Reporting requirements (11 - 20 of 226 items)
SEC Conflict Minerals Rule: Initial Disclosures Indicate Most Companies Were Unable to Determine the Source of Their Conflict Minerals
GAO-15-561: Published: Aug 18, 2015. Publicly Released: Aug 18, 2015.
According to a generalizable sample GAO reviewed, company disclosures filed with the Securities and Exchange Commission (SEC) for the first time in 2014 in response to the SEC conflict minerals disclosure rule indicated that most companies were unable to determine the source of their conflict minerals. Companies that filed disclosures used one or more of the four “conflict minerals”—tantalum...
International Insurance Capital Standards: Collaboration among U.S. Stakeholders Has Improved but Could Be Enhanced
GAO-15-534: Published: Jun 25, 2015. Publicly Released: Jul 27, 2015.
International capital standards establishing the amounts of capital that large, internationally active insurers could be required to maintain are in the early stages of development, and much about them remains uncertain. For example, the International Association of Insurance Supervisors (IAIS) has not finalized the methodologies that will be used to determine the required capital levels. Further,...
Mortgage Reforms: Actions Needed to Help Assess Effects of New Regulations
GAO-15-185: Published: Jun 25, 2015. Publicly Released: Jul 27, 2015.
Federal agency officials, market participants, and observers estimated that the qualified mortgage (QM) and qualified residential mortgage (QRM) regulations would have limited initial effects because most loans originated in recent years largely conformed with QM criteria.The QM regulations, which address lenders' responsibilities to determine a borrower's ability to repay a loan, set forth standa...
Management Report: Areas for Improvement in the Federal Reserve Banks' Information Systems Controls
GAO-15-413R: Published: Apr 6, 2015. Publicly Released: Apr 6, 2015.
During GAO's audit of the Schedules of Federal Debt Managed by the Department of the Treasury's (Treasury) Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2014, and 2013, GAO identified and communicated to the Federal Reserve Banks' (FRB) management certain new deficiencies in information systems controls over key financial systems maintained and operated by...
Financial Stability Oversight Council: Further Actions Could Improve the Nonbank Designation Process
GAO-15-51: Published: Nov 20, 2014. Publicly Released: Nov 20, 2014.
The Financial Stability Oversight Council (FSOC) uses committees comprising staff from member agencies to help it evaluate nonbank financial companies and determine if they will receive enhanced supervision. FSOC has developed and followed a process for making determination decisions that is, in part, systematic and transparent. FSOC published a final rule and guidance that establish a three-stage...
Financial Audit: Securities and Exchange Commission's Fiscal Years 2014 and 2013 Financial Statements
GAO-15-166R: Published: Nov 17, 2014. Publicly Released: Nov 17, 2014.
GAO found (1) the United States Securities and Exchange Commission's (SEC) and its Investor Protection Fund's (IPF) financial statements as of and for the fiscal years ended September 30, 2014, and 2013, were presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) SEC maintained, in all material respects, effective internal control over fin...
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...
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...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2013 and 2012 Financial Statements
GAO-14-303: Published: Mar 13, 2014. Publicly Released: Mar 13, 2014.
In GAO's opinion, the Federal Deposit Insurance Corporation (FDIC) fairly presented, in all material respects, the 2013 and 2012 financial statements for the two funds it administers—the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF). Also, in GAO's opinion, FDIC maintained, in all material respects, effective internal control over financial reporting relevant to the DIF and to...
Credit Cards: Marketing to College Students Appears to Have Declined
GAO-14-225: Published: Feb 25, 2014. Publicly Released: Feb 25, 2014.
Trends associated with college affinity card agreements include fewer agreements and cardholders and declining payments, according to data GAO analyzed from the Board of Governors of the Federal Reserve System (Federal Reserve) and the Bureau of Consumer Financial Protection (CFPB). The number of affinity card agreements declined from 1,045 in 2009 to 617 in 2012 (41 percent). More than 70 percent...