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As of January 31, 2023, there are 4842 open recommendations that still need to be addressed. 473 of these are priority recommendations, those that we believe warrant priority attention. Learn more about our priority designation on our Recommendations page.

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1 - 4 of 4 Recommendations, including 0 Priority Recommendations

Large Bank Supervision: Improved Implementation of Federal Reserve Policies Could Help Mitigate Threats to Independence

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3 Open Recommendations
Agency Recommendation Status
Board of Governors The Board of Governors should conduct a periodic self-assessment of ethics programs, policies, and procedures that apply to LISCC program participants. (Recommendation 6)
Open

In May 2022, the Board said it expects to issue new ethics and conflicts of interest guidance applicable to the LISCC supervisory program. Additionally, the Board will update existing guidance (AD letter 19-5, Framework for Assessing Oversight of the LISCC Supervisory Program) to include minimum expectations for LISCC management to establish a program to manage conflicts of interest for the national program. The Board also said that the LISCC Oversight Section within the Board's Division of Supervision and Regulation, which has responsibility for reviewing all aspects of the LISCC supervisory

Board of Governors As the Board of Governors implements plans to develop an ERM framework, it should include a component to identify and assess risks of regulatory capture across the LISCC program. (Recommendation 1)
Open

In May 2022, the Board of Governors told us that it had established an ERM program for all of its operations-oriented areas, including the Board's Information Technology Division, Division of Financial Management, Management Division, Office of the Chief Data Officer, and Office of Diversity and Inclusion. The Board added that it is developing the program for its Division of Reserve Bank Operations & Payment Systems and Division of Supervision and Regulation, which is expected to be completed by the end of 2022. Just months earlier, in September 2021 the Board told us it was implementing a

Board of Governors The Board of Governors should systematically collect and maintain information on the institutions supervisory employees work for before they are hired by the Federal Reserve and their employment destination when they leave. (Recommendation 5)
Open

In August 2018, the Board of Governors told us that they had implemented policies intended to mitigate the risk that an employee may be influenced by prior employment or the prospect of future employment and place their private interests ahead of the organization's supervisory mission. As an example, they said that recently the Federal Reserve broadened the scope of post-employment restrictions applicable to senior examiners. They added that the Board had begun to develop a more systematic approach to collect and monitor pre- and post-employment data through the use of an electronic system

Federal Reserve System: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance

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1 Open Recommendations
Agency Recommendation Status
Board of Governors While creating control systems at the same time that the emergency programs were being designed and implemented posed unique challenges, the recent crisis provided invaluable experience that the Federal Reserve System can apply in the future should the use of these authorities again become warranted. Going forward, to further strengthen policies for selecting vendors, ensuring the transparency and consistency of decision making involving the implementation of any future emergency programs, and managing risks related to these programs, the Chairman of the Federal Reserve Board should direct Federal Reserve Board and Reserve Bank staff to document the Federal Reserve Board's guidance to Reserve Banks on types of emergency program decisions and risk events that require approval by or consultation with the Board of Governors, the Federal Open Market Committee, or other designated groups or officials at the Federal Reserve Board.
Open

We most recently sought information from the Board of Governors of the Federal Reserve System in June 2021 regarding the status of the recommendation but did not receive any new information. Therefore, the recommendation remains open.

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