Skip to main content

Financial Markets and Institutions

Jump To:

Open Recommendations

World Bank Procurement: Risk Monitoring Can be Enhanced as U.S. Businesses Face Challenges Competing
GAO-24-106718
Sep 26, 2024
Show
2 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury should ensure that the Office of International Affairs develops guidance and a formal process to determine whether to monitor individual World Bank borrower projects based on risks to U.S. interests. (Recommendation 1)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Department of the Treasury The Secretary of the Treasury should ensure that the Office of International Affairs develops guidance and a formal process for how it will monitor World Bank borrower projects when it determines that monitoring is necessary. (Recommendation 2)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Anti-Money Laundering: Better Information Needed on Effectiveness of Federal Efforts [Reissued with revisions on Jun. 13, 2024]
GAO-24-106301
Jun 13, 2024
Show
3 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury should ensure that the Director of FinCEN develop and implement a communications plan to regularly inform Congress and the public in full about its progress implementing the Anti-Money Laundering Act of 2020. (Recommendation 1)
Open
In September 2024, FinCEN informed us that the agency is updating its internal tracking mechanisms with respect to the Anti-Money Laundering Act's (AMLA) sections for which FinCEN has rulemaking, reporting, or other anti-money laundering-related implementation responsibilities. These tracking mechanisms will be used as a basis for a public communications plan that will include updates to FinCEN's AMLA webpage and congressional notification of such updates. FinCEN anticipates implementing the communications plan by the end of February 2025.
Department of the Treasury The Secretary of the Treasury should ensure that the Director of FinCEN work with its survey vendor to improve the reliability of the agency's annual customer satisfaction surveys and appropriately disclose survey data limitations when results are reported. (Recommendation 2)
Open
In September 2024, FinCEN informed us that it is working with its vendor to explore the cost of a nonresponse bias analysis for its surveys and ways to improve survey response rates. In the meantime, beginning with its FY 2026 budget submission, FinCEN included language disclosing survey data limitations. FinCEN plans to complete its evaluation of pricing options for a nonresponse bias analysis by year-end of 2024 and its action plan to improve survey response rates in March 2025.
Department of Justice The Attorney General should lead an effort, in coordination with the Departments of Homeland Security and the Treasury, to develop a methodology for producing government-wide data on the outcomes of anti-money laundering investigations. This effort could be conducted in conjunction with the interagency working group DOJ was directed to form in the joint explanatory statement accompanying its fiscal year 2023 appropriation. (Recommendation 3)
Open
DOJ agreed with our recommendation. We will update the status of this recommendation when DOJ provides its 180-day letter, which is due in September 2024.

Bank Supervision: More Timely Escalation of Supervisory Action Needed
GAO-24-106974
Mar 06, 2024
Show
2 Open Recommendations
Agency Affected Recommendation Status
Congress Congress should consider requiring the adoption of noncapital triggers that require early and forceful regulatory actions tied to unsafe banking practices before they impair capital, such as by amending the Federal Deposit Insurance Act to incorporate noncapital triggers into the prompt corrective action framework. (Matter for Consideration 1)
Open
When we confirm what actions Congress has taken in response to this recommendation, we will provide updated information.
Board of Governors The Chair of the Federal Reserve Board of Governors should ensure that the Director of the Division of Supervision and Regulation revise its procedures on when to escalate supervisory concerns to informal or formal enforcement actions to be clearer and more specific and to include measurable criteria. (Recommendation 1)
Open
The Federal Reserve is evaluating its procedures for escalating supervisory concerns and issuing enforcement actions to help ensure that supervisory concerns requiring a more detailed resolution are promptly communicated to bank management. In addition, the Federal Reserve is evaluating its procedures for escalating supervisory concerns and issuing enforcement actions to help ensure that supervisory concerns requiring a more detailed resolution are promptly communicated to bank management. GAO will evaluate these updates after they are finalized.

Financial Technology: Agencies Can Better Support Workforce Expertise and Measure the Performance of Innovation Offices
GAO-23-106168
Oct 06, 2023
Show
12 Open Recommendations
Agency Affected Recommendation Status
Consumer Financial Protection Bureau The Director of the Consumer Financial Protection Bureau should fully incorporate leading workforce planning practices in the primary offices involved in policymaking and oversight related to financial technology by conducting strategic workforce planning that addresses financial technology; 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-related training in addressing skill needs. (Recommendation 1)
Open
In June 2024, CFPB officials said the agency has initiated the process to hire staff to begin work on fully incorporating workforce planning practices in the primary offices involved in policymaking and oversight related to financial technology. We will continue to monitor agency progress towards implementing this recommendation.
Consumer Financial Protection Bureau The Director of the Consumer Financial Protection Bureau should develop performance goals and measures for CFPB's Office of Competition and Innovation that cover key aspects of the office's activities, such as outreach to industry participants, and that are clear, targeted, and measureable. (Recommendation 2)
Open
In June 2024, CFPB officials told us the agency is in the process of developing performance goals and measures for CFPB's Office of Competition and Innovation. CFPB expects to complete this process in 2025. We will continue to monitor agency progress towards implementing this recommendation.
Consumer Financial Protection Bureau The Director of the Consumer Financial Protection Bureau should develop performance measures that are specific to its strategic objectives related to supervisory technologies. (Recommendation 3)
Open
In June 2024, CFPB officials told us the agency is in the process of developing performance measures that are specific to its strategic objectives related to supervisory technologies. CFPB expects to complete this process in 2025. We will continue to monitor agency progress towards implementing this recommendation.
Federal Deposit Insurance Corporation The Chair of the Federal Deposit Insurance Corporation should fully incorporate leading workforce planning practices for 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-related training in addressing skill needs. (Recommendation 4)
Open
In June 2024, FDIC officials told us the agency is working on corrective actions to address this recommendation. FDIC expects to complete this process by December 31, 2024. We will continue to monitor agency progress towards implementing this recommendation.
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.
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.
View More Recommendations

Related Pages

GAO Contacts

View More Contacts