Banking regulation (31 - 40 of 338 items)
Bank Secrecy Act: FinCEN Needs to Further Develop Its Form Revision Process for Suspicious Activity Reports
GAO-10-609T: Published: Apr 28, 2010. Publicly Released: Apr 28, 2010.
To assist law enforcement agencies in their efforts to combat money laundering, terrorist financing, and other financial crimes, the Bank Secrecy Act (BSA) requires financial institutions to file suspicious activity reports (SAR) to inform the federal government of transactions related to possible violations of law or regulation. Depository institutions have been concerned about the resources requ...
Federal Deposit Insurance Act: Regulators' Use of Systemic Risk Exception Raises Moral Hazard Concerns and Opportunities Exist to Clarify the Provision
GAO-10-100: Published: Apr 15, 2010. Publicly Released: Apr 15, 2010.
In 2008 and 2009, the Federal Deposit Insurance Corporation (FDIC) provided emergency assistance that required the Secretary of the Department of the Treasury (Treasury) to make a determination of systemic risk under the systemic risk exception of the Federal Deposit Insurance Act (FDI Act). The FDI Act requires GAO to review each determination made. For the three determinations made to date, this...
Financial Regulation: Recent Crisis Reaffirms the Need to Overhaul the U.S. Regulatory System
GAO-09-1049T: Published: Sep 29, 2009. Publicly Released: Sep 29, 2009.
This testimony discusses issues relating to efforts to reform the regulatory structure of the financial system. In the midst of the worst economic crisis affecting financial markets globally in more than 75 years, federal officials have taken unprecedented steps to stem the unraveling of the financial services sector. While these actions aimed to provide relief in the short term, the severity of t...
Troubled Asset Relief Program: Status of Efforts to Address Transparency and Accountability Issues
GAO-09-920T: Published: Jul 22, 2009. Publicly Released: Jul 22, 2009.
This testimony discusses our work on the Troubled Asset Relief Program (TARP), under which the Department of the Treasury (Treasury), through the Office of Financial Stability (OFS), has the authority to purchase and insure almost $700 billion in troubled assets held by financial institutions. Treasury was granted this authority in response to the financial crisis that has threatened the stability...
Fair Lending: Data Limitations and the Fragmented U.S. Financial Regulatory Structure Challenge Federal Oversight and Enforcement Efforts
GAO-09-704: Published: Jul 15, 2009. Publicly Released: Jul 15, 2009.
The Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA)--the "fair lending laws"--prohibit discrimination in lending. Responsibility for their oversight is shared among three enforcement agencies--the Department of Housing and Urban Development (HUD), Federal Trade Commission (FTC), and Department of Justice (DOJ)--and five depository institution regulators--the Federal Deposit Insu...
Troubled Asset Relief Program: Status of Participants' Dividend Payments and Repurchases of Preferred Stock and Warrants
GAO-09-889T: Published: Jul 9, 2009. Publicly Released: Jul 9, 2009.
This testimony is based primarily on certain information in our June 17, 2009, report--our fifth report under the act's mandate--which covers TARP activities as of June 12, 2009. Specifically, this statement includes information on (1) terms and rates for dividend payments from participants, (2) the dividend payments received through June 30, 2009, from participants, and (3) repurchases of preferr...
Troubled Asset Relief Program: Capital Purchase Program Transactions for October 28, 2008, through May 29, 2009, and Information on Financial Agency Agreements, Contracts, Blanket Purchase Agreements, and Interagency Agreements Awarded as of June 1, 2009 (GAO-09-707SP, June 2009), an e-supplement to GAO-09-658
GAO-09-707SP: Published: Jun 17, 2009. Publicly Released: Jun 17, 2009.
This is an E-supplement to GAO-09-658. It presents a listing of capital purchases made in qualifying financial institutions (QFI) by the Department of the Treasury's (Treasury) Office of Financial Stability under the Capital Purchase Program (CPP). CPP is one of the programs Treasury created under its Troubled Asset Relief Program (TARP) authorities and is intended to provide QFIs with additional...
Troubled Asset Relief Program: June 2009 Status of Efforts to Address Transparency and Accountability Issues
GAO-09-658: Published: Jun 17, 2009. Publicly Released: Jun 17, 2009.
GAO's fifth report on the Troubled Asset Relief Program (TARP) follows up on prior recommendations. It also reviews (1) activities that had been initiated or completed under TARP as of June 12, 2009; (2) the Department of the Treasury's Office of Financial Stability's (OFS) hiring efforts and use of contractors; and (3) TARP performance indicators. To do this, GAO reviewed signed agreements and ot...
Hedge Funds: Overview of Regulatory Oversight, Counterparty Risks, and Investment Challenges
GAO-09-677T: Published: May 7, 2009. Publicly Released: May 7, 2009.
In 2008, GAO issued two reports on hedge funds--pooled investment vehicles that are privately managed and often engage in active trading of various types of securities and commodity futures and options contracts--highlighting the need for continued regulatory attention and for guidance to better inform pension plans on the risks and challenges of hedge fund investments. Hedge funds generally quali...
Troubled Asset Relief Program: Capital Purchase Program Transactions for the Period October 28, 2008 through March 20, 2009 and Information on Financial Agency Agreements, Contracts, and Blanket Purchase Agreements Awarded as of March 13, 2009 (GAO-09-522SP, March 2009), an E-supplement to GAO-09-504
GAO-09-522SP: Published: Mar 31, 2009. Publicly Released: Mar 31, 2009.
This is an E-Supplement to GAO-09-504. It presents a listing of capital purchases made in qualifying financial institutions (QFIs) by the Department of the Treasury's (Treasury) Office of Financial Stability under the Capital Purchase Program (CPP). CPP is one of the programs Treasury created under its Troubled Asset Relief Program (TARP) authorities. CPP provides QFIs with additional capital thro...