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Comptroller of the Currency Needs Authority To Dispose of Property Remaining From Failed National Banks

GGD-81-94 Published: Sep 25, 1981. Publicly Released: Sep 25, 1981.
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Highlights

GAO examined the management by the Office of the Comptroller of the Currency (OCC) of property remaining from closed receiverships of national banks which became insolvent prior to the assumption of responsibility by the Federal Deposit Insurance Corporation for liquidating failed national banks in 1934. The property has been in the custody of OCC for many years. During the past 20 years, no one has filed claims for the property, and the agency has not attempted to locate the owners.

Recommendations

Matter for Congressional Consideration

Matter Status Comments

Recommendations for Executive Action

Agency Affected Recommendation Status
Office of the Comptroller of the Currency The Comptroller of the Currency should attempt to locate the owners of property remaining from insolvent national banks liquidated by the Office of the Comptroller of the Currency-appointed receivers. It may be appropriate to advertise for such owners once a week for 3 or 4 consecutive weeks in a newspaper of general circulation in the liquidated bank's community followed by final notice in the Federal Register.
Closed
Please call 202/512-6100 for additional information.
Office of the Comptroller of the Currency The Comptroller of the Currency should develop adequate procedures for safekeeping the property until its disposition is accomplished.
Closed
Please call 202/512-6100 for additional information.

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Topics

Financial Markets and Institutions
AppraisalsBank failuresBank managementBanking regulationInventoriesInventory controlNational banksProperty disposalProposed legislationSurplus property