Priority Open Recommendations: Federal Deposit Insurance Corporation

GAO-22-105606 Published: Jun 01, 2022. Publicly Released: Jun 08, 2022.
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Fast Facts

Each year, we make more than 1,000 recommendations to help improve the federal government. We alert department heads to where they can save the most money, address issues on our High Risk List, or significantly improve government operations.

This report outlines our priority open recommendation for the Federal Deposit Insurance Corporation as of May 2022. Specifically, FDIC should work with other banking regulators to communicate appropriate uses of alternative data in credit underwriting.

We also included this recommendation in our previous letter in May 2021.

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Highlights

What GAO Found

In May 2021, GAO identified one priority recommendation for the Federal Deposit Insurance Corporation (FDIC).

As of March 2022, FDIC has not implemented that priority recommendation.

FDIC's continued attention to this issue could improve its ability to more effectively oversee risks to consumers and the safety and soundness of the U.S. banking system. We are not adding any priority recommendations this year.

Why GAO Did This Study

Priority open recommendations are the GAO recommendations that warrant priority attention from heads of key departments or agencies because their implementation could save large amounts of money; improve congressional and/or executive branch decision-making on major issues; eliminate mismanagement, fraud, and abuse; or ensure that programs comply with laws and funds are legally spent, among other benefits. Since 2015 GAO has sent letters to selected agencies to highlight the importance of implementing such recommendations.

For more information, contact Dan Garcia-Diaz at (202) 512-8678 or garciadiazd@gao.gov.

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