Bank failures (21 - 30 of 75 items)
Credit Unions: The Failure of Capital Corporate Federal Credit Union
T-GGD-95-107: Published: Feb 28, 1995. Publicly Released: Feb 28, 1995.
GAO discussed the failure of the Capital Corporate Federal Credit Union (Cap Corp) and the National Credit Union Administration's (NCUA) oversight of Cap Corp. GAO noted that: (1) Cap Corp's failure was due to an inappropriate investment strategy, an inadequate risk management system, insufficient board oversight, lax regulatory supervision and examination, and inadequate capital; (2) Cap Corp imp...
FDIC Equity Investments
GGD-94-196R: Published: Aug 26, 1994. Publicly Released: Aug 26, 1994.
GAO reviewed the Federal Deposit Insurance Corporation's (FDIC) use of equity investments to facilitate the resolution of failed banks. GAO noted that: (1) although FDIC equity investments can reduce insurance fund losses and even generate profits, they can also increase potential losses and create conflicts of interest with FDIC roles as bank regulator and insurer; (2) FDIC does not have formal p...
Financial Audit: Resolution Trust Corporation's 1993 and 1992 Financial Statements
AIMD-94-148: Published: Jun 27, 1994. Publicly Released: Jun 27, 1994.
Pursuant to a legislative requirement, GAO audited the Resolution Trust Corporation's (RTC) financial statements for the years ended December 31, 1993 and 1992. GAO also reviewed: (1) RTC progress in addressing identified internal control weaknesses; (2) new internal control weaknesses; and (3) issues affecting estimated recoveries from failed thrifts.GAO found that: (1) the RTC financial statemen...
1992 Thrift Resolutions: RTC Policies and Practices Did Not Fully Comply With Least-Cost Provisions
GGD-94-110: Published: Jun 17, 1994. Publicly Released: Jun 17, 1994.
Pursuant to a legislative requirement, GAO reviewed the Resolution Trust Corporation's (RTC) compliance with legislative requirements that it use the least costly method to resolve failed thrifts, focusing on: (1) 1992 RTC resolution policies and decisions, specifically its calculation and documentation of the costs of resolution alternatives; and (2) marketing aspects of the RTC resolution proces...
1992 Bank Resolutions: FDIC Chose Methods Determined Least Costly, but Needs to Improve Process
GGD-94-107: Published: May 10, 1994. Publicly Released: May 10, 1994.
Pursuant to a legislative requirement, GAO reviewed the Federal Deposit Insurance Corporation's (FDIC): (1) compliance with the least-cost provisions of the Federal Deposit Insurance Act; and (2) resolution process.GAO found that: (1) FDIC generally complied with the cost calculation and documentation requirements for resolving failed thrifts; (2) FDIC procedures to estimate the net realizable val...
Failed Bank: FDIC Sale of CrossLand Conservatorship Satisfied Least-Cost Test
GGD-94-109: Published: Apr 20, 1994. Publicly Released: Apr 20, 1994.
Pursuant to a congressional request, GAO reviewed the Federal Deposit Insurance Corporation's (FDIC) resolution actions regarding the failed CrossLand Federal Savings Bank of Brooklyn, New York, focusing on whether FDIC: (1) complied with the least-cost calculation and documentation requirements; and (2) projected cost savings were realized when FDIC took interim ownership of CrossLand until a fin...
Bank Insurance Fund: Review of Loss Estimation Methodologies
AIMD-94-48: Published: Dec 9, 1993. Publicly Released: Jan 10, 1994.
Pursuant to a congressional request, GAO reviewed certain public and private-sector estimates of bank failures and related losses incurred by the Bank Insurance Fund (BIF), focusing on the: (1) various approaches used by these forecasters in estimating bank failures and losses; and (2) similarities, differences, and key assumptions of their estimation methodologies.GAO found that: (1) the forecast...
Resolution Trust Corporation: Better Information Could Enhance Controls Over Loan Servicing Costs
GGD-94-41: Published: Dec 22, 1993. Publicly Released: Dec 22, 1993.
GAO discussed the Resolution Trust Corporation's (RTC) loan servicing contracting requirements, fee structures, and costs.GAO found that: (1) RTC regional offices do not coordinate their loan servicing contracting activities; (2) each RTC regional office independently awards its own servicing contracts, resulting in wide variations in the types and amounts of loan servicing fees paid by regional o...
Resolution Trust Corporation: Status of Management Efforts to Control Costs
GGD-94-19: Published: Oct 28, 1993. Publicly Released: Oct 28, 1993.
GAO reviewed the Resolution Trust Corporation's (RTC) efforts to monitor and control its liquidation costs.GAO found that: (1) RTC has incurred millions in unnecessary or questionable costs because it has not adequately controlled costs by adopting a stronger budget process, emphasizing cost control, and using expense accounting information to identify excess costs or expense reductions; (2) RTC e...
Financial Audit: Resolution Trust Corporation's Internal Controls at December 31, 1992
AIMD-93-50: Published: Sep 28, 1993. Publicly Released: Sep 28, 1993.
GAO evaluated the Resolution Trust Corporation's (RTC) internal controls as of December 31, 1992, to determine whether the controls reasonably ensured that: (1) assets were safeguarded against loss from unauthorized use or disposition; (2) transactions complied with management's authority and laws and regulations; and (3) transactions were properly recorded, processed, and summarized in accordance...