National Consumer Cooperative Bank: Oversight Adequate But Federal Loan Repayment Needs Monitoring
GGD-95-63
Published: Feb 24, 1995. Publicly Released: Feb 24, 1995.
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Highlights
Pursuant to a congressional request, GAO reviewed the safety and soundness of the National Consumer Cooperative Bank (NCB), focusing on whether NCB is: (1) fiscally sound; and (2) able to repay its debt to the Department of the Treasury.
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| Congress should amend the National Consumer Cooperative Bank Act to require the Department of the Treasury to approve the NCB plan, including any future revisions, for repayment of the class A notes. Treasury should also, through FCA, monitor NCB performance against the plan and require revisions as needed. The amendment should provide for FCA to evaluate and report NCB compliance with the terms of the NCB approved repayment plan as part of the FCA annual examination process and provide Treasury, as well as Congress, with the reports of examination. |
Closed – Not Implemented
|
No action was taken in the 105th Congress. |
| Congress should require that the government's representative on the NCB Board be a representative of Treasury. |
Closed – Not Implemented
|
No action was taken in the 105th Congress. |
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Topics
Bank examinationBank managementBanking regulationDebtFarm credit banksFinancial managementFiscal policiesLending institutionsLoan repaymentsFarm credit