Banking regulation (61 - 70 of 89 items)
Bank Examination Quality: OCC Examinations Do Not Fully Assess Bank Safety and Soundness
AFMD-93-14: Published: Feb 16, 1993. Publicly Released: Feb 16, 1993.
GAO reviewed bank examinations performed by the Office of the Comptroller of the Currency (OCC).GAO found that: (1) although the OCC handbook provides guidance for performing internal control assessments, OCC allows examiners discretion in determining the scope of an examination; (2) OCC did not comprehensively review internal controls in recent examinations of an estimated 72 percent of large ban...
Thrift Examination Quality: OTS Examinations Do Not Fully Assess Thrift Safety and Soundness
AFMD-93-11: Published: Feb 16, 1993. Publicly Released: Feb 16, 1993.
GAO reviewed the quality of the Office of Thrift Supervision's (OTS) thrift institution examinations, focusing on: (1) OTS reviews of thrifts' loans and internal controls; and (2) the effectiveness of coordination between OTS and the Federal Deposit Insurance Corporation (FDIC).GAO found that: (1) for 17 of the 20 thrifts it reviewed, OTS examiners failed to review sufficient numbers of loans to a...
Banks and Thrifts: Safety and Soundness Reforms Need to Be Maintained
T-GGD-93-3: Published: Jan 27, 1993. Publicly Released: Jan 27, 1993.
GAO discussed the condition of the banking and thrift industries, focusing on: (1) the safety and soundness provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA); (2) the condition of the banking and thrift industries' insurance funds; (3) the volume of bank lending; and (4) congressional oversight. GAO noted that: (1) FDICIA requires that banks operate in a safe...
Thrift Resolutions: FSLIC 1988 and 1989 Assistance Agreement Costs Subject to Continuing Uncertainties
AFMD-92-78: Published: Aug 3, 1992. Publicly Released: Aug 3, 1992.
GAO provided information on the costs of the Federal Savings and Loan Insurance Corporation's (FSLIC) 1988 and 1989 assistance agreements.GAO found that: (1) FSLIC 1988 and 1989 assistance agreements payments totalled $56.1 billion; (2) 1990 total estimated payments decreased by $9.3 billion, largely resulting from future interest cost savings and a $15.7-billion Resolution Trust Corporation (RTC)...
Financial Audit: Resolution Trust Corporation's 1991 and 1990 Financial Statements
AFMD-92-74: Published: Jun 30, 1992. Publicly Released: Jun 30, 1992.
GAO reviewed the Resolution Trust Corporation's (RTC): (1) financial statements for the years ended December 31, 1991, and 1990; and (2) internal accounting controls and compliance with applicable laws and regulations.GAO found that: (1) the financial statements presented fairly, in all material respects, the RTC financial position for the year ending December 31, 1991, in conformity with generall...
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...
Financial Audit: Resolution Trust Corporation's 1990 Financial Statements
AFMD-92-20: Published: Oct 25, 1991. Publicly Released: Oct 25, 1991.
GAO reviewed the Resolution Trust Corporation's (RTC): (1) financial statements for the year ended December 31, 1990; and (2) internal accounting controls and compliance with applicable laws and regulations.GAO found that: (1) significant uncertainties affecting RTC cost estimates for resolving institutions and internal control weaknesses precluded GAO from determining its estimated receivership r...
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...
Resolution Trust Corporation: Update on Funding and Performance
T-GGD-91-47: Published: Jun 17, 1991. Publicly Released: Jun 17, 1991.
GAO discussed the: (1) Resolution Trust Corporation's (RTC) estimates for future funding; (2) status of RTC operations and initiatives; and (3) reconstruction of RTC. GAO noted that: (1) the $80 billion Congress provided will not be sufficient to resolve all expected thrift failures; (2) since RTC sales of troubled assets were slower than hoped and future proceeds will be lower than anticipated, r...
Disclosures About Market Value of Financial Instruments
T-AFMD-91-6: Published: May 30, 1991. Publicly Released: May 30, 1991.
GAO discussed the Financial Accounting Standards Board (FASB) exposure draft entitled "Disclosures about Market Value of Financial Instruments." In a series of reports, GAO identified accounting, auditing, and internal control weaknesses, which continue to be a significant cause of bank failures. These breakdowns in corporate governance led to bank failures and highlighted a seriously flawed warni...