Resolution Trust Corporation:

Efforts Under Way to Address Management Weaknesses

GGD-95-109: Published: May 12, 1995. Publicly Released: May 12, 1995.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

GAO reviewed the Resolution Trust Corporation's (RTC) efforts to address its management weaknesses, focusing on the: (1) long-term viability of the thrift insurance fund; and (2) disposition of RTC operations and workload.

GAO found that: (1) RTC has improved its marketing and disposition methods by implementing two congressionally mandated management reforms, but it still has not implemented a valid sales methodology to identify which RTC sales methods the Federal Deposit Insurance Corporation (FDIC) should adopt; (2) RTC has improved its contracting processes, but it is not closing out contracts in a timely manner; (3) RTC has improved internal accounting controls over receiverships' transactions, accounting operations, and its information systems, but significant contract performance problems continue to exist; (4) the Savings Association Insurance Fund is thinly capitalized and its high premiums could place the thrift industry at a competitive disadvantage when the Bank Insurance Fund's premiums are lowered; (5) to ensure a successful transition of thrift resolutions from RTC to FDIC, the two agencies will require diligent planning and close coordination and sufficient controls over assets to be sold or retained; and (6) FDIC will need to continue to improve the data in its information systems.

Jul 6, 2020

Apr 30, 2020

  • finance icon, source: Comstock

    Priority Open Recommendations:

    Department of the Treasury
    GAO-20-549PR: Published: Apr 23, 2020. Publicly Released: Apr 30, 2020.

Apr 27, 2020

Apr 21, 2020

Apr 20, 2020

Jan 24, 2020

Dec 19, 2019

Looking for more? Browse all our products here