Minority-Owned Financial Institutions: Status of Federal Efforts to Preserve Minority Ownership
GGD-94-1
Published: Nov 03, 1993. Publicly Released: Dec 02, 1993.
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Highlights
Pursuant to a congressional request, GAO reviewed the implementation of legislation that is designed to preserve minority ownership of financial institutions and assist minority-owned institutions and minority investors in acquiring failed institutions, focusing on: (1) Department of the Treasury, Federal Deposit Insurance Corporation (FDIC), Office of Thrift Supervision (OTS), and Resolution Trust Corporation (RTC) efforts to satisfy the legislative requirements; and (2) minority-owned businesses' views on the effectiveness of their actions.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Department of the Treasury | The Secretary of the Treasury should consult with FDIC, OTS, and RTC to systematically assess the effectiveness of their approaches to preserve minority-owned financial institutions. This effort should include surveys of minority-owned financial institutions to obtain their views on the efforts that are employed to preserve their institutions. |
Closed – Implemented
On February 14, 1994, Treasury met with officials from FDIC, OTS, and RTC to discuss planned actions to address GAO's recommendation. In December 1994, Treasury met with officials from FDIC, OTS, and RTC to discuss the results of a survey of minority-owned financial institutions. It was decided that each agency would continue outreach to owners of minority financial institutions.
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Topics
Bank failuresFinancial institutionsInteragency relationsLending institutionsMinority business assistanceMinority business set-asidesMinority businessesRegulatory agenciesMinority-owned financial institutionsFederal deposit insurance