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Financial Markets and Institutions (21 - 30 of 1,449 items) in Custom Date Range
Payment Services: Federal Reserve's Competition with Other Providers Benefits Customers, but Additional Reviews Could Increase Assurance of Cost Accuracy
GAO-16-614: Published: Aug 30, 2016. Publicly Released: Sep 29, 2016.
The Federal Reserve Banks are authorized to provide payment services—such as check clearing and wire transfers—to ensure continuous and equitable access to all institutions. The Depository Institutions Deregulation and Monetary Control Act of 1980 (Monetary Control Act) requires the Federal Reserve to establish prices for its payment services on the basis of the costs incurred in providing the...
Troubled Asset Relief Program: Status of Prior GAO Recommendations
GAO-16-831: Published: Sep 6, 2016. Publicly Released: Sep 6, 2016.
As of August 2016, GAO's performance audits of the Troubled Asset Relief Program (TARP) activities have resulted in 74 recommendations to the Department of the Treasury (Treasury). Treasury has implemented 62 of the 74 recommendations, some of which were aimed at improving the transparency and internal controls of TARP. Five recommendations remain open, all pertaining to the Making Home Affordable...
SEC Conflict Minerals Rule: Companies Face Continuing Challenges in Determining Whether Their Conflict Minerals Benefit Armed Groups
GAO-16-805: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016.
As a result of country-of-origin inquiries, an estimated 19 percent more companies that filed a specialized disclosure form (Form SD) with the Securities and Exchange Commission (SEC) reported that they knew or had reason to believe they knew the source of the conflict minerals in their products in 2015 than in 2014, based on a generalizable sample of filings GAO reviewed. However, after an estima...
Mortgage Servicing: Community Lenders Remain Active under New Rules, but CFPB Needs More Complete Plans for Reviewing Rules
GAO-16-448: Published: Jun 23, 2016. Publicly Released: Jul 25, 2016.
Community banks and credit unions (community lenders) remained active in servicing mortgage loans under the Consumer Financial Protection Bureau's (CFPB) new mortgage-servicing rules. Among other things, these rules are intended to provide more information to consumers about their loan obligations. The share of mortgages serviced by community lenders in 2015—about 13 percent—remained small com...
Troubled Asset Relief Program: Most Community Development Capital Initiative Investments Remain Outstanding
GAO-16-626: Published: Jul 5, 2016. Publicly Released: Jul 5, 2016.
As of March 31, 2016, the Department of the Treasury (Treasury) had approximately 76 percent of the original Community Development Capital Initiative (CDCI) investment outstanding and 57 institutions remained. Treasury's total investment was about $570 million. Treasury received about $136 million in principal repayments and had written off about $7 million. The program's outstanding investment ba...
Information Security: FDIC Implemented Controls over Financial Systems, but Further Improvements are Needed
GAO-16-605: Published: Jun 29, 2016. Publicly Released: Jun 29, 2016.
The Federal Deposit Insurance Corporation (FDIC) has implemented numerous information security controls intended to protect its key financial systems; however, weaknesses remain that place the confidentiality, integrity, and availability of financial systems and information at risk. During calendar year 2015, the corporation continued to devote attention to securing its financial information and s...
Consumer Financial Protection Bureau: Additional Actions Needed to Support a Fair and Inclusive Workplace
GAO-16-62: Published: May 19, 2016. Publicly Released: Jun 20, 2016.
Nonexecutive employees at the Consumer Financial Protection Bureau (CFPB) who responded to GAO's survey identified strengths and areas for improvement in CFPB's personnel practices and culture. Most respondents agreed that enthusiasm for CFPB's mission is high and that immediate supervisors respect and value differences among individuals. However, GAO's survey found heightened concerns related to...
Consumer Financial Protection Bureau: Survey Results from Employees and Executives on Personnel Management and Organizational Culture (GAO-16-138SP, May 2016), an E-supplement to GAO-16-62
GAO-16-138SP: Published: May 19, 2016. Publicly Released: Jun 20, 2016.
This is an e-supplement to GAO-16-62. It presents the results from GAO's survey of 57 senior CFPB executives as of January 31, 2015. A total of 36 senior executives responded to our executive survey for a response rate of 63 percent. GAO excluded responses to demographic and open-ended narrative questions...
Management Report: Improvements Needed in CFPB's Internal Controls and Accounting Procedures
GAO-16-522R: Published: Jun 13, 2016. Publicly Released: Jun 13, 2016.
During its audit of the Consumer Financial Protection Bureau’s (CFPB) fiscal years 2015 and 2014 financial statements, GAO identified deficiencies in CFPB’s internal control over accounting for property, equipment, and software that collectively constituted a significant deficiency in CFPB’s internal control over financial reporting. Specifically, GAO found that CFPB did not effectively desi...
Management Report: Areas for Improvement in the Federal Reserve Banks' Information Systems Controls
GAO-16-601R: Published: Jun 6, 2016. Publicly Released: Jun 6, 2016.
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, 2015, and 2014, GAO identified three new deficiencies in information systems controls over key financial systems maintained and operated by the Federal Reserve Banks (FRB) on behalf of Treasury relevant to...