Check Relay:
Controls in Place Comply With Federal Reserve Guidelines
GAO-02-19: Published: Dec 12, 2001. Publicly Released: Jan 9, 2002.
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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 28, 2021
Macroprudential Oversight:
Principles for Evaluating Policies to Assess and Mitigate Risks to Financial System StabilityGAO-21-230SP: Published: Jan 28, 2021. Publicly Released: Jan 28, 2021.
Dec 16, 2020
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Financial Stability:
Agencies Have Not Found Leveraged Lending to Significantly Threaten Stability but Remain Cautious Amid PandemicGAO-21-167: Published: Dec 16, 2020. Publicly Released: Dec 16, 2020.
Dec 10, 2020
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Federal Reserve Lending Programs:
Use of CARES Act-Supported Programs Has Been Limited and Flow of Credit Has Generally ImprovedGAO-21-180: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020. -
Financial Assistance:
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Sep 22, 2020
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Anti-Money Laundering:
Opportunities Exist to Increase Law Enforcement Use of Bank Secrecy Act Reports, and Banks' Costs to Comply with the Act VariedGAO-20-574: Published: Sep 22, 2020. Publicly Released: Sep 22, 2020.
Sep 4, 2020
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Bank Supervision:
FDIC Could Better Address Regulatory Capture RisksGAO-20-519: Published: Sep 4, 2020. Publicly Released: Sep 4, 2020.
Jul 21, 2020
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Financial Company Bankruptcies:
Congress and Regulators Have Updated Resolution Planning RequirementsGAO-20-608R: Published: Jul 21, 2020. Publicly Released: Jul 21, 2020.
Jul 6, 2020
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Public Companies:
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Apr 30, 2020
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Priority Open Recommendations:
Department of the TreasuryGAO-20-549PR: Published: Apr 23, 2020. Publicly Released: Apr 30, 2020.
Apr 27, 2020
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Priority Open Recommendations:
Board of Governors of the Federal Reserve SystemGAO-20-499PR: Published: Apr 20, 2020. Publicly Released: Apr 27, 2020.
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