Banking law (41 - 50 of 94 items)
Bank Secrecy Act: FinCEN and IRS Need to Improve and Better Coordinate Compliance and Data Management Efforts
GAO-07-212: Published: Dec 15, 2006. Publicly Released: Dec 15, 2006.
In 2005, over 16 million Bank Secrecy Act (BSA) reports were filed by more than 200,000 U.S. financial institutions. Enacted in 1970, BSA is the centerpiece of the nation's efforts to detect and deter criminal financial activities. Treasury's Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS) play key roles in BSA compliance, enforcement, and data management. GAO...
Industrial Loan Corporations: Recent Asset Growth and Commercial Interest Highlight Differences in Regulatory Authority
GAO-06-961T: Published: Jul 12, 2006. Publicly Released: Jul 12, 2006.
Since their origin in the early 1900s, industrial loan corporations (ILCs) have grown significantly in size, and some have expressed concern that ILCs may have expanded beyond the original scope and purpose intended by Congress. Others have questioned whether the current regulatory structure for overseeing ILCs is adequate. This testimony is based on our September 2005 report that, among other thi...
Bank Secrecy Act: Opportunities Exist for FinCEN and the Banking Regulators to Further Strengthen the Framework for Consistent BSA Oversight
GAO-06-386: Published: Apr 28, 2006. Publicly Released: May 30, 2006.
The U.S. government's framework for preventing, detecting, and prosecuting money laundering has been expanding through additional pieces of legislation since the passage of the Bank Secrecy Act (BSA) in 1970. In recent years, noncompliance with BSA requirements has raised concerns in Congress about the ability of federal banking regulators to oversee compliance at depository institutions and ensur...
OCC Preemption Rulemaking: Opportunities Existed to Enhance the Consultative Efforts and Better Document the Rulemaking Process
GAO-06-8: Published: Oct 17, 2005. Publicly Released: Nov 17, 2005.
On January 13, 2004, the Office of the Comptroller of the Currency (OCC) issued two sets of rules (the preemption rules) on the extent to which the National Bank Act preempts the application of state and local laws to national banks and their operating subsidiaries. The rules and the manner in which OCC promulgated them generated considerable controversy. Some state officials, consumer groups, and...
Financial Institutions: Issues Regarding the Tax-Exempt Status of Credit Unions
GAO-06-220T: Published: Nov 3, 2005. Publicly Released: Nov 3, 2005.
Unlike other depository institutions, credit unions are exempt from federal corporate income taxes. Recent legislative and regulatory changes to credit union membership restrictions and allowable products and services have blurred some of the historical distinctions between credit unions and other depository institutions. As a result, some observers have raised questions about whether tax exemptio...
Federal Reserve System: Mandated Report on Potential Conflicts of Interest
GAO-01-160: Published: Nov 13, 2000. Publicly Released: Nov 13, 2000.
The Federal Reserve System plays multiple roles in the payments system by virtue of its status as central bank, banking industry regulator, and payments service provider. Where these roles overlap, conflict, or potentially complement one another inappropriately, the Federal Reserve is faced with the challenge of managing or separating them in such a way as to ensure that it is fulfilling each role...
Automated Teller Machines: Issues Related to Real-time Fee Disclosure
GGD/AIMD-00-224: Published: Jul 11, 2000. Publicly Released: Jul 11, 2000.
Pursuant to a legislative requirement, GAO provided information on real-time disclosure of foreign automated teller machine (ATM) fees levied by the card-issuing bank, focusing on: (1) alterations to the ATM system that would be needed to support real-time foreign fee disclosure; (2) estimated costs and timeframes associated with implementing real-time foreign fee disclosure; (3) potential competi...
Money Laundering: Observations on Private Banking and Related Oversight of Selected Offshore Jurisdictions
T-GGD-00-32: Published: Nov 9, 1999. Publicly Released: Nov 9, 1999.
Pursuant to a congressional request, GAO discussed money laundering in relation to private banking and highlighted some regulatory issues related to the vulnerability of selected offshore jurisdictions to money laundering, focusing on: (1) regulators' oversight of private banking in general; (2) regulators' oversight of private banking in selected offshore jurisdictions; (3) barriers that have ham...
Money Laundering: Regulatory Oversight of Offshore Private Banking Activities
GGD-98-154: Published: Jun 29, 1998. Publicly Released: Jul 29, 1998.
Pursuant to a congressional request, GAO reviewed U.S. regulatory oversight of private banking activities involving offshore jurisdictions, focusing on: (1) regulatory oversight procedures to ensure that offshore private banking activities are covered by banks' anti-money-laundering efforts; (2) deficiencies identified by banking regulators regarding offshore private banking activities and correct...
Private Banking: Information on Private Banking and Its Vulnerability to Money Laundering
GGD-98-19R: Published: Oct 30, 1997. Publicly Released: Nov 5, 1997.
Pursuant to a congressional request, GAO reviewed private banking activities in the United States and the vulnerability of such activities to money laundering, focusing on: (1) the nature and extent of private banking activities in the United States; (2) regulatory efforts to monitor private banking activities and ensure that these activities comply with the Bank Secrecy Act (BSA); (3) policies an...