Internal controls (41 - 50 of 51 items)
Financial Audit: Federal Savings and Loan Insurance Corporation's 1988 and 1987 Financial Statements
AFMD-90-34: Published: Oct 31, 1989. Publicly Released: Oct 31, 1989.
GAO reviewed the Federal Savings and Loan Insurance Corporation's (FSLIC): (1) 1987 and 1988 financial statements; and (2) internal accounting controls system and compliance with applicable laws and regulations.GAO found that: (1) during 1988, FSLIC incurred a $66 billion net loss, increasing its total deficit to $75 billion; (2) FSLIC reported a $43.6-billion loss allowance for 578 troubled but o...
Financial Condition of the Federal Deposit Insurance Corporation's Bank Insurance Fund
T-AFMD-89-15: Published: Sep 19, 1989. Publicly Released: Sep 19, 1989.
GAO discussed the financial condition of the Federal Deposit Insurance Corporation's (FDIC) Bank Insurance Fund. GAO noted that: (1) FDIC spent $7.3 billion during 1988 to assist record numbers of insolvent or barely solvent banks; (2) the fund incurred its first net loss, totalling $4.2 billion, in 1988, and also reduced its ratio of fund balance to insured deposits to 0.83, the lowest level ever...
Troubled Thrifts: Use of Supervisory Enforcement Actions
GGD-89-105BR: Published: Jul 19, 1989. Publicly Released: Jul 19, 1989.
Pursuant to a congressional request, GAO provided information on the Federal Home Loan Bank Board's (FHLBB) supervisory enforcement actions to prevent or correct targeted violations or unsafe or unsound practices.GAO found that FHLBB enforcement actions at 47 near-failing thrifts between January 1986 and December 1988 were not always effective in preventing or correcting violations or unsafe or un...
Thrift Failures: Costly Failures Resulted From Regulatory Violations and Unsafe Practices
AFMD-89-62: Published: Jun 16, 1989. Publicly Released: Jun 16, 1989.
GAO reviewed the Federal Savings and Loan Corporation's (FSLIC) activities to: (1) identify the common characteristics of the most costly failed thrifts, focusing on violations of federal laws or regulations, related unsafe practices, and fraud and insider abuse; (2) compare and contrast the characteristics with solvent thrifts; and (3) identify the impact of deregulation, regional or local econom...
Troubled Thrifts: Bank Board Use of Enforcement Actions
GGD-89-68BR: Published: Apr 13, 1989. Publicly Released: May 5, 1989.
In response to a congressional request, GAO provided preliminary information from its assessment of the Federal Home Loan Bank Board's (FHLBB) enforcement actions against near-failing thrift institutions.GAO found that: (1) FHLBB took no formal enforcement action against over 50 percent of the 424 thrift institutions upon which it focused increased oversight; (2) FHLBB placed thrift institutions i...
Financial Audit: Federal Deposit Insurance Corporation's 1988 and 1987 Financial Statements
AFMD-89-63: Published: Apr 28, 1989. Publicly Released: Apr 28, 1989.
GAO examined the Federal Deposit Insurance Corporation's (FDIC): (1) financial statements for the years ended December 31, 1988 and 1987; and (2) internal accounting controls and compliance with laws and regulations for the year ended December 31, 1988.GAO found that: (1) the financial statements presented fairly, in all material respects, the FDIC financial position as of December 31, 1988 and 19...
Failed Thrifts: Internal Control Weaknesses Create an Environment Conducive to Fraud, Insider Abuse, and Related Unsafe Practices
T-AFMD-89-4: Published: Mar 22, 1989. Publicly Released: Mar 22, 1989.
GAO discussed thrift management practices which primarily caused thrift insolvency and failure. GAO noted that: (1) the Federal Home Loan Bank Board (FHLBB) cited criminal activity, fraud, and insider abuse as the primary causes of thrift insolvency; (2) examination of 26 failed thrifts showed that 85 referrals for alleged criminal activity were made regarding 19 thrifts; (3) investigations led to...
Commercial Banking: Trends in Performance From December 1976 Through June 1987
GGD-88-106BR: Published: Jul 28, 1988. Publicly Released: Jul 28, 1988.
In response to a congressional request, GAO reviewed all commercial banks the Federal Deposit Insurance Corporation insured to determine current conditions and recent trends in commercial bank performance from December 31, 1976 through June 30, 1987.GAO found that: (1) between 1976 and 1987, commercial banking industry assets grew from $1,182 billion to $2,913 billion; (2) the asset growth rate de...
Improvements Needed in Controlling and Accounting for Treasury Banking Arrangements
AFMD-85-22: Published: Apr 3, 1985. Publicly Released: Apr 3, 1985.
GAO reported on controlling and accounting for the Department of the Treasury's banking arrangements with commercial banks for handling federal agencies' deposits.GAO found that Treasury's costs to have commercial banks process the deposits increase by about $14 million annually because delays deprive Treasury of the use of the funds and increase the government's interest costs, to the extent that...