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Financial Markets and Institutions (41 - 50 of 1,449 items)
International Remittances: Money Laundering Risks and Views on Enhanced Customer Verification and Recordkeeping Requirements
GAO-16-65: Published: Jan 15, 2016. Publicly Released: Feb 16, 2016.
Financial institutions, such as money transmitters and depository institutions that provide remittance transfersâ€”funds sent from individuals in one country to a recipient in another countryâ€”are subject to anti-money laundering (AML) requirements under the Bank Secrecy Act (BSA). For example, these remittance providers must report suspicious and other transactions, and obtain and record informa...
Supply Chain Risks: SEC's Plans to Determine If Additional Action Is Needed on Climate-Related Disclosure Have Evolved
GAO-16-211: Published: Jan 6, 2016. Publicly Released: Feb 8, 2016.
Companies may disclose climate-related supply chain risks under four broad categories of climate-related topics that the Securities and Exchange Commission (SEC) identified in its 2010 guidance as some of the ways companies may be impacted. These categories are impacts of legislation and regulation related to climate change; impact of international accords; indirect consequences of regulation or b...
Banking: Federal Agencies' Compliance with Section 302 of the Riegle Community Development and Regulatory Improvement Act
GAO-16-213R: Published: Jan 27, 2016. Publicly Released: Jan 27, 2016.
Section 302 of the Riegle Community Development and Regulatory Improvement Act of 1994 (Riegle Act) requires federal banking agencies to consider administrative burdens and benefits when determining the effective date and administrative compliance requirements for certain new rules. The federal banking agencies are the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Fe...
2015 Tax Filing Season: Deteriorating Taxpayer Service Underscores Need for a Comprehensive Strategy and Process Efficiencies
GAO-16-151: Published: Dec 16, 2015. Publicly Released: Jan 14, 2016.
The Internal Revenue Service (IRS) provided the lowest level of telephone service during fiscal year 2015 compared to prior years, with only 38 percent of callers who wanted to speak with an IRS assistor able to reach one. This lower level of service occurred despite lower demand from callers seeking live assistance, which has fallen by 6 percent since 2010 to about 51 million callers in 2015. Ove...
Troubled Asset Relief Program: Status of Housing Programs
GAO-16-279R: Published: Jan 8, 2016. Publicly Released: Jan 8, 2016.
As of October 31, 2015, three Troubled Asset Relief Program (TARP) housing programsâ€” Making Home Affordable (MHA), Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (Hardest Hit Fund or HHF), and Federal Housing Administrationâ€™s Short Refinance Program (FHA Short Refinance)â€”remained active. Combined, the Department of the Treasury (Treasury) had obligated $37.51 bill...
Corporate Boards: Strategies to Address Representation of Women Include Federal Disclosure Requirements
GAO-16-30: Published: Dec 3, 2015. Publicly Released: Jan 4, 2016.
Representation of women on the boards of U.S. publicly-traded companies has been increasing, but greater gender balance could take many years. In 2014, women comprised about 16 percent of board seats in the S&P 1500, up from 8 percent in 1997. This increase was partly driven by a rise in women's representation among new board directors. However, even if equal proportions of women and men joined bo...
Dodd-Frank Regulations: Impacts on Community Banks, Credit Unions and Systemically Important Institutions
GAO-16-169: Published: Dec 30, 2015. Publicly Released: Dec 30, 2015.
Federal financial agencies conducted required regulatory analyses for rules issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and also reported required coordination. These agencies also addressed key elements of Office of Management and Budget guidance for conducting cost-benefit analyses for rules considered majorâ€”rules likely to result in an ann...
SEC Conflict Minerals Rule: Insights from Companies' Initial Disclosures and State and USAID Actions in the Democratic Republic of the Congo Region
GAO-16-200T: Published: Nov 17, 2015. Publicly Released: Nov 17, 2015.
According to a generalizable sample GAO reviewed, company disclosures filed with the Securities and Exchange Commission (SEC) for the first time in 2014 in response to the SEC conflict minerals disclosure rule indicated that most companies were unable to determine the source of their conflict minerals. Companies that filed disclosures used one or more of the four â€śconflict mineralsâ€ťâ€”tantalum...
Troubled Asset Relief Program: Status of Remaining Investment Programs
GAO-16-91R: Published: Nov 3, 2015. Publicly Released: Nov 3, 2015.
As of August 31, 2015, two Troubled Asset Relief Program (TARP) investment programsâ€”the Capital Purchase Program (CPP) and the Community Development Capital Initiative (CDCI)â€”were winding down. (GAO defines â€świnding downâ€ť as programs closed to additional participants but have participants that had not exited the program.) Combined, the total investment for these programs was almost $206 bi...
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...