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Financial Markets and Institutions (1 - 10 of 23 items) in Past 6 Months
Federal Telework: Additional Controls Could Strengthen Telework Program Compliance and Data Reporting
GAO-17-247: Published: Feb 17, 2017. Publicly Released: Mar 20, 2017.
How are federal agencies managing their 400,000+ teleworkers? The 4 agencies we reviewed (Ed, GSA, Labor & SEC) generally met the reporting requirements in the Telework Enhancement Act of 2010. However we found some barriers to telework program success: Training timing: Managers may make telework decisions before training. Documentation: Agencies may not review telework agreements annually or d...
HUBZone Program: Oversight Has Improved But Some Weaknesses Remain
GAO-17-456T: Published: Mar 2, 2017. Publicly Released: Mar 2, 2017.
The Small Business Administration (SBA) designates economically distressed areas as Historically Underutilized Business Zones (HUBZones), based on data such as unemployment and poverty rates. Since 2008, GAO has issued several products that identified weaknesses in the HUBZone program and made recommendations to SBA to address them. While weaknesses remain, SBA has taken some steps to enhance prog...
Federal Reserve System: Potential Implications of Modifying the Capital Surplus Account and Stock Ownership Requirement
GAO-17-243: Published: Feb 24, 2017. Publicly Released: Feb 24, 2017.
According to Federal Reserve System (Federal Reserve) officials, capping the surplus account had little effect on Federal Reserve operations, and GAO found that modifying the stock dividend rate formula had no immediate effect on membership. Reserve Banks fund operations, pay dividends to member banks, and maintain a surplus account before remitting excess funds to the Department of the Treasury (...
Revenue Collections and Payments: Treasury Has Used Financial Agents in Evolving Ways but Could Improve Transparency
GAO-17-176: Published: Jan 25, 2017. Publicly Released: Feb 24, 2017.
The Department of the Treasury's (Treasury) use of financial agents has evolved as it has moved from paper to electronic transactions in response to changes in technology and new laws. Treasury has a long history of using financial agents to support its core functions of disbursing payments and collecting revenue. Since the 1980s, Treasury has used agents to move from paper to electronic transacti...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2016 and 2015 Financial Statements
GAO-17-299R: Published: Feb 15, 2017. Publicly Released: Feb 15, 2017.
GAO found (1) the financial statements of the Deposit Insurance Fund (DIF) and of the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF) as of and for the years ended December 31, 2016, and 2015, are fairly presented, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) although internal controls could be improved, the Federal De...
Troubled Asset Relief Program: Status of Housing Programs
GAO-17-236: Published: Jan 9, 2017. Publicly Released: Jan 9, 2017.
As of October 31, 2016, the Department of the Treasury (Treasury) had disbursed $22.6 billion (60 percent) of the $37.51 billion Troubled Asset Relief Program (TARP) funds obligated to the three housing programs (see fig.).The Making Home Affordable (MHA) program allowed homeowners to apply for loan modifications to avoid foreclosure. Under this program, which was closed to applicants on December...
Dodd-Frank Regulations: Agencies' Efforts to Analyze and Coordinate Their Recent Final Rules
GAO-17-188: Published: Dec 29, 2016. Publicly Released: Dec 29, 2016.
Federal financial regulators reported conducting the required regulatory analyses for rules issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) as part of the rulemaking process. For example, of the 30 rules GAO reviewed, which became effective between July 2015 and July 2016, the regulators analyzed the paperwork burden imposed for 12 rules for which...
Securities and Exchange Commission: Actions Needed to Address Limited Progress in Resolving Long-Standing Personnel Management Challenges
GAO-17-65: Published: Dec 29, 2016. Publicly Released: Dec 29, 2016.
Employee views on the Securities and Exchange Commission's (SEC) organizational culture have generally improved since 2013. Employees GAO surveyed cited improved levels of morale and trust within the agency compared to 2013 and noted that SEC was less hierarchical and risk-averse. However, GAO's survey indicated that SEC still operates in a compartmentalized way and that there is little communicat...
Securities and Exchange Commission: SEC Personnel Survey Results (GAO-17-95SP, December 2016), an E-supplement to GAO-17-65
GAO-17-95SP: Published: Dec 29, 2016. Publicly Released: Dec 29, 2016.
This is an e-supplement companion to GAO-17-65. This e-supplement presents the results from three GAO web-based surveys of Securities and Exchange Commission (SEC) employees. The purpose of these surveys was to obtain employees' views about SEC's organizational culture and about various aspects of working at SEC, including questions on (1) personnel management issues related to recruitment, traini...
Mortgage-Related Assets: Capital Requirements Vary Depending on Type of Asset
GAO-17-93: Published: Dec 15, 2016. Publicly Released: Dec 15, 2016.
Rules for capital adequacy require banks to hold a percentage of their assets as capital to act as a financial cushion to absorb unexpected losses. Under current rules, banks must hold capital equal to at least 8 percent of risk-weighted assets. Since the early 1990s, U.S. federal banking regulators have used a risk-weighting system under which banks multiply asset amounts by factors, known as ris...