Comments on H.R. 5590:
A Bill to Recapitalize the Bank Insurance Fund
T-GGD-90-64: Published: Sep 27, 1990. Publicly Released: Sep 27, 1990.
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GAO discussed proposed legislation that would recapitalize the Bank Insurance Fund (BIF) by requiring banks to contribute 1 percent of their total deposits. GAO found that: (1) in the past 2 years, the Federal Deposit Insurance Corporation (FDIC) Fund lost about $5.1 billion and as a result, the ratio of insurance reserves to insured deposits fell to 0.7 percent, an all time low; (2) additional BIF funding is needed to prevent bank regulators from failing to act on problems because of a lack of money; and (3) the proposed legislation would send a signal to the banking industry that it is to be held responsible for deposit insurance losses. GAO also noted that: (1) the proposed deposits should be viewed as an expense rather than an asset to protect creditors in the event of insolvency; (2) increases in funding should be spread over several years through higher premiums; (3) it favored the implementation of a risk-based deposit insurance premium system; and (4) it was uncertain whether the adverse competitive impact of including foreign deposits in the assessment base outweighed the beneficial effects of raising insurance fund revenues.
Dec 16, 2020
Financial Stability:
Agencies Have Not Found Leveraged Lending to Significantly Threaten Stability but Remain Cautious Amid PandemicGAO-21-167: Published: Dec 16, 2020. Publicly Released: Dec 16, 2020.
Dec 10, 2020
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Federal Reserve Lending Programs:
Use of CARES Act-Supported Programs Has Been Limited and Flow of Credit Has Generally ImprovedGAO-21-180: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020. -
Financial Assistance:
Lessons Learned from CARES Act Loan Program for Aviation and Other Eligible BusinessesGAO-21-198: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.
Sep 22, 2020
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Anti-Money Laundering:
Opportunities Exist to Increase Law Enforcement Use of Bank Secrecy Act Reports, and Banks' Costs to Comply with the Act VariedGAO-20-574: Published: Sep 22, 2020. Publicly Released: Sep 22, 2020.
Sep 4, 2020
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Bank Supervision:
FDIC Could Better Address Regulatory Capture RisksGAO-20-519: Published: Sep 4, 2020. Publicly Released: Sep 4, 2020.
Jul 21, 2020
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Financial Company Bankruptcies:
Congress and Regulators Have Updated Resolution Planning RequirementsGAO-20-608R: Published: Jul 21, 2020. Publicly Released: Jul 21, 2020.
Jul 6, 2020
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Public Companies:
Disclosure of Environmental, Social, and Governance Factors and Options to Enhance ThemGAO-20-530: Published: Jul 2, 2020. Publicly Released: Jul 6, 2020.
Apr 30, 2020
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Priority Open Recommendations:
Department of the TreasuryGAO-20-549PR: Published: Apr 23, 2020. Publicly Released: Apr 30, 2020.
Apr 27, 2020
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Priority Open Recommendations:
Board of Governors of the Federal Reserve SystemGAO-20-499PR: Published: Apr 20, 2020. Publicly Released: Apr 27, 2020. -
Priority Open Recommendations:
Federal Deposit Insurance CorporationGAO-20-498PR: Published: Apr 20, 2020. Publicly Released: Apr 27, 2020.
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