Banking law (81 - 90 of 94 items)
Bank Secrecy Act: Treasury Can Improve Implementation of the Act
GGD-86-95: Published: Jun 11, 1986. Publicly Released: Jun 11, 1986.
In response to a congressional request, GAO: (1) reviewed the Department of the Treasury's management of the Bank Secrecy Act of 1970; (2) studied how law enforcement personnel use the act; and (3) examined the collection, analysis, and dissemination of data compiled as a result of the act.GAO noted that the law requires individuals and institutions to file reports on: (1) currency transactions ex...
Federal Regulatory Agencies' Efforts To Ensure Bank Secrecy Act Compliance
128304: Oct 29, 1985
GAO discussed how bank regulatory agencies ensure compliance with the Bank Secrecy Act, which requires financial institutions to report currency transactions of more than $10,000. The Department of the Treasury has delegated enforcement authority to seven federal financial regulatory agencies. GAO stated that, generally, the agencies: (1) place greater emphasis on mission-related objectives than o...
Foreign Bank Activities in the United States and U.S. Bank Activities Overseas
B-172255: Published: Apr 26, 1979. Publicly Released: May 6, 1985.
This document discusses an upcoming GAO review of foreign bank activities in the United States and U.S. bank activities overseas, broken down into two reports. The needs of the congressional Subcommittee will be served by the following: one report on selected aspects of the request in August 1979 and a comprehensive report in February 1980. Information covered in the first report will include tren...
Statutory Requirements for Examining International Banking Institutions Need Attention
GGD-84-39: Published: Jul 11, 1984. Publicly Released: Jul 11, 1984.
GAO reviewed the Federal Reserve's supervision of Edge Act banking institutions and the Office of the Comptroller of the Currency's (OCC) supervision of federally licensed branches and agencies of foreign banks.GAO found that the statutory requirements to examine annually Edge Act corporations and federally licensed branches and agencies of foreign banks are less flexible than the frequency standa...
Credit Insurance Disclosure Provisions of the Truth in Lending Act Consistently Enforced Except When Decisions Appealed
GGD-83-3: Published: Oct 25, 1982. Publicly Released: Nov 8, 1982.
In response to a congressional request, GAO conducted a review to determine whether the Federal Deposit Insurance Corporation (FDIC) and four other Federal financial institution regulators were consistently enforcing the Truth in Lending Act disclosure requirements for insurance written in connection with credit transactions.The review showed that, of the five Federal financial institution regulat...
Despite Recent Improvements, Bank Supervision Could Be More Effective and Less Burdensome
GGD-82-21: Published: Feb 26, 1982. Publicly Released: Feb 26, 1982.
GAO evaluated changes made in the supervision of banks since the 1976 study by its Task Force on Federal Supervision of Banks.Federal bank regulatory agencies have improved bank safety supervision. They have used new laws, procedures, and systems to gather data more efficiently, identify bank problems, and effect solutions to those problems. However, Congress and the regulatory agencies need to re...
The Birth of the Banking Group: GAO's Mandate To Audit the Bank Regulatory Agencies
117737: Jan 1, 1982
An article, which appeared in the GAO Review, Vol. 17, Issue 1, Winter 1982, outlined the history of GAO audits of the U.S. banking industry. Congress passed the Banking Act in 1933 which established the Federal Deposit Insurance Corporation. However, GAO did not have audit authority over bank regulatory agencies until the 1978 passage of the Federal Banking Agency Audit Act. The article noted tha...
Bank Secrecy Act Reporting Requirements Have Not Yet Met Expectations, Suggesting Need for Amendment
GGD-81-80: Published: Jul 23, 1981. Publicly Released: Jul 23, 1981.
The implementation of the Bank Secrecy Act's reporting requirements and their usefulness to law enforcement efforts were reviewed. Congress envisioned that the reporting requirements of the act would be useful for tracking the financial resources associated with criminal activities and the profits gained from these illegal activities. However, GAO found that the reports required under the act are...
Implementation of Bank Secrecy Act's Reporting Requirements
115888: Jul 23, 1981
GAO reported on its review of the implementation of the Bank Secrecy Act's reporting requirements. The act requires a currency transaction report, report of international transportation of currency or monetary instruments, and a report of foreign bank, securities, and other financial accounts. GAO found that these reports have not been widely used by Federal law enforcement and regulatory investig...
International Activities of Banks
113401: Sep 24, 1980
Since 1970, foreign investors have acquired 93 U.S. banks. For the most part, the foreign investors have exerted a positive influence by improving financially weak U.S. banks and maintaining financially strong banks. However, unfairness exists between foreign and domestic banks in the acquisition of large-to-medium U.S. banks. Although the International Banking Act of 1978 has provided for more eq...