Internal controls (101 - 110 of 403 items)
Troubled Asset Relief Program: Home Affordable Modification Program Continues to Face Implementation Challenges
GAO-10-556T: Published: Mar 25, 2010. Publicly Released: Mar 25, 2010.
Mortgage loan defaults and foreclosures are key factors behind the current economic downturn. In response, Congress passed and the President signed the Emergency Economic Stabilization Act of 2008, which authorized the Department of the Treasury to establish the Troubled Asset Relief Program (TARP). Under TARP, Treasury created the Home Affordable Modification Program (HAMP) as its cornerstone eff...
Troubled Asset Relief Program: Treasury Needs to Strengthen Its Decision-Making Process on the Term Asset-Backed Securities Loan Facility
GAO-10-25: Published: Feb 5, 2010. Publicly Released: Feb 5, 2010.
The Term Asset-Backed Securities Loan Facility (TALF) was created by the Board of Governors of the Federal Reserve System (Federal Reserve) to help meet consumer and small business credit needs by supporting issuance of asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). This report assesses (1) the risks TALF-eligible assets pose to the Troubled Asset Relief Program (T...
Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Year 2009 Financial Statements
GAO-10-301: Published: Dec 9, 2009. Publicly Released: Dec 9, 2009.
On October 3, 2008, the Emergency Economic Stabilization Act of 2008 (EESA) was signed into law. EESA authorized the Secretary of the Treasury to implement the Troubled Asset Relief Program (TARP) and established the Office of Financial Stability (OFS) within the Department of the Treasury (Treasury) to do so. EESA requires the annual preparation of financial statements for TARP, and further requi...
Troubled Asset Relief Program: Capital Purchase Program Transactions for October 28, 2008, through September 25, 2009, and Information on Financial Agency Agreements, Contracts, Blanket Purchase Agreements, and Interagency Agreements Awarded as of September 18, 2009 (GAO-10-24SP, October 2009), an e-supplement to GAO-10-16
GAO-10-24SP: Published: Oct 8, 2009. Publicly Released: Oct 8, 2009.
This is an e-supplement to GAO-10-16. This document presents a listing of capital purchases made in qualifying financial institutions (QFI) by the Department of the Treasury's (Treasury) Office of Financial Stability under the Capital Purchase Program (CPP). CPP is one of the programs Treasury created under its Troubled Asset Relief Program (TARP) authorities and is intended to provide QFIs with a...
Troubled Asset Relief Program: One Year Later, Actions Are Needed to Address Remaining Transparency and Accountability Challenges
GAO-10-16: Published: Oct 8, 2009. Publicly Released: Oct 8, 2009.
GAO's eighth report assesses the Troubled Asset Relief Program's (TARP) impact over the last year. Specifically, it addresses (1) the evolution of TARP's strategy and the status of TARP programs as of September 25, 2009; (2) the Department of the Treasury's (Treasury) progress in creating an effective management structure, including hiring for the Office of Financial Stability (OFS), overseeing co...
Troubled Asset Relief Program: Status of Efforts to Address Transparency and Accountability Issues
GAO-09-1048T: Published: Sep 24, 2009. Publicly Released: Sep 24, 2009.
This testimony discusses our work on the Troubled Asset Relief Program (TARP), under which the Department of the Treasury (Treasury), through the Office of Financial Stability (OFS), has the authority to purchase or insure almost $700 billion in troubled assets held by financial institutions. It focuses on (1) the nature and purpose of activities that have been initiated under TARP over the past y...
Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures
GAO-09-943R: Published: Sep 15, 2009. Publicly Released: Sep 15, 2009.
In May 2009, we issued our opinions on the calendar year 2008 financial statements of the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF). We also issued our opinion on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting (including safeguarding assets) as of December 31, 2008, and our evaluation of FDIC's compliance wit...
Troubled Asset Relief Program: Treasury Actions Needed to Make the Home Affordable Modification Program More Transparent and Accountable
GAO-09-837: Published: Jul 23, 2009. Publicly Released: Jul 23, 2009.
GAO's sixth report on the Troubled Asset Relief Program (TARP) focuses on the Department of the Treasury's (Treasury) efforts to establish its Home Affordable Modification Program (HAMP). This 60-day report examines (1) the design of HAMP's program features with respect to maximizing assistance to struggling homeowners, (2) the analytical basis for Treasury's estimate of the number of loans that a...
Regulation SHO: Recent Actions Appear to Have Initially Reduced Failures to Deliver, but More Industry Guidance Is Needed
GAO-09-483: Published: May 12, 2009. Publicly Released: Jun 3, 2009.
The Securities and Exchange Commission (SEC) adopted Regulation SHO to, among other things, curb the potential for manipulative naked short selling in equity securities. Selling a security short without borrowing the securities needed to settle the trade within the standard 3-day period, can result in failures to deliver (FTD), and can be used to manipulate (drive down) the price of a security. To...
Federal Reserve Banks: Areas for Improvement in Information Security Controls
GAO-09-722R: Published: May 29, 2009. Publicly Released: May 29, 2009.
In connection with fulfilling our requirement to audit the financial statements of the U.S. government, we audited and reported on the Schedules of Federal Debt Managed by the Bureau of the Public Debt (BPD) for the fiscal years ended September 30, 2008 and 2007. As part of these audits, we performed a review of the general and application information security controls over key financial systems m...