Bank examination (21 - 30 of 53 items)
Condition of the Bank Insurance Fund: Outlook Affected by Economic, Accounting, and Regulatory Issues
T-AFMD-92-10: Published: Jun 9, 1992. Publicly Released: Jun 9, 1992.
GAO discussed the Bank Insurance Fund's financial statements, focusing on the future condition of, and outlook for, the Fund and the overall bank insurance industry. GAO noted that: (1) the Fund's deficit balance of $7 billion is the culmination of 4 consecutive years of net losses incurred from historically high levels of bank failures; (2) 4 years ago, the Fund's reserves stood at $18.3 billion,...
Office of Thrift Supervision: Stronger System Controls Needed to Prevent Call Report Delays
IMTEC-92-22: Published: Feb 14, 1992. Publicly Released: Feb 14, 1992.
Pursuant to a congressional request, GAO reviewed the Office of Thrift Supervision's (OTS) delay in issuing quarterly data on thrifts' operating conditions, focusing on the: (1) cause and extent of the delay; and (2) adequacy of OTS steps to correct the problem.GAO found that: (1) during the processing of thrifts' call report data for the quarter ending September 30, 1990, a contractor experienced...
Corporate Accountability: A Time for Reform
147444: Jan 23, 1992
GAO discussed legislation Congress passed providing $70 billion in loans to shore up the Federal Deposit Insurance Corporation's Bank Insurance Fund. GAO noted that: (1) the legislation requires federal bank regulators to more timely deal with problem banks before they deplete bank capital; (2) real corporate accountability is impossible without a board of directors that is independent of manageme...
Commercial Banking in the United States: A Look Back and a Look Ahead
147029: Jan 1, 1992
This article, which appeared in the GAO Journal, No. 15, Spring/Summer 1992, discusses: (1) the U.S. banking industry's attempts to address trends that weakened the U.S. banking system during the 1980s, including high inflation rates, asset quality problems, rapidly rising operating costs, weakened capital, and an unrealistic market structure; and (2) issues that still require the banking industry...
Girding for Competition
147028: Jan 1, 1992
This article, which appeared in the GAO Journal, No. 15, Spring/Summer 1992, discusses the Federal Deposit Insurance Corporation Improvement Act of 1991 and its effects on the banking industry and U.S. financial system, focusing on the act's provisions for: (1) more promptly closing insolvent banks; (2) accounting and auditing reforms for both banks and their regulators; and (3) forcing banks and...
Comprehensive Deposit Insurance Reform and Taxpayer Protection Act of 1991: Observations on Accounting Reforms and Funding for the Bank Insurance Fund
T-AFMD-92-3: Published: Dec 11, 1991. Publicly Released: Dec 11, 1991.
GAO discussed recently passed legislation regarding bank deposit insurance protection, focusing on: (1) the level of funding the act provides for the Bank Insurance Fund; and (2) accounting reforms. GAO noted that: (1) the legislation provides the Fund with approximately $70 billion in borrowing authority to resolve problem banks; (2) $30 billion of that amount is for losses the Fund incurs in res...
OCC's Supervision of the Bank of New England
T-GGD-91-66: Published: Sep 19, 1991. Publicly Released: Sep 19, 1991.
GAO discussed its review of a major bank's failure, focusing on the: (1) causes of the failure; (2) Office of the Comptroller of the Currency (OCC) efforts to adequately assess safety and soundness deficiencies at the bank; and (3) extent to which insider activity may have contributed to the failure. GAO noted that: (1) the bank grew rapidly from fiscal year (FY) 1985 to FY 1988, mainly through ac...
Bank Supervision: OCC's Supervision of the Bank of New England Was Not Timely or Forceful
GGD-91-128: Published: Sep 16, 1991. Publicly Released: Sep 16, 1991.
Pursuant to a congressional request, GAO reviewed a major bank's failure, focusing on the: (1) causes of the failure; (2) extent to which insider activity may have contributed to the failures; and (3) Office of the Comptroller of the Currency (OCC) efforts to adequately assess safety and soundness deficiencies at the banks.GAO found that: (1) the bank grew rapidly from fiscal year (FY) 1985 to FY...
Resolving Large Bank Failures
T-GGD-91-27: Published: May 9, 1991. Publicly Released: May 9, 1991.
GAO discussed issues associated with resolving large bank failures. GAO noted that: (1) the problems and incentives associated with resolving large bank failures show the need for comprehensive reform of the deposit insurance and bank supervisory systems; (2) any attempts to increase depositor discipline must be preceded by other reforms to improve the safety and soundness of banking operations; a...
Accounting and Auditing Reforms Are Urgently Needed and Essential to Any Plan for Recapitalizing the Bank Insurance Fund or Deposit Insurance Reform
T-AFMD-91-3: Published: Apr 23, 1991. Publicly Released: Apr 23, 1991.
GAO discussed accounting and auditing reforms essential to recapitalizing the Bank Insurance Fund and modernizing the nation's banking system. GAO noted that: (1) accounting principles regarding loss contingencies and determining fair market value need revision and clarification to ensure the proper accounting and reporting of transactions; (2) if accounting rules cannot be promptly resolved, the...