GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
In response to the 2007-2009 financial crisis, Congress passed the 2010 Dodd-Frank Act, which provided for a broad range of financial regulatory reforms.
The act established the Financial Stability Oversight Council to help identify and respond to emerging threats to financial stability in the U.S.
We reviewed personal information banks and credit unions collect on consumers and share with others, and what they tell consumers about this.
Some institutions collect information on credit card transactions, social media and browsing activity, and more.
Each year, we make more than 1,000 recommendations to help improve the federal government. We alert department heads to the recommendations where they can save the most money, address issues on our High Risk List, or significantly improve government operations.
We make more than 1,000 recommendations annually to help improve the federal government. We alert department heads to the recommendations that can save the most money, address issues on our High Risk List, or significantly improve government operations.
Some criminal groups use a process called trade-based money laundering to launder their illicit money. These schemes can include things like falsely describing goods and services in trade transactions.
Banks are required to report suspicious financial transactions to the Treasury Department.
In May 2018, the Fair Credit Reporting Act was amended to allow some financial institutions—including banks—to voluntarily offer rehabilitation programs for borrowers who default on private student loans.
We and others have found that at large financial institutions, management weaknesses—such as ineffective leadership by boards of directors, and compensation tied to quantity of rather than quality of loans—contributed to the 2007-2009 financial crisis.