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    Subject Term: "Bank examination"

    2 publications with a total of 7 open recommendations
    Director: Lawrance Evans
    Phone: (202) 512-8678

    4 open recommendations
    Recommendation: To ensure that NCUA has adequate authority to determine the safety and soundness of credit unions, Congress should consider modifying the Federal Credit Union Act to grant NCUA authority to examine technology service providers of credit unions.

    Agency: Congress
    Status: Open

    Comments: In July 2015, we suggested that Congress modify the Federal Credit Union Act to grant NCUA authority to examine technology service providers of credit unions. As of October 2016, Congress had not granted NCUA such authority.
    Recommendation: To improve their ability to assess the adequacy of the information security practices at medium and small institutions, the heads of Federal Deposit Insurance Corporation, the Federal Reserve, Office of the Comptroller of the Currency, and NCUA should routinely categorize IT examination findings and analyze this information to identify trends that can guide areas of review across institutions.

    Agency: Department of the Treasury: Office of the Comptroller of the Currency
    Status: Open

    Comments: In July 2015, we recommended that the Office of the Comptroller of the Currency (OCC) and other federal financial institution regulators conduct trend analysis of their IT examination findings to improve their ability to assess the adequacy of information security practices at medium and small institutions. In September 2015, OCC stated that it is taking two actions to respond to our recommendation. First, the agency is integrating the Cybersecurity Assessment Tool (Tool), developed by OCC and other federal financial institution regulators, into OCC's ongoing IT examinations of national banks and federal savings associations. Officials believe that the Tool will provide OCC with a repeatable and measurable process for assessing both the level of risk and the maturity of risk management processes within and across OCC-supervised institutions. Also, officials believe that data gathered in this process will allow OCC to monitor industry trends and identify new or emerging weaknesses where additional guidance or supervisory actions may be needed. Furthermore, the Tool will help OCC allocate examiner resources and better target examiner training. OCC began integrating the Tool in selected examinations in December 2015. Second, OCC stated that it enhanced its guidance and procedures for examiners to identify and aggregate supervisory concerns into matters requiring attention (MRAs), which are the mechanism OCC uses to communicate supervisory concerns to bank management and directors. OCC believes that the enhancements will facilitate systemic categorization of supervisory concerns that strengthen recording, monitoring, and analyzing of volumes and trends across bank portfolios. Also, the enhanced guidance discusses the relationship between MRAs, interagency ratings, OCC's risk assessment system, and enforcement actions. OCC believes that these process enhancements combined with the integration of the Tool, will improve its ability to assess information security practices at medium and small institutions. We will continue to monitor OCC's progress in implementing the Tool and the resulting trend analyses that the Tool is intended to facilitate.
    Recommendation: To improve their ability to assess the adequacy of the information security practices at medium and small institutions, the heads of Federal Deposit Insurance Corporation, the Federal Reserve, Office of the Comptroller of the Currency, and NCUA should routinely categorize IT examination findings and analyze this information to identify trends that can guide areas of review across institutions.

    Agency: Federal Reserve System
    Status: Open

    Comments: In July 2015, we recommended that the Board of Governors of the Federal Reserve System (Board) and other federal financial institution regulators conduct trend analysis of their IT examination findings to improve their ability to assess the adequacy of information security practices at medium and small institutions. As of October 2016, the Board had not provided an update on its efforts to address this recommendation.
    Recommendation: To improve their ability to assess the adequacy of the information security practices at medium and small institutions, the heads of Federal Deposit Insurance Corporation, the Federal Reserve, Office of the Comptroller of the Currency, and NCUA should routinely categorize IT examination findings and analyze this information to identify trends that can guide areas of review across institutions.

    Agency: National Credit Union Administration
    Status: Open

    Comments: In July 2015, we recommended that the National Credit Union Administration (NCUA) and other federal financial institution regulators conduct trend analysis of their IT examination findings to improve their ability to assess the adequacy of information security practices at medium and small institutions. In July 2016, NCUA told us that it and the other federal financial institution regulators issued the Cybersecurity Assessment Tool (Tool) in June 2015 to provide a comprehensive method for institutions to benchmark their cybersecurity programs. Officials believe that the Tool will allow examiners to consistently and methodically look at credit union risks and trends, as well as collect detailed information on the risks and mitigating controls employed by credit unions. When the Tool is fully implemented, officials expect to be able to aggregate risk indicators and program gaps across the credit union industry to improve resource deployment and enhance cybersecurity supervisory oversight. NCUA plans to begin pilot testing the Tool in late 2016 with program integration targeted for July 2017. We will continue to monitor NCUA's progress with this program and revisit our recommendation in July 2017.
    Director: St James, Lorelei
    Phone: (202) 512-2834

    3 open recommendations
    Recommendation: To ensure efficient management of the circulating coin inventory, the Board of Governors should direct Cash Product Office (CPO) to develop a process to assess the factors that have influenced increasing coin operations costs and differences in costs across Reserve Banks and a process to use this information to identify practices that could lead to cost-savings.

    Agency: Federal Reserve System: Board of Governors
    Status: Open

    Comments: As of August 2017, GAO is reviewing the recommendation update information the Federal Reserve. The Federal Reserve has indicated that they have developed and approved a methodology to determine the differences in coin costs among different Reserve Banks and thhave begun to identify cost differences among Reserve Banks and also begun to decrease overall coin costs.
    Recommendation: To ensure efficient management of the circulating coin inventory, the Board of Governors should direct CPO to establish, document, and annually report to the Board performance goals and metrics for managing the circulating coin inventory, (e.g., Reserve Bank coin management costs) and measure performance towards those goals and metrics.

    Agency: Federal Reserve System: Board of Governors
    Status: Open

    Comments: As of August 2017, GAO is reviewing information provided by the Federal Reserve. The Federal Reserve has indicated that the Cash Advisory Group has endorsed CPO's coin metric methodology. In addition, the CPO is working with the Board of Governors to understand variances in unit costs and working to reduce those costs.
    Recommendation: To ensure efficient management of the circulating coin inventory, the Board of Governors should direct CPO to establish and implement a process to assess the accuracy of forecasts for new coin orders and revise the forecasts as needed.

    Agency: Federal Reserve System: Board of Governors
    Status: Open

    Comments: As of August 2017, GAO is reviewing information provided by the Federal Reserve. The Federal Reserve has indicated that they have begun work to implement a more formal assessment program for forecasting new coin orders. In addition, the Cash Product Office has begun work to refine the accuracy of these forecasts.