Issues Involving FHLBB Accountability and Control Policies
AFMD-88-57
Published: May 20, 1988. Publicly Released: May 20, 1988.
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Highlights
GAO reviewed the Federal Savings and Loan Insurance Corporation's (FSLIC) financial policies.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Federal Home Loan Bank Board | The Chairman, Federal Home Loan Bank Board (FHLLB), should issue a public policy statement, consistent with its cash flow projections, regarding the total amount of notes FSLIC intends to issue, as well as the total amount of yield and other guarantees FSLIC intends to provide, in connection with its resolution actions. |
On July 7, 1988, the Chairman of the House Banking Committee stated that the amount of notes issued would be limited to cash resources.
|
| Federal Home Loan Bank Board | The Chairman, FHLLB, should ensure that the Office of Regulatory Policy, Oversight and Supervision monitors and provides necessary guidance on new financial instruments and transactions to the supervisory and examination staff, as well as insured savings and loan associations. |
The Bank Board has issued/revised numerous policy statements on financial instruments and has established a specific division responsible for issues related to these activities.
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AccountabilityAccounting proceduresAudit reportsBanking regulationFinancial instrumentsFinancial managementGovernment guaranteed loansHedgingMonetary policiesSavings and loan associations