Bank and Thrift Criminal Fraud: The Federal Commitment Could Be Broadened
GGD-93-48
Published: Jan 08, 1993. Publicly Released: Feb 08, 1993.
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Highlights
Pursuant to a congressional request, GAO provided information on federal efforts to investigate and prosecute financial institution fraud, focusing on: (1) implementation of Crime Control Act of 1990 provisions; and (2) the Department of Justice's (DOJ) efforts to address bank and thrift fraud.
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| Congress should explore the need and ways to integrate DOJ and non-DOJ agencies more fully into the national effort. In this regard, dedicating resources to identify and investigate financial institution fraud could be one mechanism to consider. |
Closed – Not Implemented
|
The reduction of bank and thrift fraud on the national agenda makes this recommendation no longer applicable. |
| Congress should explore whether legislative action is required to clarify the authority and role of the Office of Special Counsel. |
Closed – Not Implemented
|
The reduction of bank and thrift fraud on the national agenda makes this recommendation no longer applicable. |
Recommendations for Executive Action
| Agency Affected | Recommendation | Status Sort descending |
|---|---|---|
| Department of Justice | The Attorney General should assess whether additional action is needed, including entering into formal interagency agreements to ensure that adequate non-DOJ agency resources are committed to this effort, and notify Congress of those findings. |
Closed – Implemented
The Special Counsel's survey results and review of this issue have not identified a need for formal interagency agreements.
|
| Department of Justice | The Attorney General should direct the Special Counsel to develop systematic information on the adequacy of Federal Bureau of Investigation and U.S. Attorney staffing, determine where and how many non-DOJ staff resources are needed, and develop measures for gauging the overall effectiveness of the government's response. |
Closed – Implemented
Information on these issues has been collected and published in DOJ's quarterly report to Congress.
|
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Topics
Banking lawConvictionsFinancial institutionsFines (penalties)FraudInvestigations by federal agenciesLaw enforcement agenciesLending institutionsPersonnel managementSavings and loan associations