Regulatory agencies (41 - 49 of 49 items)
Financial Condition of the Federal Deposit Insurance Corporation's Bank Insurance Fund
T-AFMD-89-15: Published: Sep 19, 1989. Publicly Released: Sep 19, 1989.
GAO discussed the financial condition of the Federal Deposit Insurance Corporation's (FDIC) Bank Insurance Fund. GAO noted that: (1) FDIC spent $7.3 billion during 1988 to assist record numbers of insolvent or barely solvent banks; (2) the fund incurred its first net loss, totalling $4.2 billion, in 1988, and also reduced its ratio of fund balance to insured deposits to 0.83, the lowest level ever...
Thrift Failures: Costly Failures Resulted From Regulatory Violations and Unsafe Practices
AFMD-89-62: Published: Jun 16, 1989. Publicly Released: Jun 16, 1989.
GAO reviewed the Federal Savings and Loan Corporation's (FSLIC) activities to: (1) identify the common characteristics of the most costly failed thrifts, focusing on violations of federal laws or regulations, related unsafe practices, and fraud and insider abuse; (2) compare and contrast the characteristics with solvent thrifts; and (3) identify the impact of deregulation, regional or local econom...
Bank Failures: Independent Audits Needed to Strengthen Internal Control and Bank Management
AFMD-89-25: Published: May 31, 1989. Publicly Released: May 31, 1989.
GAO reviewed recent bank failures, focusing on: (1) the internal weaknesses and environmental factors which examiners cited for insured banks that failed in 1987; (2) the extent to which insider abuse and fraud affected the same failed banks; and (3) potential areas of concern which could be used for congressional oversight and policy deliberation, federal bank examination and supervision, bank ma...
Bank Secrecy Act: Financial Institution Regulators' Compliance Examinations
GGD-86-94: Published: Aug 1, 1986. Publicly Released: Sep 3, 1986.
In response to a congressional request, GAO evaluated regulatory agencies' efforts to ensure that financial institutions comply with the Bank Secrecy Act.GAO found that regulatory agencies placed a low priority on the act's requirement for examinations of financial institutions, which diminished their ability to ensure compliance with the act. GAO believes that these agencies could improve their a...
Department of Treasury's Implementation of the Bank Secrecy Act
130197: Jun 12, 1986
GAO testified on the Department of the Treasury's implementation of the Bank Secrecy Act of 1970, specifically: (1) the way in which law enforcement agencies administer the act; and (2) financial data the act generates. GAO found that: (1) Treasury increased its reviews of noncompliance and imposed more civil penalties to improve compliance with the act; (2) Treasury needs more information on how...
Bank Secrecy Act: Treasury Can Improve Implementation of the Act
GGD-86-95: Published: Jun 11, 1986. Publicly Released: Jun 11, 1986.
In response to a congressional request, GAO: (1) reviewed the Department of the Treasury's management of the Bank Secrecy Act of 1970; (2) studied how law enforcement personnel use the act; and (3) examined the collection, analysis, and dissemination of data compiled as a result of the act.GAO noted that the law requires individuals and institutions to file reports on: (1) currency transactions ex...
Federal Regulatory Agencies' Efforts To Ensure Bank Secrecy Act Compliance
128304: Oct 29, 1985
GAO discussed how bank regulatory agencies ensure compliance with the Bank Secrecy Act, which requires financial institutions to report currency transactions of more than $10,000. The Department of the Treasury has delegated enforcement authority to seven federal financial regulatory agencies. GAO stated that, generally, the agencies: (1) place greater emphasis on mission-related objectives than o...
Issues To Be Considered While Debating Interstate Bank Branching
GGD-82-36: Published: Apr 9, 1982. Publicly Released: Apr 9, 1982.
GAO reviewed the Federal bank regulators' processing of commercial banks' applications to establish branches.GAO found that intrastate branching of national and State banks is essentially a State law matter. The Federal and State laws combine to limit branching within a State's boundaries. Assuming that any adopted form of interstate branching would involve some sort of Federal regulatory review,...
Bank Secrecy Act Reporting Requirements Have Not Yet Met Expectations, Suggesting Need for Amendment
GGD-81-80: Published: Jul 23, 1981. Publicly Released: Jul 23, 1981.
The implementation of the Bank Secrecy Act's reporting requirements and their usefulness to law enforcement efforts were reviewed. Congress envisioned that the reporting requirements of the act would be useful for tracking the financial resources associated with criminal activities and the profits gained from these illegal activities. However, GAO found that the reports required under the act are...