The Federal Savings and Loan Insurance Corporation--Current Financial Condition and Outlook
T-AFMD-88-12: Published: May 19, 1988. Publicly Released: May 19, 1988.
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GAO discussed the Federal Savings and Loan Insurance Corporation's (FSLIC) financial condition. GAO noted that, during 1987: (1) one-third of the 3,147 FSLIC-insured savings and loan institutions experienced $13.4 billion in losses due to diversification into riskier activities, the high cost of funds, and insufficient management; (2) 500 insolvent institutions and 435 barely solvent institutions continued to operate; (3) FSLIC had an operating loss of $8.6 billion, resulting in a $13.7-billion deficit; (4) FSLIC assumed responsibility for over 200 insolvent institutions with a total liability exceeding $17 billion; and (5) FSLIC expected to recover 39 percent of its claims of $2.8 billion against the closed institutions' assets. GAO believes that FSLIC based its optimistic belief that it had sufficient resources to effectively deal with industry problems on the incorrect assumptions that: (1) it could resolve troubled institutions' problems with mergers; (2) future resolutions would cost less and occur more rapidly; and (3) certain interest-rate growth and future industry conditions would be more favorable.
Feb 18, 2021
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Financial Audit:
Federal Deposit Insurance Corporation Funds' 2020 and 2019 Financial StatementsGAO-21-284R: Published: Feb 18, 2021. Publicly Released: Feb 18, 2021.
Nov 16, 2020
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Financial Audit:
Bureau of Consumer Financial Protection's FY 2020 and FY 2019 Financial StatementsGAO-21-174R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020. -
Financial Audit:
Federal Housing Finance Agency's FY 2020 and FY 2019 Financial StatementsGAO-21-201R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020. -
Financial Audit:
Securities and Exchange Commission's FY 2020 and FY 2019 Financial StatementsGAO-21-192R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020.
Nov 10, 2020
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Financial Audit:
IRS's FY 2020 and FY 2019 Financial StatementsGAO-21-162: Published: Nov 10, 2020. Publicly Released: Nov 10, 2020. -
Financial Audit:
Office of Financial Stability's (Troubled Asset Relief Program) FY 2020 and FY 2019 Financial StatementsGAO-21-173R: Published: Nov 10, 2020. Publicly Released: Nov 10, 2020.
Nov 9, 2020
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Financial Audit:
Bureau of the Fiscal Service's FY 2020 and FY 2019 Schedules of Federal DebtGAO-21-124: Published: Nov 9, 2020. Publicly Released: Nov 9, 2020.
Nov 6, 2020
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FY 2020 Excise Tax:
Agreed-Upon Procedures Related to Distributions to Trust FundsGAO-21-163R: Published: Nov 6, 2020. Publicly Released: Nov 6, 2020.
Oct 13, 2020
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DOD Financial Management:
Continued Efforts Needed to Correct Material Weaknesses Identified in Financial Statement AuditsGAO-21-157: Published: Oct 13, 2020. Publicly Released: Oct 13, 2020.
Sep 30, 2020
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Financial Management:
DOD Needs to Implement Comprehensive Plans to Improve Its Systems EnvironmentGAO-20-252: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.
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