GAO Progress Toward Meeting Its Responsibilities Under Federal Banking Agency Audit Act of 1978

Published: May 21, 1980. Publicly Released: May 21, 1980.

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GAO reviewed the progress it has made toward meeting its responsibilities under the Federal Banking Agency Audit Act of l978. GAO has reached an agreement with the Federal Reserve Board as to the records and actions excluded from GAO audit review. The act also contains a number of provisions to preclude the unauthorized disclosure of confidential information. A new group has been established within GAO which is responsible for audits and reviews of Federal oversight of financial institutions and evaluation of the regulatory and supervisory functions performed by the regulators. A significant effort to evaluate the internal audit operations of financial institution regulatory agencies was begun. The group will perform internal auditing of these agencies and identify areas which merit GAO review. Reports issued in the areas of bank regulation, bank holding company regulation, foreign involvement in the U.S. banking industry, and internal auditing are summarized and a complete list of the reports are appended to this statement. Reviews have begun of savings and loans and credit union regulation, bank holding company regulation, foreign banking involvement in U.S. banking institutions, as well as the administration of Federal programs which administer insurance programs and funds. The efficiency and effectiveness of the Federal Reserve Board's check clearing system is being reviewed, and the operational efficiency of these agencies is being studied. Legislative changes have altered long range plans for reviews, but such reviews will continue in the areas of effective regulation of financial institution practices, structure, and effective fulfillment of nonregulatory responsibilities.

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