Regulatory agencies (1 - 10 of 114 items)
Dodd-Frank Regulations: Agencies' Efforts to Analyze and Coordinate Their Recent Final Rules
GAO-17-188: Published: Dec 29, 2016. Publicly Released: Dec 29, 2016.
Federal financial regulators reported conducting the required regulatory analyses for rules issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) as part of the rulemaking process. For example, of the 30 rules GAO reviewed, which became effective between July 2015 and July 2016, the regulators analyzed the paperwork burden imposed for 12 rules for which...
Financial Stability Oversight Council: Status of Efforts to Improve Transparency, Accountability, and Collaboration
GAO-14-873T: Published: Sep 17, 2014. Publicly Released: Sep 17, 2014.
The Financial Stability Oversight Council's (FSOC) has taken steps to address some of GAO's September 2012 recommendations, but additional efforts are needed. GAO made nine recommendations to FSOC in three areas: emerging threats and risks identification, transparency and accountability, and collaboration and coordination. GAO recommended, among other things, that FSOC:develop a systematic approac...
Financial Company Bankruptcies: Need to Further Consider Proposals' Impact on Systemic Risk
GAO-13-622: Published: Jul 18, 2013. Publicly Released: Jul 18, 2013.
Because the Bankruptcy Code (Code) does not specifically address issues of systemic risk, experts have proposed giving financial regulators a greater role in financial company bankruptcies. However, according to experts at a GAO roundtable, such proposals may have limited impact and raise certain implementation issues. For example, a proposal to require notification before bankruptcy depends on wh...
Dodd-Frank Act: Agencies' Efforts to Analyze and Coordinate Their Rules
GAO-13-101: Published: Dec 18, 2012. Publicly Released: Dec 18, 2012.
Federal agencies conducted the regulatory analyses required by various federal statutes for all 54 regulations issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that GAO reviewed. As part of their analyses, the agencies generally considered, but typically did not quantify or monetize, the benefits and costs of these rules. Most of the federal financi...
Financial Stability: New Council and Research Office Should Strengthen the Accountability and Transparency of Their Decisions
GAO-12-886: Published: Sep 11, 2012. Publicly Released: Sep 13, 2012.
These new organizations--the Financial Stability Oversight Council (FSOC) and Office of Financial Research (OFR)--face challenges in achieving their missions. Key FSOC missions--to identify risks and respond to emerging threats to financial stability--are inherently challenging, in part, because risks to financial stability do not develop in precisely the same way in successive crises. Collaborati...
Community Banks and Credit Unions: Impact of the Dodd-Frank Act Depends Largely on Future Rule Makings
GAO-12-881: Published: Sep 13, 2012. Publicly Released: Sep 13, 2012.
While the number of community banks and credit unions has declined in recent years, they have remained important lenders to small businesses and other local customers. From 1985 through 2010, the number of banks under $10 billion in assets and credit unions declined by over 50 percent to 7,551 and 7,339, respectively. The decline resulted largely from consolidations, which were facilitated by chan...
Dodd-Frank Act Regulations: Implementation Could Benefit from Additional Analyses and Coordination
GAO-12-151: Published: Nov 10, 2011. Publicly Released: Nov 10, 2011.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires or authorizes various federal financial regulators to issue hundreds of rules to implement reforms intended to strengthen the financial services industry. GAO is required to annually study financial services regulations. This report examines (1) the regulatory analyses, including cost-benefit analyses, financia...
Proprietary Trading: Regulators Will Need More Comprehensive Information to Fully Monitor Compliance with New Restrictions When Implemented
GAO-11-529: Published: Jul 13, 2011. Publicly Released: Jul 13, 2011.
In addition to trading on behalf of customers, banks and their affiliates have conducted proprietary trading, using their own funds to profit from short-term price changes in asset markets. To restrain risk-taking and reduce the potential for federal support for banking entities, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the act) prohibits banking entities from engaging in cer...
Person-To-Person Lending: New Regulatory Challenges Could Emerge as the Industry Grows
GAO-11-613: Published: Jul 7, 2011. Publicly Released: Jul 7, 2011.
Over the last decade, Internet-based platforms have emerged that allow individuals to lend money to other individuals in what has become known as person-to-person lending. These online platforms present a new source of credit for borrowers and a potential investment opportunity for those with capital to lend. Both for-profit and nonprofit options exist, allowing for income-generating and philanthr...
Bank Regulation: Modified Prompt Corrective Action Framework Would Improve Effectiveness
GAO-11-612: Published: Jun 23, 2011. Publicly Released: Jun 23, 2011.
More than 300 insured depository institutions have failed since the current financial crisis began in 2007, at an estimated cost of almost $60 billion to the deposit insurance fund (DIF), which covers losses to insured depositors. Since 1991, Congress has required federal banking regulators to take prompt corrective action (PCA) to identify and promptly address capital deficiencies at institutions...