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Open Recommendations

Securities and Exchange Commission: Updating Assessments of Staff Procedures Could Improve Key Agency Operations
GAO-26-107823
Mar 27, 2026
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6 Open Recommendations
Agency Affected Recommendation Status
United States Securities and Exchange Commission The Chairman of SEC should ensure that the Director of the Division of Enforcement test the operating effectiveness of internal supervisory controls using specific, measurable testing standards. (Recommendation 1)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
United States Securities and Exchange Commission The Chairman of SEC should ensure that the Director of the Division of Corporation Finance document policies for delegating control activities to second-level reviewers and provide guidance for second-level reviewers to perform their responsibilities during filing reviews. (Recommendation 2)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
United States Securities and Exchange Commission The Chairman of SEC should ensure that the Director of the Division of Corporation Finance establish and document one or more controls for supervisors to check how staff conduct filing reviews and test the design and operating effectiveness of the control(s) for the section 961 assessment. (Recommendation 3)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
United States Securities and Exchange Commission The Chairman of SEC should ensure that the Directors of the Division of Enforcement and Office of Credit Ratings update their respective written plans for assessing staff procedures to include all recommended elements of the Reference Guide for Compliance with Section 961 of the Dodd-Frank Act. (Recommendation 4)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
United States Securities and Exchange Commission The Chairman of SEC should ensure that the Directors of the Division of Enforcement, Division of Corporation Finance, and Office of Credit Ratings update their written plans for assessing staff procedures to include an evaluation of their respective staff procedure development frameworks. (Recommendation 5)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
United States Securities and Exchange Commission The Chairman of SEC should ensure that the Directors of the Division of Enforcement, Division of Corporation Finance, and Office of Credit Ratings evaluate their respective staff procedure development frameworks for the section 961 assessment. (Recommendation 6)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Nonbank Mortgage Companies: Ginnie Mae and FHFA Could Enhance Financial Monitoring
GAO-26-107436
Feb 10, 2026
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4 Open Recommendations
Agency Affected Recommendation Status
Federal Housing Finance Agency The Director of FHFA should ensure that the Counterparty Risk and Policy Branch develops procedures for assessing the reliability of MBFRF data used for monitoring activities and for treating potentially unreliable data. (Recommendation 1)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Government National Mortgage Association The President of Ginnie Mae should ensure that the Office of Enterprise Risk develops guidance requiring analysts to consistently review key components of warehouse lending risk, including the committed funding amount, as part of the manual credit review process. (Recommendation 2)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Federal Housing Finance Agency The Director of FHFA should ensure that the Counterparty Risk and Policy Branch assesses the feasibility and utility of incorporating all key components of warehouse lending risk in its risk scoring process. (Recommendation 3)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Government National Mortgage Association The President of Ginnie Mae should ensure that the Office of Enterprise Risk incorporates consideration of alternative economic scenarios into Ginnie Mae's stress testing framework. (Recommendation 4)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Artificial Intelligence: Use and Oversight in Financial Services
GAO-25-107197
May 19, 2025
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1 Open Recommendations
Agency Affected Recommendation Status
National Credit Union Administration The Chair of NCUA should update the agency's model risk management guidance to encompass a broader variety of models used by credit unions and provide additional details on key aspects of effective model risk management. (Recommendation 1)
Open
In March 2026, the Office of the Executive Director stated that NCUA launched an Artificial Intelligence (AI) resources page that provides information on AI implementation, risk management, data security, use cases, and cybersecurity risks. While the information compiled on NCUA's AI Resource Page could help federal credit unions implement AI, it does not provide detailed model risk management guidance that covers a broad variety of models, including AI models. Developing such guidance would strengthen NCUA's ability to address risks to consumers and to the safety and soundness of credit unions arising from the use of AI. We will continue to follow-up with NCUA regarding its model risk management guidance.

Nonbank Mortgage Companies: Greater Ginnie Mae Involvement in Interagency Exercises Could Enhance Crisis Planning
GAO-25-107862
Jan 31, 2025
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1 Open Recommendations
Agency Affected Recommendation Status
Government National Mortgage Association The President of Ginnie Mae should develop processes for participating in interagency exercises—taking into consideration the potential risks and benefits of sharing nonpublic information in a crisis—and for incorporating lessons learned from the exercises into Ginnie Mae's issuer default strategy. (Recommendation 1)
Open
In December 2025, Ginnie Mae said it had taken steps to strengthen its response to issuer defaults, including formalizing a crisis response plan and incorporating some aspects of interagency coordination into its internal 2025 default simulation exercise. However, Ginnie Mae had not developed processes specifically for participating in interagency exercises, which is the focus of our recommendation.
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