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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 - 9 of 9 Recommendations, including 1 Priority Recommendations

Management Report: Improvements Needed in FDIC's Internal Control over Contract Documentation and Payment-Review Processes

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2 Open Recommendations
Agency Recommendation Status
Federal Deposit Insurance Corporation The Deputy Director of the Acquisition Services Branch of the Division of Administration should direct contracting officers to review and follow FDIC's existing policies and procedures for documenting and approving contract modifications to reasonably assure that FDIC sufficiently documents and properly supports contracts. (Recommendation 1)
Open

In commenting on our draft report, FDIC concurred with this recommendation. FDIC also stated that on December 30. 2021, an email was sent to the Acquisition Services Branch staff, including contracting officers, reminding staff about the importance of adequate modification documentation. In addition, concurrent with the effort to update the Acquisition Policy Manual, contracting officers will be reminded about the importance of following policies and procedures for documenting and approving contract modifications. We will evaluate these efforts during our audit of FDIC's 2022 financial

Federal Deposit Insurance Corporation The Deputy Director of the Acquisition Services Branch of the Division of Administration should establish a process to periodically monitor the operating effectiveness of existing policies and procedures to reasonably assure that contracting officers sufficiently and accurately follow existing policies and procedures for contracts. (Recommendation 2)
Open

In commenting on our draft report, FDIC concurred with this recommendation. FDIC also stated that to ensure contracting officers and oversight managers comply with existing policies and procedures, it has instituted recurring independent reviews of contract billing transactions and individual contracts to assess contract administration, oversight management, and invoice review and payment. In addition, FDIC is working to implement a quality review process to provide reasonable assurance that contracting officers follow acquisition policies and procedures. FDIC stated that this process will

Banking Services: Regulators Have Taken Actions to Increase Access, but Measurement of Actions' Effectiveness Could Be Improved

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1 Open Recommendations
Agency Recommendation Status
Federal Deposit Insurance Corporation The Chairman of FDIC should develop and implement outcome-oriented performance measures for its strategic objective of ensuring access to safe and affordable bank services that reflect leading practices, including demonstrating results, measuring outcomes, and providing useful information for decision-making. (Recommendation 1)
Open

When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Privacy: Federal Financial Regulators Should Take Additional Actions to Enhance Their Protection of Personal Information

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1 Open Recommendations
Agency Recommendation Status
Federal Deposit Insurance Corporation The Chair of FDIC should identify and specify metrics to determine whether privacy controls are implemented correctly and operating as intended. (Recommendation 1)
Open

We have received information from FDIC and are continuing to follow up with FDIC toward closing this recommendation.

Open Data: Additional Action Required for Full Public Access

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1 Open Recommendations
Agency Recommendation Status
Federal Deposit Insurance Corporation The Chairman of FDIC should, in coordination with the Chief Data Officer of FDIC, develop and implement an agency-wide plan to collect and publish information on the use of data assets by nongovernmental entities at least once a year. (Recommendation 9)
Open

In September 2022, FDIC told us that by December 16, 2022, FDIC plans to develop and implement an agency-wide strategy to collect and publish information on the use of data assets by nongovernmental entities at least once a year. We will continue to monitor FDIC's efforts to address this recommendation.

Management Report: Improvements Needed in FDIC's Internal Control over Contract-Payment Review Processes

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1 Open Recommendations
Agency Recommendation Status
Federal Deposit Insurance Corporation The Chief Risk Officer should establish a process to coordinate with the Division of Administration and the Division of Finance, as appropriate, to periodically train, monitor, and ensure that oversight managers and processing approvers sufficiently and accurately follow FDIC's existing policies and procedures for contract payments. (Recommendation 2)
Open

In commenting on our draft report, FDIC concurred with this recommendation and stated that the Chief Risk Officer convened an interdivisional working group of key stakeholders to strengthen the FDIC's contract oversight management. FDIC noted that the effort would improve the effectiveness, independence, and professionalism of the oversight manager program. Further, intended actions include enhancing oversight manager training with a focus on how to improve the review and approval of invoices for payment. Additionally, FDIC stated that it will begin conducting independent periodic reviews of

Bank Supervision: FDIC Could Better Address Regulatory Capture Risks

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2 Open Recommendations
Agency Recommendation Status
Federal Deposit Insurance Corporation The Division Director for Risk Management Supervision (RMS) should require case managers to document how high-risk areas in the scoping plan were considered by the examination team if they were not addressed in the examination report. (Recommendation 1)
Open

In November 2021, FDIC officials provided documentation of examination policies they updated in March 2021 to require that examiners-in-charge discuss proposed changes to the examination scope with their manager and obtain concurrence for any material changes in the examination scope. Although this policy change likely would improve management's control over changes to scoping plans, it would not necessarily create better documentation to track how FDIC's case managers reviewed whether the work described in the scoping plan was appropriately evaluated and documented by the examination team. As

Federal Deposit Insurance Corporation The Division Director for RMS should revise examination documentation retention policies to increase the retention period beyond one examination cycle for banks with satisfactory or better composite ratings. (Recommendation 3)
Open

In April 2021, FDIC updated its policies to require that examination staff begin retaining examination workpapers for three examination cycles. For banks where FDIC alternates with state examiners to conduct examinations, the new policy requires that FDIC retain workpapers for at least two FDIC-led examinations. FDIC's expanded workpaper retention policy will remain in effect until Fall 2026. At the end of three years, FDIC intends to assess the effectiveness of the program that extends retention of examination workpapers. These actions, if fully implemented, likely would address our

Financial Technology: Agencies Should Provide Clarification on Lenders' Use of Alternative Data [Reissued with revisions on Mar. 12, 2019.]

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1 Open Recommendations
1 Priority
Agency Recommendation Status
Federal Deposit Insurance Corporation
Priority Rec.
This is a priority recommendation.
The Chairman of the Federal Deposit Insurance Corporation should, in coordination with the other federal banking regulators and the Bureau of Consumer Financial Protection and with input from relevant stakeholders, communicate in writing to banks that engage in third-party relationships with fintech lenders on the appropriate use of alternative data in the underwriting process, including issues to consider when selecting types of alternative data to use. (Recommendation 3)
Open

In December 2019, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, and the Office of the Comptroller of the Currency (the agencies) issued an interagency statement on the use of alternative data in credit underwriting. The statement broadly highlights some potential benefits and risks of using alternative data and encourages firms to responsibly use alternative data. However, the statement does not provide firms or banks with specific direction on the

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For questions about a specific recommendation, contact the person or office listed with the recommendation. For general information about recommendations, contact GAO's Audit Policy and Quality Assurance office at (202) 512-6100 or apqa@gao.gov.