Foreign Banks: Opportunities Exist to Enhance Supervision Program as Implementation Proceeds
GGD-97-80
Published: May 09, 1997. Publicly Released: May 09, 1997.
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Highlights
Pursuant to a congressional request, GAO provided information on the oversight of the U.S. operations of foreign banking organizations (FBO), focusing on the: (1) FBO program; and (2) banking supervisors' progress in implementing this program.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Board of Governors | As FRS continues its implementation of the FBO Program, the Board of Governors of the Federal Reserve should identify best practices for using the information in the SOSA and country reports to improve supervision and enforcement, and disseminate these best practices to all Federal Reserve Banks. |
Closed – Implemented
On June 3, 1998, the Federal Reserve released SR 98-13. The SR Letter was on the subject of "Enhancements to the Interagency Program for Supervising the U.S. Operations of Foreign Banking Organizations". The SR Letter described a number of changes to the Federal Reserve's FBO Supervision Program which, when taken together, were designed to enhance interagency communication and collaboration, alleviate the burden on foreign banks, streamline the Federal Reserve's internal operations, and improve the communication of supervisory findings to home country supervisors. Two items specifically addressed by the SR Letter were the development and use of information in the SOSA and country reports.
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| Board of Governors | As FRS continues its implementation of the FBO Program, the Board of Governors of the Federal Reserve should monitor the report process to help ensure that SOSA and country reports are consistent, complete, and timely, and that the SOSA rankings are consistent with the ranking system criteria. |
Closed – Implemented
On June 3, 1998, the Federal Reserve released SR 98-13. The SR Letter was on the subject of "Enhancements to the Interagency Program for Supervising the U.S. Operations of Foreign Banking Organizations". The SR Letter described a number of changes to the Federal Reserve's FBO Supervision Program which, when taken together, were designed to enhance interagency communication and collaboration, alleviate the burden on foreign banks, streamline the Federal Reserve's internal operations, and improve the communication of supervisory findings to home country supervisors. Two items specifically addressed by the SR Letter were the development and use of information in the SOSA and country reports.
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Topics
Accounting proceduresBank examinationBank managementBanking regulationFederal reserve banksFinancial recordsForeign governmentsInteragency relationsInternational economic relationsReporting requirements