Internal controls (1 - 10 of 51 items)
Federal Real Property: Commodity Futures Trading Commission Needs Better Leasing Guidance to Improve Cost-effectiveness
GAO-16-434: Published: Apr 18, 2016. Publicly Released: Apr 18, 2016.
The Commodity Futures Trading Commission (CFTC) did not make cost-effective decisions consistent with leading government guidance for lease procurement and internal controls when planning for additional space in fiscal years 2008–2015. CFTC began planning for expansion in the fiscal year 2009 time frame—more than a year before the enactment of the Dodd-Frank Act in July 2010. CFTC renewed leas...
Credit Rating Analysts: Views Varied on Merits of a Professional Organization, but Creating One Now Viewed as Premature
GAO-15-591: Published: Jul 30, 2015. Publicly Released: Jul 30, 2015.
Views varied on the merits of a professional organization for credit rating analysts of nationally recognized statistical rating organizations (NRSRO), but some concluded it was too early to tell if one was needed, in part because of new Securities and Exchange Commission (SEC) requirements on NRSROs to establish standards for their analysts. The analysts, representatives of NRSROs and existing pr...
Financial Stability Oversight Council: Further Actions Could Improve the Nonbank Designation Process
GAO-15-51: Published: Nov 20, 2014. Publicly Released: Nov 20, 2014.
The Financial Stability Oversight Council (FSOC) uses committees comprising staff from member agencies to help it evaluate nonbank financial companies and determine if they will receive enhanced supervision. FSOC has developed and followed a process for making determination decisions that is, in part, systematic and transparent. FSOC published a final rule and guidance that establish a three-stage...
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...
Foreclosure Review: Lessons Learned Could Enhance Continuing Reviews and Activities under Amended Consent Orders
GAO-13-550T: Published: Apr 17, 2013. Publicly Released: Apr 17, 2013.
GAO found the following:Regulators' ability to achieve the goals of the foreclosure review was affected by the complexity of the reviews, as well as by overly broad regulator-issued guidance and limited monitoring for the consistency and sufficiency of consultants' review activities. For example, regulators' statistical sampling approach did not include mechanisms to allow the regulators to monito...
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...
Ginnie Mae: Risk Management and Cost Modeling Require Continuing Attention
GAO-12-49: Published: Nov 14, 2011. Publicly Released: Dec 1, 2011.
The Government National Mortgage Association (Ginnie Mae) has increased its role in the secondary mortgage market significantly. Ginnie Mae is a wholly owned government corporation in the Department of Housing and Urban Development (HUD). It guarantees the timely payment of principal and interest of mortgage-backed securities (MBS) backed by pools of federally insured or guaranteed mortgage loans,...
Securities and Exchange Commission: Action Needed to Improve Rating Agency Registration Program and Performance-Related Disclosures
GAO-10-782: Published: Sep 22, 2010. Publicly Released: Sep 22, 2010.
In 2006, Congress passed the Credit Rating Agency Reform Act (Act), which intended to improve credit ratings by fostering accountability, transparency, and competition. The Act established Securities and Exchange Commission (SEC) oversight over Nationally Recognized Statistical Rating Organizations (NRSRO), which are credit rating agencies that are registered with SEC. The Act requires GAO to revi...
Defined Benefit Pension Plans: Plans Face Valuation and Other Challenges When Investing in Hedge Funds and Private Equity
GAO-10-915T: Published: Jul 20, 2010. Publicly Released: Jul 20, 2010.
Millions of Americans rely on private or public defined benefit pension plans, which promise to pay retirement benefits that are generally based on an employee's salary and years of service. Plan sponsors are increasingly investing in "alternative" assets such as hedge funds and private equity. This has raised concerns, given that these two types of investments have qualified for exemptions from s...
Regulation SHO: Recent Actions Appear to Have Initially Reduced Failures to Deliver, but More Industry Guidance Is Needed
GAO-09-483: Published: May 12, 2009. Publicly Released: Jun 3, 2009.
The Securities and Exchange Commission (SEC) adopted Regulation SHO to, among other things, curb the potential for manipulative naked short selling in equity securities. Selling a security short without borrowing the securities needed to settle the trade within the standard 3-day period, can result in failures to deliver (FTD), and can be used to manipulate (drive down) the price of a security. To...