Check Relay:
Controls in Place Comply With Federal Reserve Guidelines
GAO-02-19: Published: Dec 12, 2001. Publicly Released: Jan 9, 2002.
Additional Materials:
- Full Report:
Contact:
(202) 512-8678
contact@gao.gov
Office of Public Affairs
(202) 512-4800
youngc1@gao.gov
This report discusses the management of the air transportation network used to move checks from one Federal Reserve office to another. GAO studied the propriety of practices for bidding, awarding, and monitoring contracts and the adequacy of controls to monitor fuel and other payments to vendors. The network was moved to the Federal Reserve Bank of Atlanta (FRB Atlanta) in September 1998 and renamed Check Relay. Check Relay's internal controls are designed to ensure that each step of the contract evaluation and approval process conforms to FRB Atlanta and Federal Reserve System policies and that appropriate senior officials review and approve contract terms. Check Relay also ensures that all payments to vendors conform to contract terms. Another set of controls verifies that the amount of fuel used by Check Relay's vendors is consistent with expected levels and that fuel is provided only to the appropriate recipients. Check Relay is managed as a unit of the Retail Payments Office, which is managed out of FRB Atlanta. The Board's Division of Reserve Bank Operations and Payment Systems also has oversight responsibility over Check Relay. GAO found no evidence with which to question FRB Atlanta's conclusions that Check Relay's internal controls are effectively designed and implemented.
Jan 18, 2019
-
Housing Finance:
Prolonged Conservatorships of Fannie Mae and Freddie Mac Prompt Need for ReformGAO-19-239: Published: Jan 18, 2019. Publicly Released: Jan 18, 2019.
Dec 19, 2018
-
Financial Technology:
Agencies Should Provide Clarification on Lenders' Use of Alternative DataGAO-19-111: Published: Dec 19, 2018. Publicly Released: Dec 19, 2018.
Dec 10, 2018
-
Financial Company Bankruptcies:
Experts Had Mixed Views on Companies' Controls for Mitigating ObstaclesGAO-19-30: Published: Nov 8, 2018. Publicly Released: Dec 10, 2018.
Sep 5, 2018
-
Community Banks:
Effect of Regulations on Small Business Lending and Institutions Appears Modest, but Lending Data Could Be ImprovedGAO-18-312: Published: Aug 6, 2018. Publicly Released: Sep 5, 2018.
Jul 19, 2018
-
Export-Import Bank:
The Bank Needs to Continue to Improve Fraud Risk ManagementGAO-18-492: Published: Jul 19, 2018. Publicly Released: Jul 19, 2018.
Jul 18, 2018
-
Securities Regulation:
SEC Inspections of Financial Industry Regulatory Authority's Governance Were Consistent with Internal GuidanceGAO-18-522: Published: Jul 18, 2018. Publicly Released: Jul 18, 2018.
Jun 26, 2018
-
Bank Secrecy Act:
Further Actions Needed to Address Domestic and International Derisking ConcernsGAO-18-642T: Published: Jun 26, 2018. Publicly Released: Jun 26, 2018.
Mar 22, 2018
-
Financial Technology:
Additional Steps by Regulators Could Better Protect Consumers and Aid Regulatory OversightGAO-18-254: Published: Mar 22, 2018. Publicly Released: Mar 22, 2018. -
Climate-Related Risks:
SEC Has Taken Steps to Clarify Disclosure RequirementsGAO-18-188: Published: Feb 20, 2018. Publicly Released: Mar 22, 2018.
Mar 16, 2018
-
Community Reinvestment Act:
Options for Treasury to Consider to Encourage Services and Small-Dollar Loans When Reviewing FrameworkGAO-18-244: Published: Feb 14, 2018. Publicly Released: Mar 16, 2018.
Looking for more? Browse all our products here