Internal controls (1 - 10 of 51 items)
Financial Audit: Federal Deposit Insurance Corporation Funds' 2010 and 2009 Financial Statements
GAO-11-412: Published: Mar 18, 2011. Publicly Released: Mar 18, 2011.
Created in 1933 to insure bank deposits and promote sound banking practices, the Federal Deposit Insurance Corporation (FDIC) plays an important role in maintaining public confidence in the nation's financial system. FDIC administers the Deposit Insurance Fund (DIF), which protects bank and savings deposits, and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF), whic...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2008 and 2007 Financial Statements
GAO-09-535: Published: May 28, 2009. Publicly Released: May 28, 2009.
GAO is required to annually audit the financial statements of the Deposit Insurance Fund (DIF) and FSLIC Resolution Fund (FRF), which are administered by the Federal Deposit Insurance Corporation (FDIC). GAO is responsible for obtaining reasonable assurance about whether FDIC's financial statements for DIF and FRF are presented fairly in all material respects, in conformity with U.S. generally acc...
Bank Supervision: Closure of the Rushville National Bank
GGD-98-80: Published: Jun 15, 1998. Publicly Released: Jun 15, 1998.
Pursuant to a congressional request, GAO reviewed the events leading up to the 1992 closure of the Rushville National Bank by the Office of the Comptroller of the Currency (OCC), focusing on whether OCC followed its policies and procedures in its: (1) net worth calculation and loan classifications, which led to Rushville's being declared insolvent; (2) decision to close the bank before implementat...
Year 2000 Computing Crisis: Federal Deposit Insurance Corporation's Efforts to Ensure Bank Systems Are Year 2000 Compliant
T-AIMD-98-73: Published: Feb 10, 1998. Publicly Released: Feb 10, 1998.
Pursuant to a congressional request, GAO discussed the progress being made by the Federal Deposit Insurance Corporation (FDIC) in ensuring that the thousands of banks it oversees are ready to handle the year 2000 computer conversion challenge.GAO noted that: (1) the year 2000 problem poses a serious dilemma for banks due to their heavy reliance on information systems; (2) it also poses a challenge...
Bank and Thrift Examinations: Adoption of Risk-Focused Examination Strategies
T-GGD-98-13: Published: Oct 8, 1997. Publicly Released: Oct 8, 1997.
GAO discussed bank and thrift supervision and examination.GAO noted that: (1) bank supervision and examination today show evidence of lessons learned from the bank and thrift crises of the 1980s and early 1990s; (2) these procedures are the primary basis for federal regulatory agencies to assess the risks that banks and thrifts assume and to take actions to maintain a safe and sound banking system...
Bank and Thrift Regulation: Implementation of FDICIA's Prompt Regulatory Action Provisions
GGD-97-18: Published: Nov 21, 1996. Publicly Released: Nov 21, 1996.
GAO reviewed the Federal Reserve System's (FRS) and the Office of the Comptroller of the Currency's (OCC) efforts to implement the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) prompt regulatory action provisions and the impact of those provisions on federal oversight of depository institutions.GAO found that: (1) regulators have taken the required steps to implement FDICI...
Inspectors General: Mandated Studies to Review Costly Bank and Thrift Failures
GGD-97-4: Published: Nov 7, 1996. Publicly Released: Nov 7, 1996.
Pursuant to a legislative requirement, GAO reviewed the compliance of the Inspectors General (IG) offices of the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), and the Department of the Treasury with section 38(k) of the Federal Deposit Insurance Act of 1991, focusing on: (1) the findings of the material loss review (MLR) reports initiated between J...
Bank Insider Activities: Insider Problems and Violations Indicate Broader Management Deficiencies
GGD-94-88: Published: Mar 30, 1994. Publicly Released: Mar 30, 1994.
Pursuant to a congressional request, GAO reviewed: (1) insider activities at failed and open banks; (2) the underlying reasons for insider problems, such as insider fraud, insider abuse, and loan losses to insiders; (3) federal bank regulators' oversight of such activities; and (4) the overall amount of insider lending in the U.S. banking industry.GAO found that: (1) insider fraud and loan losses...
Resolution Trust Corporation: Status of Management Efforts to Control Costs
GGD-94-19: Published: Oct 28, 1993. Publicly Released: Oct 28, 1993.
GAO reviewed the Resolution Trust Corporation's (RTC) efforts to monitor and control its liquidation costs.GAO found that: (1) RTC has incurred millions in unnecessary or questionable costs because it has not adequately controlled costs by adopting a stronger budget process, emphasizing cost control, and using expense accounting information to identify excess costs or expense reductions; (2) RTC e...
Bank and Thrift Regulation: FDICIA Safety and Soundness Reforms Need to Be Maintained
T-AIMD-93-5: Published: Sep 23, 1993. Publicly Released: Sep 23, 1993.
GAO discussed H.R. 962, the Economic Growth and Financial Institutions Regulatory Paperwork Act of 1993, focusing on the effect this bill would have on credit availability and the safety and soundness of the industry. GAO noted that: (1) H.R. 962 proposes eliminating or altering several of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) safety and soundness reforms conce...