Net Worth Certificate Assistance Programs: Their Design, Major Differences, and Early Implementation
GGD-85-8
Published: Nov 05, 1984. Publicly Released: Nov 05, 1984.
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Highlights
GAO reported on the condition of the savings and loan association industry and the programs which the Garn-St. Germain Act established to increase the net worth of qualified institutions.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Federal Home Loan Bank Board | The Chairmen of FHLBB and FDIC should qualify financial reports and information that are based on regulatory requirements that differ from generally accepted accounting principles. This qualification should notify the public that the financial reports and data depart from and are not intended to be presented in conformity with generally accepted accounting principles. |
Closed – Implemented
FDIC has implemented this recommendation. Additionally, through an interagency council, this recommendation has been implemented by the Federal Reserve Board and the Comptroller of the Currency.
|
| Federal Deposit Insurance Corporation | The Chairmen of FHLBB and FDIC should qualify financial reports and information that are based on regulatory requirements that differ from generally accepted accounting principles. This qualification should notify the public that the financial reports and data depart from and are not intended to be presented in conformity with generally accepted accounting principles. |
Closed – Implemented
FHLBB has made arrangements to qualify its financial reports and information given to the public, as recommended in the report.
|
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Topics
Banking regulationBusiness assistanceEconomic analysisFinancial disclosureInterest ratesLending institutionsSavings and loan associationsAccounting standardsFinancial reportingFederal deposit insurance