Internal controls (41 - 50 of 405 items)
Financial Stability Oversight Council: Status of Efforts to Improve Transparency, Accountability, and Collaboration
GAO-14-873T: Published: Sep 17, 2014. Publicly Released: Sep 17, 2014.
The Financial Stability Oversight Council's (FSOC) has taken steps to address some of GAO's September 2012 recommendations, but additional efforts are needed. GAO made nine recommendations to FSOC in three areas: emerging threats and risks identification, transparency and accountability, and collaboration and coordination. GAO recommended, among other things, that FSOC:develop a systematic approac...
Troubled Asset Relief Program: Government's Exposure to Ally Financial Lessens as Treasury's Ownership Share Declines
GAO-14-698: Published: Aug 5, 2014. Publicly Released: Aug 5, 2014.
The Department of the Treasury (Treasury) reduced its ownership stake in Ally Financial Inc. (Ally Financial) from 74 percent in October 2013, to 16 percent as of June 30, 2014. As shown in the figure below, the pace of Treasury's reduction in its ownership share of Ally Financial accelerated in 2013 and corresponds with two key events. First, in November 2013, the Board of Governors of the Federa...
Consumer Financial Protection Bureau: Opportunity Exists to Improve Transparency of Civil Penalty Fund Activities
GAO-14-551: Published: Jun 26, 2014. Publicly Released: Jul 28, 2014.
The Bureau of Consumer Financial Protection, also known as the Consumer Financial Protection Bureau (CFPB), has developed a process for administering the Consumer Financial Civil Penalty Fund (Civil Penalty Fund). CFPB deposits collected civil money penalties into the fund to compensate eligible victims and may also use the fund for the purpose of consumer education and financial literacy programs...
Information Security: FDIC Made Progress in Securing Key Financial Systems, but Weaknesses Remain
GAO-14-674: Published: Jul 17, 2014. Publicly Released: Jul 17, 2014.
The Federal Deposit Insurance Corporation (FDIC) has implemented numerous information security controls intended to protect its key financial systems; nevertheless, weaknesses place the confidentiality, integrity, and availability of financial systems and information at unnecessary risk. During 2013, the corporation implemented 28 of the 39 open GAO recommendations pertaining to previously-reporte...
Export-Import Bank: Status of GAO Recommendations on Risk Management, Exposure Forecasting, and Workload Issues
GAO-14-708T: Published: Jun 25, 2014. Publicly Released: Jun 25, 2014.
The U.S. Export-Import Bank (Ex-Im) has addressed recommendations GAO made in two 2013 reports that related to processes for estimating losses, managing financial risks, and forecasting outstanding financial commitments (exposure). In these reports, GAO found weaknesses in the processes, including limitations in Ex-Im's data and models. Based on accounting standards for federal credit agencies, fe...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-14-416R: Published: May 12, 2014. Publicly Released: May 12, 2014.
During its audit of the U.S. Securities and Exchange Commission’s (SEC) fiscal year 2013 financial statements, GAO identified several deficiencies in SEC’s internal control over financial reporting that it did not consider to be material weaknesses or significant deficiencies, either individually or collectively, but which nonetheless warrant SEC management’s attention. These deficiencies re...
Foreclosure Review: Regulators Could Strengthen Oversight and Improve Transparency of the Process
GAO-14-376: Published: Apr 29, 2014. Publicly Released: Apr 29, 2014.
To negotiate the $3.9 billion cash payment amount in servicers' amended consent orders, the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) considered information from the incomplete foreclosure review, including factors such as projected costs for completing the file reviews and remediation amounts that would have been pai...
Information Security: SEC Needs to Improve Controls over Financial Systems and Data
GAO-14-419: Published: Apr 17, 2014. Publicly Released: Apr 17, 2014.
Although the Securities and Exchange Commission (SEC) had implemented and made progress in strengthening information security controls, weaknesses limited their effectiveness in protecting the confidentiality, integrity, and availability of a key financial system. For this system's network, servers, applications, and databases, weaknesses in several controls were found, as the following examples i...
Small Business Administration: Actions Needed to Ensure Planned Improvements Address Key Requirements of the Development Company (504) Loan Program
GAO-14-233: Published: Mar 6, 2014. Publicly Released: Apr 7, 2014.
The Small Business Administration (SBA) has established lending standards to protect against default and has measured program performance, but lacks guidance on determining the number of jobs supported by 504 program-funded projects. SBA's guidance for certified development companies (CDC)—nonprofits that provide funding to small businesses to promote local economic development in their communit...
Programa Para Mitigar Activos Problemáticos: Es necesario un mayor esfuerzo en el control de préstamos equitativos y en el acceso a los programas de vivienda por parte de personas sin dominio del inglés
GAO-14-457: Published: Mar 31, 2014. Publicly Released: Mar 31, 2014.
This is the Spanish language highlights associated with GAO-14-117. Lo que encontró la GAOLa tasa de participación en el Programa de modificación de la accesibilidad a la vivienda (Home Affordable Modification Program o HAMP), un componente clave del programa Hacer la vivienda accesible (Making Home Affordable o MHA), alcanzó su ápice a principios de 2010, en general disminuyó durante 2011...