Internal controls (61 - 70 of 118 items)
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...
Financial Market Organizations Have Taken Steps to Protect against Electronic Attacks, but Could Take Additional Actions
GAO-05-679R: Published: Jun 29, 2005. Publicly Released: Jul 29, 2005.
The September 11, 2001, terrorist attacks on the World Trade Center exposed the vulnerability of the financial markets to disruption by such events. As part of a series of reviews we have performed at the request of Members of Congress, we have examined and reported on the adequacy of the steps that financial market participants have taken to reduce their vulnerability to attacks and to be better...
Federal Home Loan Bank System: An Overview of Changes and Current Issues Affecting the System
GAO-05-489T: Published: Apr 13, 2005. Publicly Released: Apr 13, 2005.
The FHLBank System (FHLBank System or System) is a government-sponsored enterprise (GSE) that consists of 12 Federal Home Loan Banks (FHLBanks) and is cooperatively owned by member financial institutions, typically commercial banks and thrifts. The primary mission of the FHLBank System is to promote housing and community development generally by making loans, also known as advances, to member fina...
Corporate Credit Unions: Competitive Environment May Stress Financial Condition, Posing Challenges for NCUA Oversight
GAO-04-977: Published: Sep 10, 2004. Publicly Released: Oct 12, 2004.
Thousands of credit unions have placed about $55 billion of their excess funds in corporate credit unions (corporates). In a three-tiered system, corporates provide lending, investment, and processing services for their member credit unions. Problems with investments in the past prompted regulatory changes that required higher capitalization and stricter risk management, but allowed for expanded i...
Better Information Sharing Among Financial Services Regulators Could Improve Protections for Consumers
GAO-04-882R: Published: Jun 29, 2004. Publicly Released: Jul 29, 2004.
GAO has long held the position that financial regulators can benefit from improved information sharing. As regulators are faced with the challenges of overseeing a myriad of financial products, along with the individuals and organizations that develop and sell them, information sharing among regulators serves as a key defense against fraud and market abuses. However, our system of financial regula...
Regulatory Programs: Opportunities to Enhance Oversight of the Real Estate Appraisal Industry
GAO-03-404: Published: May 14, 2003. Publicly Released: May 14, 2003.
Since the passage of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the appraisal and mortgage lending industry has changed dramatically. Some have concluded that the law is obsolete because the problems Title XI was intended to address--the risk to federal deposit insurance funds and the lack of uniform standards and qualifications--no longer exist. Others a...
Farm Credit Administration: Safety and Soundness Oversight of the Farm Credit System
GAO-02-324R: Published: Feb 28, 2002. Publicly Released: Feb 28, 2002.
This report reviews the Farm Credit Administration's (FCA) oversight of the safety and soundness of the Farm Credit System (FCS). GAO found that FCA's oversight and supervision appeared to be timely, comprehensive, and effective. FCA required FCS institutions to take appropriate and timely corrective actions to address any identified weaknesses and closely monitored the institutions' compliance. F...
Suspicious Banking Activities: Possible Money Laundering by U.S. Corporations Formed for Russian Entities
GAO-01-120: Published: Oct 31, 2000. Publicly Released: Nov 29, 2000.
This report discusses possible money laundering by U.S. corporations formed by Russian entities. It is easy for foreign entities to hide their identities while forming shell corporations that can be used for money laundering. GAO investigated the following two Delaware corporations that are suspected of money laundering: Euro-American Corporate Services, Inc. and International Business Creations....
Bank Regulators' Evaluation of Electronic Signature Systems
GAO-01-129R: Published: Nov 8, 2000. Publicly Released: Nov 8, 2000.
This report discusses bank regulators' evaluation of electronic signature systems. Financial institutions use signature systems to verify or authenticate the identity of customers conducting financial and nonfinancial transactions over the Internet and other open electronic networks. Officials at the Office of the Comptroller of the Currency (OCC) and the Federal Reserve told GAO that they are dev...
Financial Audit: Federal Deposit Insurance Corporation's 1998 and 1997 Financial Statements
AIMD-99-202: Published: Jun 30, 1999. Publicly Released: Jun 30, 1999.
Pursuant to a legislative requirement, GAO reviewed the financial statements of the Bank Insurance Fund, the Savings Association Insurance Fund, and the Federal Savings and Loan Insurance Corporation Resolution Fund for the years ended December 31, 1998 and 1997. GAO also reviewed: (1) the Federal Deposit Insurance Corporation (FDIC) management's assertions regarding the effectiveness of its inter...