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.
After widespread unlawful trading practices surfaced in the mutual fund industry in late 2003, the Securities and Exchange Commission (SEC), through its Office of Compliance Inspections and Examinations (OCIE), took steps intended to revise its examination process to better identify and focus its resources...
Since the passage of the Credit Union Membership Access Act of 1998 (CUMAA), many in the credit union industry have sought legislative changes to the net worth ratio central to prompt corrective action (PCA).
Our June 2000 report Securities Arbitration: Actions Needed to Address Problem of Unpaid Awards revealed that, although investors had won a majority of awards against brokers, a high proportion of those awards had not been paid.
GAO audited the financial statements for the three funds administered by the Federal Deposit Corporation for fiscal years 2000 and 1999 and the related statements of activities and cash flows. GAO found that (1) the financial statements were presented fairly in conformity with U.S.
The National Association of Securities Dealers (NASD) subsidiary, NASD Dispute Resolution (DR), failed to update its arbitrator disclosure system in a timely manner. As a result, several parties in an arbitration did not receive timely information on their arbitrator.