Federal Credit Programs: Agencies Had Serious Problems Meeting Credit Reform Accounting Requirements

While OMB's Director has not issued a directive, OMB is approaching the need for resources for sufficient staff and systems to implement credit reform in several ways. For example, for the past 2 years or more, OMB has held formal reviews with agencies on their financial management plans; part of these reviews has involved responding to the changes required for credit reform. OMB has tried to do this in the context of overall financial management planning in conjunction with the agencies' chief financial officers. There has been an extensive amount of work between OMB and agenices to help them move toward fuller implementation of credit reform and, for most of these agencies, it has meant revising the way they allocate resources. OMB is working greater consideration of ongoing management concerns into the budget. Under OMB 2000, OMB financial managers are working directly with OMB budget examiners, which gives better understanding and higher visibility to credit management concerns.