Internal controls (31 - 40 of 51 items)
Bank Supervision: Prompt and Forceful Regulatory Actions Needed
GGD-91-69: Published: Apr 15, 1991. Publicly Released: Apr 15, 1991.
Pursuant to a congressional request, GAO reviewed the effectiveness of federal bank regulators' enforcement activities in ensuring that banks operated in a safe and sound manner to preserve the banking industry and the Bank Insurance Fund.GAO found that: (1) in about half of the 72 cases it sampled of banks having difficulty in meeting minimum capital standards, the federal regulatory process did...
Financial Audit: Resolution Trust Corporation's 1989 Financial Statements
AFMD-91-57: Published: Apr 4, 1991. Publicly Released: Apr 4, 1991.
GAO reviewed the Resolution Trust Corporation's (RTC) financial statements for August 9, 1989 through December 31, 1989, focusing on: (1) uncertainties related to RTC cost estimates for resolving institutions; and (2) RTC internal controls and compliance with laws and regulations.GAO found that: (1) RTC was provided with $50 billion under the Financial Institutions Reform, Recovery, and Enforcemen...
Deposit Insurance: A Strategy for Reform
GGD-91-26: Published: Mar 4, 1991. Publicly Released: Mar 4, 1991.
Pursuant to a legislative requirement, GAO reviewed issues associated with reforming the federal deposit insurance system, focusing on whether such reforms will result in a more safe, sound, and stable banking industry.GAO presented a comprehensive three-part reform program that could change the way banks are regulated and supervised, as well as the way the deposit insurance system functions, focu...
Obligations Limitation: Resolution Trust Corporation's Compliance as of June 30, 1990
AFMD-91-41: Published: Dec 21, 1990. Publicly Released: Jan 23, 1991.
Pursuant to a congressional request, GAO assessed the Resolution Trust Corporation's (RTC) compliance with the maximum RTC obligation limit that the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) set forth.GAO found that: (1) RTC did not omit any of the FIRREA-required formulas from its calculations; (2) RTC was working to correct several minor errors and miscalculat...
Resolution Trust Corporation: Status of Selected Management Issues
T-GGD-91-4: Published: Dec 6, 1990. Publicly Released: Dec 6, 1990.
GAO discussed selected management issues regarding the Resolution Trust Corporation (RTC), focusing on its: (1) established organizational structure; (2) management of its conservatorships; (3) resolution of failed thrifts; and (4) disposal of financial and real estate assets. GAO noted that: (1) from August 1989 through September 1990, RTC resolved 287 thrifts; (2) as of September 30, 1990, RTC m...
Immediate Measures That Can Be Taken to Strengthen the Bank Insurance Fund
T-AFMD-90-33: Published: Sep 26, 1990. Publicly Released: Sep 26, 1990.
GAO discussed a legislative proposal that would allow the Federal Deposit Insurance Corporation (FDIC) flexibility in setting deposit insurance premiums. GAO noted that: (1) the Bank Insurance Fund balance and FDIC projections showed that the current restrictions on setting assessment rates would prevent the achievement of the designated minimum reserve ratio of 1.25 percent by 1995; (2) financial...
RTC Asset Management: Contracting Controls Need to Be Strengthened
T-GGD-90-53: Published: Sep 24, 1990. Publicly Released: Sep 24, 1990.
GAO discussed the Resolution Trust Corporation's (RTC) contracting practices. GAO noted that: (1) in January 1990, GAO cited RTC as 1 of 14 federal programs that were highly vulnerable to fraud, waste, and abuse; and (2) as of June 30, 1990, RTC resolved 207 thrifts and controlled $168 billion in assets, including 40,000 properties with a book value of about $16 billion. GAO also noted that RTC re...
Deposit Insurance and Related Reforms
T-GGD-90-46: Published: Sep 19, 1990. Publicly Released: Sep 19, 1990.
GAO discussed deposit insurance reform. GAO noted that the current deposit insurance system is not the relatively and inexpensive proposition it appeared to be in the past because most of the characteristics which deflected risk away from the banks have been stripped away or significantly diminished due to advances in technology and other factors. GAO also noted that actions that could align the d...
Financial Audit: Federal Savings and Loan Insurance Corporation's 1989 and 1988 Financial Statements
AFMD-90-79: Published: Jul 17, 1990. Publicly Released: Jul 17, 1990.
GAO reviewed the Federal Savings and Loan Insurance Corporation's (FSLIC): (1) 1988 and 1989 final financial statements; and (2) internal accounting controls system and compliance with applicable laws and regulations.GAO found that: (1) in 1989, FSLIC reported a capital deficit of $87 billion, the largest ever reported by a public or private corporation; (2) FSLIC reported a $38-billion present-va...
Failed Thrifts: Better Controls Needed Over Furniture, Fixtures, and Equipment
GGD-90-87: Published: May 25, 1990. Publicly Released: Jun 18, 1990.
Pursuant to a congressional request, GAO determined whether the Federal Savings and Loan Insurance Corporation (FSLIC): (1) efficiently and effectively disposed of furniture, fixtures, and equipment (FF&E) for thrift receiverships under its Southwest Plan; and (2) appropriately took various receiverships' FF&E to furnish a regional FSLIC office.GAO found that: (1) after deducting expenses, FSLIC r...