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.
What GAO Found During its audit of the Consumer Financial Protection Bureau’s (CFPB) fiscal years 2015 and 2014 financial statements, GAO identified deficiencies in CFPB’s internal control over accounting for property, equipment, and software that collectively constituted a significant deficiency...
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires or authorizes various federal financial regulators to issue hundreds of rules to implement reforms intended to strengthen the financial services industry.
The Emergency Economic Stabilization Act of 2008 (EESA) requires that we annually audit the financial statements of the Troubled Asset Relief Program (TARP) which is implemented by the Office of Financial Stability (OFS).
The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and the Congress.
Pursuant to a congressional request, GAO provided information on selected financial services institutions, focusing on: (1) the potential financial exposure faced by the federal government as a result of financial services institutions sponsored, in whole or in part, by the federal government; (2) the...
In response to a congressional request, GAO examined the Federal Savings and Loan Insurance Corporation's (FSLIC) use of promissory notes and assistance guarantees to restructure savings and loan institutions' problems, focusing on congressional concerns over note and guarantee issuances.