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Open Recommendations (13 total)

Bank Supervision: Federal Reserve and FDIC Should Address Weaknesses in Their Process for Escalating Supervisory Concerns [Reissued with revisions on Nov. 25, 2024]

GAO-25-106771
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1 Open Recommendations
Agency Affected Recommendation Status
Federal Reserve System The Chair of the Federal Reserve should determine whether to promulgate a regulation or enforceable guidelines on corporate governance and risk management under section 39 of the Federal Deposit Insurance Act, consistent with those issued by the other regulators, and document steps taken to make this determination. (Recommendation 1)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Bank Supervision: Federal Reserve and FDIC Should Address Weaknesses in Their Process for Escalating Supervisory Concerns [Reissued with revisions on Nov. 25, 2024]

GAO-25-106771
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1 Open Recommendations
Agency Affected Recommendation Status
Federal Reserve System The Chair of the Federal Reserve should issue a regulation to implement remaining open portions of section 166 of the Dodd-Frank Act, taking into account prior proposals and public comments. (Recommendation 2)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Financial Services Regulations: Improvements Needed to Policies and Procedures for Regulatory Analysis

GAO-24-106206
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2 Open Recommendations
Agency Affected Recommendation Status
Federal Reserve System The Chair of the Board of Governors of the Federal Reserve System should develop and implement policies and procedures for consistently performing regulatory analyses that align with leading practices, including for documenting the analyses performed. (Recommendation 1
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Federal Reserve System The Chair of the Board of Governors of the Federal Reserve System should develop and implement policies and procedures for systematically performing retrospective reviews of regulations. (Recommendation 2)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Financial Technology: Agencies Can Better Support Workforce Expertise and Measure the Performance of Innovation Offices

GAO-23-106168
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1 Open Recommendations
Agency Affected Recommendation Status
Federal Reserve System The Chair of the Board of Governors of the Federal Reserve System should develop performance measures that are specific to its strategic objectives related to supervisory technologies. (Recommendation 6)
Open
In April 2024, Federal Reserve officials said they will evaluate developing performance measures related to supervisory technologies in alignment with the goals and objectives of the Federal Reserve's 2024-27 strategic plan and the initiatives in its annual performance plan. Federal Reserve officials said progress towards achieving these goals, objectives, and initiatives will be reported in the Federal Reserve's annual performance report. In July 2024, officials said Federal Reserve staff have initiated the collection and review of best practices regarding developing and using performance measures to support supervisory activities. Staff also continue to document and revise performance goals based on input received through the Federal Reserve's strategic planning process, according to the officials. We will continue to monitor agency progress towards implementing this recommendation.

Financial Technology: Agencies Can Better Support Workforce Expertise and Measure the Performance of Innovation Offices

GAO-23-106168
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1 Open Recommendations
Agency Affected Recommendation Status
Federal Reserve System The Chair of the Board of Governors of the Federal Reserve System should fully incorporate leading workforce planning practices in the primary offices involved in policymaking and oversight related to financial technology by collecting staff skillset data and determining the critical financial technology skills the agency needs; developing targeted strategies to address financial technology-related skills gaps; and measuring the effectiveness of its financial technology training in addressing skill needs. (Recommendation 5)
Open
In April 2024 , Federal Reserve officials said they are in the early stages of collecting data on staff skills related to financial technology. Once the data are collected over time for supervisory and policy staff, the officials indicated the Federal Reserve plans to develop and customize training to address knowledge gaps and supervisory needs related to financial technology. We will continue to monitor agency progress towards implementing this recommendation.

Blockchain in Finance: Legislative and Regulatory Actions Are Needed to Ensure Comprehensive Oversight of Crypto Assets

GAO-23-105346
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1 Open Recommendations
1 Priority
Agency Affected Recommendation Status
Federal Reserve System
Priority Rec.
The Chair of the Board of Governors of the Federal Reserve System should jointly establish or adapt an existing formal coordination mechanism with CFPB, CFTC, FDIC, NCUA, OCC, and SEC for collectively identifying risks posed by blockchain-related products and services and formulating a timely regulatory response. To facilitate these objectives, this mechanism could include formal planning documents that establish the frequency of meetings and processes for identifying risks and responding to them within agreed-upon time frames. (Recommendation 4)
Open – Partially Addressed
The Federal Reserve neither agreed nor disagreed with the recommendation. In its agency comment letter, the Federal Reserve said it routinely engages with the other federal financial regulators on emerging risks posed by blockchain-related products and services. However, the regulators' coordination efforts have not always addressed risks posed by crypto assets in a timely manner. In April 2024, several of the financial regulators told us that the Financial Stability Oversight Council (of which CFPB, CFTC, FDIC, the Federal Reserve, NCUA, OCC, and SEC are members) established a formal coordination mechanism through the creation of the Digital Asset Working Group to promote information sharing and enhance interagency coordination in identifying potential risks in the digital asset space. They stated that the working group meets regularly and has discussed a variety of topics, including regulatory developments, rulemaking, risks, data collection, and market developments. In July 2024, the agencies provided documentation demonstrating that the working group meets regularly and has developed and implemented processes for identifying risks and regulatory challenges concerning blockchain-related products and services. To fully implement the recommendation, the agencies should continue to work towards developing processes for responding to those risks and challenges that cross regulatory jurisdictions within agreed-upon timeframes.

Privacy: Federal Financial Regulators Should Take Additional Actions to Enhance Their Protection of Personal Information

GAO-22-104551
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1 Open Recommendations
Agency Affected Recommendation Status
Federal Reserve System The Chair of the Federal Reserve should include information from systems maintained by Federal Reserve contractors in the Federal Reserve's inventory of information systems that handle PII. (Recommendation 3)
Open
In September 2023, the Board of Governors of the Federal Reserve System detailed actions it planned to take to address this recommendation. We will continue to be in contact with the Board to gain further information on these actions and progress toward their completion.

Privacy: Federal Financial Regulators Should Take Additional Actions to Enhance Their Protection of Personal Information

GAO-22-104551
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2 Open Recommendations
Agency Affected Recommendation Status
Federal Reserve System The Chair of the Federal Reserve should identify and specify metrics to determine whether privacy controls are implemented correctly and operating as intended. (Recommendation 4)
Open
In September 2023, the Board of Governors of the Federal Reserve System detailed actions it planned to take to address this recommendation. We will continue to be in contact with the Board to gain further information on these actions and progress toward their completion.
Federal Reserve System The Chair of the Federal Reserve should define a process for documenting the actions the Federal Reserve takes to minimize collection and use of PII. (Recommendation 2)
Open
In September 2023, the Board of Governors of the Federal Reserve System detailed actions it planned to take to address this recommendation. We will continue to be in contact with the Board to gain further information on these actions and progress toward their completion.
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