Federal regulations (1 - 10 of 163 items) in Custom Date Range
Dodd-Frank Regulations: Agencies' Efforts to Analyze and Coordinate Their Recent Final Rules
GAO-17-188: Published: Dec 29, 2016. Publicly Released: Dec 29, 2016.
Federal financial regulators reported conducting the required regulatory analyses for rules issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) as part of the rulemaking process. For example, of the 30 rules GAO reviewed, which became effective between July 2015 and July 2016, the regulators analyzed the paperwork burden imposed for 12 rules for which...
Mortgage-Related Assets: Capital Requirements Vary Depending on Type of Asset
GAO-17-93: Published: Dec 15, 2016. Publicly Released: Dec 15, 2016.
Rules for capital adequacy require banks to hold a percentage of their assets as capital to act as a financial cushion to absorb unexpected losses. Under current rules, banks must hold capital equal to at least 8 percent of risk-weighted assets. Since the early 1990s, U.S. federal banking regulators have used a risk-weighting system under which banks multiply asset amounts by factors, known as ris...
Consumer Financial Protection Bureau: Additional Actions Needed to Support a Fair and Inclusive Workplace
GAO-16-62: Published: May 19, 2016. Publicly Released: Jun 20, 2016.
Nonexecutive employees at the Consumer Financial Protection Bureau (CFPB) who responded to GAO's survey identified strengths and areas for improvement in CFPB's personnel practices and culture. Most respondents agreed that enthusiasm for CFPB's mission is high and that immediate supervisors respect and value differences among individuals. However, GAO's survey found heightened concerns related to...
Consumer Financial Protection Bureau: Survey Results from Employees and Executives on Personnel Management and Organizational Culture (GAO-16-138SP, May 2016), an E-supplement to GAO-16-62
GAO-16-138SP: Published: May 19, 2016. Publicly Released: Jun 20, 2016.
This is an e-supplement to GAO-16-62. It presents the results from GAO's survey of 57 senior CFPB executives as of January 31, 2015. A total of 36 senior executives responded to our executive survey for a response rate of 63 percent. GAO excluded responses to demographic and open-ended narrative questions...
Nonbank Mortgage Servicers: Existing Regulatory Oversight Could Be Strengthened [Reissued on April 14, 2016]
GAO-16-278: Published: Mar 10, 2016. Publicly Released: Apr 11, 2016.
The share of home mortgages serviced by nonbanks increased from approximately 6.8 percent in 2012 to approximately 24.2 percent in 2015 (as measured by unpaid principal balance). However, banks continued to service the remainder (about 75.8 percent). Some market participants GAO interviewed said nonbank servicers' growth increased the capacity for servicing delinquent loans, but they also noted ch...
Resolution Plans: Regulators Have Refined Their Review Processes but Could Improve Transparency and Timeliness
GAO-16-341: Published: Apr 12, 2016. Publicly Released: Apr 12, 2016.
The Federal Deposit Insurance Corporation (FDIC) and Federal Reserve System (Federal Reserve) have developed separate but similar review processes for determining whether a resolution plan is “not credible” or would not facilitate a company's orderly resolution under the Bankruptcy Code (the Code). Both regulators have processes for staffing review teams, determining whether a plan includes al...
International Remittances: Money Laundering Risks and Views on Enhanced Customer Verification and Recordkeeping Requirements
GAO-16-65: Published: Jan 15, 2016. Publicly Released: Feb 16, 2016.
Financial institutions, such as money transmitters and depository institutions that provide remittance transfers—funds sent from individuals in one country to a recipient in another country—are subject to anti-money laundering (AML) requirements under the Bank Secrecy Act (BSA). For example, these remittance providers must report suspicious and other transactions, and obtain and record informa...
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...
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...