Consumer protection (1 - 10 of 177 items)
Drug Safety: FDA Has Improved Its Foreign Drug Inspection Program, but Needs to Assess the Effectiveness and Staffing of Its Foreign Offices
GAO-17-143: Published: Dec 16, 2016. Publicly Released: Jan 17, 2017.
The Food and Drug Administration (FDA), an agency within the Department of Health and Human Services (HHS), has increased its foreign drug inspections and enhanced its ability to prioritize drug establishments for inspection. The number of foreign inspections has consistently increased each year since fiscal year 2009. Beginning in fiscal year 2015, FDA conducted more foreign than domestic inspect...
Financial Audit: Bureau of Consumer Financial Protection's Fiscal Years 2016 and 2015 Financial Statements
GAO-17-138R: Published: Nov 15, 2016. Publicly Released: Nov 15, 2016.
GAO found (1) the Bureau of Consumer Financial Protection’s, known as the Consumer Financial Protection Bureau (CFPB), financial statements as of and for the fiscal years ended September 30, 2016, and 2015, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) although internal controls could be improved, CFPB maintained, in all mat...
Consumer Financial Protection Bureau: Observations from Small Business Review Panels
GAO-16-647: Published: Aug 10, 2016. Publicly Released: Aug 10, 2016.
The Consumer Financial Protection Bureau (CFPB) has taken steps to solicit, consider, and incorporate inputs from small entities into its rulemaking process, as required by the Regulatory Flexibility Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). GAO reviewed documents from the four Small Business Regulatory Enforcement Fairness Act (SBREFA) pane...
Nonbank Mortgage Servicers: Existing Regulatory Oversight Could Be Strengthened [Reissued on April 14, 2016]
GAO-16-278: Published: Mar 10, 2016. Publicly Released: Apr 11, 2016.
The share of home mortgages serviced by nonbanks increased from approximately 6.8 percent in 2012 to approximately 24.2 percent in 2015 (as measured by unpaid principal balance). However, banks continued to service the remainder (about 75.8 percent). Some market participants GAO interviewed said nonbank servicers' growth increased the capacity for servicing delinquent loans, but they also noted ch...
Resolution Plans: Regulators Have Refined Their Review Processes but Could Improve Transparency and Timeliness
GAO-16-341: Published: Apr 12, 2016. Publicly Released: Apr 12, 2016.
The Federal Deposit Insurance Corporation (FDIC) and Federal Reserve System (Federal Reserve) have developed separate but similar review processes for determining whether a resolution plan is “not credible” or would not facilitate a company's orderly resolution under the Bankruptcy Code (the Code). Both regulators have processes for staffing review teams, determining whether a plan includes al...
Financial Regulation: Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness
GAO-16-175: Published: Feb 25, 2016. Publicly Released: Mar 28, 2016.
The U.S. financial regulatory structure is complex, with responsibilities fragmented among multiple agencies that have overlapping authorities. As a result, financial entities may fall under the regulatory authority of multiple regulators depending on the types of activities in which they engage (see figure on next page). While the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Fr...
Internet Protocol Transition: FCC Should Strengthen Its Data Collection Efforts to Assess the Transition's Effects
GAO-16-167: Published: Dec 16, 2015. Publicly Released: Dec 16, 2015.
As the nation's telecommunications systems transition from legacy telephone networks to Internet Protocol (IP)-based networks, telecommunications carriers can face challenges during times of crisis that affect end users' ability to call 911 and receive emergency communications. These challenges include (1) preserving consumer service and (2) supporting existing emergency communications services an...
Lender-Placed Insurance: More Robust Data Could Improve Oversight
GAO-15-631: Published: Sep 8, 2015. Publicly Released: Sep 8, 2015.
Mortgage servicers purchase lender-placed insurance (LPI) for mortgages whose borrower-purchased insurance coverage lapses, most often because of nonpayment by the borrower or cancellation or nonrenewal by the original insurer. The limited information available indicates that LPI generally affects 1 percent to 2 percent of all mortgaged properties annually and has become less prevalent since the 2...
Mortgage Reforms: Actions Needed to Help Assess Effects of New Regulations
GAO-15-185: Published: Jun 25, 2015. Publicly Released: Jul 27, 2015.
Federal agency officials, market participants, and observers estimated that the qualified mortgage (QM) and qualified residential mortgage (QRM) regulations would have limited initial effects because most loans originated in recent years largely conformed with QM criteria.The QM regulations, which address lenders' responsibilities to determine a borrower's ability to repay a loan, set forth standa...
Accessible Communications: FCC Should Evaluate the Effectiveness of Its Public Outreach Efforts
GAO-15-574: Published: Jun 25, 2015. Publicly Released: Jun 25, 2015.
The Federal Communications Commission (FCC) established accessibility complaint and enforcement procedures within the time frames mandated by the 21st Century Communications and Video Accessibility Act of 2010 (CVAA) to ensure that people with disabilities would have access to advanced communications. FCC's complaint and enforcement procedures enable consumers to file (1) a pre-complaint Request f...