26, 1992.
GAO discussed the Resolution Trust Corporation's (RTC): (1) progress in resolving failed or problem thrifts; and (2) funding needs. GAO noted that: (1) Congress took several legislative actions to strengthen and improve RTC operations, including management reform initiatives and reporting requirements; (2) RTC continues to make good progress in resolving thrifts and selling certain assets, and by...
Thrift Resolutions: FSLIC 1988 and 1989 Assistance Agreement Costs Subject to Significant Uncertainties
AFMD-92-9: Published: Nov 18, 1991. Publicly Released: Nov 18, 1991.
Pursuant to a legislative requirement, GAO reported on the costs of bank assistance agreements that the Federal Savings and Loan Insurance Corporation (FSLIC) entered into between January 1, 1988 and August 9, 1989, focusing on the: (1) reliability of the Federal Deposit Insurance Corporation's (FDIC) December 31, 1990 total projected payments; and (2) status of the Resolution Trust Corporation's...
Disclosures About Market Value of Financial Instruments
T-AFMD-91-6: Published: May 30, 1991. Publicly Released: May 30, 1991.
GAO discussed the Financial Accounting Standards Board (FASB) exposure draft entitled "Disclosures about Market Value of Financial Instruments." In a series of reports, GAO identified accounting, auditing, and internal control weaknesses, which continue to be a significant cause of bank failures. These breakdowns in corporate governance led to bank failures and highlighted a seriously flawed warni...
Accounting and Auditing Reforms Are Urgently Needed and Essential to Any Plan for Recapitalizing the Bank Insurance Fund or Deposit Insurance Reform
T-AFMD-91-3: Published: Apr 23, 1991. Publicly Released: Apr 23, 1991.
GAO discussed accounting and auditing reforms essential to recapitalizing the Bank Insurance Fund and modernizing the nation's banking system. GAO noted that: (1) accounting principles regarding loss contingencies and determining fair market value need revision and clarification to ensure the proper accounting and reporting of transactions; (2) if accounting rules cannot be promptly resolved, the...
Failed Banks: Accounting and Auditing Reforms Urgently Needed
AFMD-91-43: Published: Apr 22, 1991. Publicly Released: Apr 22, 1991.
GAO analyzed the financial reports prepared by managers and regulators' examination reports for 39 banks that failed in 1988 and 1989 to identify: (1) the impact of accounting and internal control weaknesses on those failures; and (2) reforms that could minimize future losses to the Bank Insurance Fund.GAO found that: (1) examination of the call reports banks prepared an average 6 months prior to...
Resolution Trust Corporation: Performance Assessment to Date
T-GGD-91-7: Published: Feb 20, 1991. Publicly Released: Feb 20, 1991.
GAO discussed the Resolution Trust Corporation's (RTC) operations since August 1989. GAO noted that: (1) as of December 31, 1990, RTC used about $101 billion of the $106 billion it received from Congress to begin cleaning up the savings and loan crisis, using $37 billion to fund losses and the remaining for working capital; (2) Congress was considering alternative methods of funding RTC to avoid a...
Budget Issues: Profiles of Government-Sponsored Enterprises
AFMD-91-17: Published: Feb 1, 1991. Publicly Released: Feb 1, 1991.
GAO studied the activities, characteristics, and financial growth of government-sponsored enterprises (GSE), focusing on the: (1) government's potential risk exposure from GSE activities; and (2) current federal budgetary treatment of GSE activities.GAO found that, from fiscal years (FY) 1980 to 1989, total GSE: (1) net borrowing and sales of mortgage-backed securities grew from $29.2 billion to $...
Obligations Limitation: Resolution Trust Corporation's Compliance as of June 30, 1990
AFMD-91-41: Published: Dec 21, 1990. Publicly Released: Jan 23, 1991.
Pursuant to a congressional request, GAO assessed the Resolution Trust Corporation's (RTC) compliance with the maximum RTC obligation limit that the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) set forth.GAO found that: (1) RTC did not omit any of the FIRREA-required formulas from its calculations; (2) RTC was working to correct several minor errors and miscalculat...
Resolution Trust Corporation: Unnecessary Loan Servicing Costs Due to Inadequate Contract Oversight
GGD-91-19: Published: Jan 17, 1991. Publicly Released: Jan 17, 1991.
Pursuant to a congressional request, GAO reviewed the Resolution Trust Corporation's (RTC) use of interim servicing agreements (ISA) to determine ISA loan servicing costs and the adequacy of RTC monitoring of such agreements.GAO found that: (1) RTC could have avoided as much as $1 million in loan processing costs by closing one large loan processing center; (2) unnecessary costs resulted from inad...