Resolution Trust Corporation:
Review of Information Reporting Requirements for Asset Management Contractors
IMTEC-92-37BR: Published: Mar 5, 1992. Publicly Released: Mar 5, 1992.
- Full Report:
Pursuant to a congressional request, GAO assessed the Resolution Trust Corporation's (RTC) reporting requirements for Standard Asset Management and Disposition Agreement (SAMDA) contractors who assist in the management and disposition of assets of failed thrifts.
GAO found that RTC: (1) requires SAMDA contractors to provide to RTC oversight managers up to 20 monthly reports and 7 quarterly, annual, or final reports for each asset management contract; (2) oversight managers did not consistently use the contractually required reports and sometimes required additional reports to meet their oversight needs; (3) oversight managers questioned the usefulness and did not know the purpose of some reports; (4) requires oversight managers to monitor the submission of the required reports, but does not provide them with guidance about the reports' purposes; (5) attributed some of the burdensome reporting requirements to legislative requirements, but could not identify which requirements were unreasonable; and (6) requires SAMDA contractors to safeguard asset data, but lacks guidance on how contractors can protect asset data in their automated systems. GAO also found that, to improve contractor oversight, RTC: (1) has formed user groups to address information requirements; (2) plans to use its Asset Manager System and Real Estate Owned Management System to automate many of the required reports; and (3) has contracted for a review of contractor internal controls.