Failed Thrifts: Better Controls Needed Over Furniture, Fixtures, and Equipment
GGD-90-87
Published: May 25, 1990. Publicly Released: Jun 18, 1990.
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Highlights
Pursuant to a congressional request, GAO determined whether the Federal Savings and Loan Insurance Corporation (FSLIC): (1) efficiently and effectively disposed of furniture, fixtures, and equipment (FF&E) for thrift receiverships under its Southwest Plan; and (2) appropriately took various receiverships' FF&E to furnish a regional FSLIC office.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Federal Deposit Insurance Corporation | To ensure the most profitable and efficient disposition of FF&E from failed financial institutions, the Chairmen of FDIC and the RTC Oversight Board should document specific organizationwide policies and procedures on control and disposition of FF&E covering such areas as planning, contracting, and internal control. |
Closed – Implemented
FDIC made changes to its credit manual on bank and FF&E on December 31, 1991.
|
| Oversight Board | To ensure the most profitable and efficient disposition of FF&E from failed financial institutions, the Chairmen of FDIC and the RTC Oversight Board should document specific organizationwide policies and procedures on control and disposition of FF&E covering such areas as planning, contracting, and internal control. |
Closed – Not Implemented
RTC is selecting a contractor to develop nationwide policies and procedures for the control and disposition of FF&E. No completion date has been set. The RTC Oversight Board was abolished by the RTC Improvement Act, December 1991. The role of the board has been changed.
|
| Federal Deposit Insurance Corporation | To ensure the most profitable and efficient disposition of FF&E from failed financial institutions, the Chairmen of FDIC and the RTC Oversight Board should monitor the adherence to policies for control and disposition of FF&E. |
Closed – Implemented
The RTC Oversight Board was abolished by the RTC Improvement Act, December 1991. The role of the new board has been changed. The FDIC ongoing oversight process incorporates a compliance check to ensure that written policies and procedures are being followed.
|
| Oversight Board | To ensure the most profitable and efficient disposition of FF&E from failed financial institutions, the Chairmen of FDIC and the RTC Oversight Board should monitor the adherence to policies for control and disposition of FF&E. |
Closed – Implemented
The FDIC ongoing oversight process accomplishes policy implementation monitoring. The RTC Oversight Board was abolished by the RTC Oversight Improvement Act, December 1991. The role of the new board has been changed.
|
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Topics
Bank failuresBank holding companiesBank managementFair market valueFederal property managementGovernment collectionsInsured commercial banksIrregular procurementProperty disposalSavings and loan associations