Resolution Trust Corporation:
Implementation of the Management Reforms in the RTC Completion Act
GGD-95-67: Published: Mar 9, 1995. Publicly Released: Mar 9, 1995.
Pursuant to a legislative requirement, GAO reviewed the Resolution Trust Corporation's (RTC) efforts to implement management reforms required under the RTC Completion Act, focusing on: (1) how RTC and the Thrift Depositor Protection Oversight Board are implementing the reforms; and (2) RTC progress toward achieving full compliance with the requirements.
GAO found that: (1) RTC has completed actions on three reforms, and has made progress towards implementing the remaining 17 reforms; (2) RTC has taken action on six reforms involving RTC general managment functions; (3) RTC should monitor these reforms to ensure that appropriate future actions are taken when necessary; (4) in 1993, RTC created the Division of Minority and Women's programs, appointed a Chief Financial Officer, and created a client responsiveness unit in RTC field offices; (5) monitoring of RTC resolution and disposition activities is needed to ensure full compliance; (6) the Oversight Board has established an audit committee to monitor RTC audit activities; and (7) planned actions to enhance RTC information systems and develop draft guidelines to improve specific RTC contracting procedures have not been completed.