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                    Most Recent Reports**1 - 20 of 444 Reports**
	
	

	
	  **Released on   Apr 8, 2024**
          Federal Home Loan Banks: Actions Related to the Spring 2023 Bank Failures
    GAO-24-106957
      Published:   Mar 8, 2024
. 
        Publicly Released:   Apr 8, 2024
.
    In this Q&A report, we continue our review of federal actions leading up to the bank failures between March 10 and May 1, 2023. Before they failed, Silicon Valley Bank, Signature Bank, and First Republic Bank borrowed more money from their respective Federal Home Loan Banks than other banks their size. When there were runs on the banks—high volumes of withdrawals—the Federal Home Loan Banks...
      **Released on   Feb 22, 2024**
          Financial Audit: Federal Deposit Insurance Corporation Funds' 2023 and 2022 Financial Statements
    GAO-24-106490
      Published:   Feb 22, 2024
. 
        Publicly Released:   Feb 22, 2024
.
    The Federal Deposit Insurance Corporation insures over $10 trillion in deposits and protects your money if your FDIC-insured bank fails. We audit and issue opinions annually on financial statements of FDIC's insurance funds and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded). We found the statements were reliable and controls over financial reporting were effective in 2023.
      **Released on   Oct 6, 2023**
          Financial Technology: Agencies Can Better Support Workforce Expertise and Measure the Performance of Innovation Offices
    GAO-23-106168
      Published:   Sep 6, 2023
. 
        Publicly Released:   Oct 6, 2023
.
    Banks and credit unions are increasingly using new technology—known as "fintech"—for services like paying bills with mobile wallets. So it's crucial that regulators have the necessary skills to make policy for and oversee fintech. Federal regulators require many of their employees to have some technology skills, such as data analysis. But the agencies haven't assessed or identified critical fintech skills or skill gaps they need...
      **Released on   Aug 8, 2023**
          Priority Open Recommendations: Federal Deposit Insurance Corporation
    GAO-23-106417
      Published:   Aug 1, 2023
. 
        Publicly Released:   Aug 8, 2023
.
    Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List and significantly improve government operations. This letter to the Federal Deposit Insurance Corporation outlines 2 open recommendations that it should prioritize. For example, FDIC should work with other federal banking regulators to communicate appropriate uses of alternative data sources—such as rent or utility...
      **Released on   Jul 24, 2023**
          Blockchain in Finance: Legislative and Regulatory Actions Are Needed to Ensure Comprehensive Oversight of Crypto Assets
    GAO-23-105346
      Published:   Jun 22, 2023
. 
        Publicly Released:   Jul 24, 2023
.
    Blockchain technology records data and transactions in a shared, tamper-resistant, decentralized digital ledger—offering the promise of faster and cheaper financial transactions with no middlemen. Recent price crashes, bankruptcies, and fraud involving blockchain-related products and services, such as crypto assets, raised concerns about how much regulation exists now and the risks consumers face. For example, there are gaps in federal regulation of stablecoins—a kind of crypto...
      **Released on   May 24, 2023**
          Bank Regulation: Preliminary Review of Agency Actions Related to March 2023 Bank Failures
    GAO-23-106857
      Published:   May 24, 2023
. 
        Publicly Released:   May 24, 2023
.
    This testimony before the U.S. House of Representatives discusses our review of the March 2023 bank failures of Silicon Valley Bank and Signature Bank. Risky business strategies, weak risk management practices, and weak liquidity drove the failures. Both banks grew rapidly from 2019-2021—which can signal risk. Further, the growth was fueled heavily by deposits that weren't federally insured. Federal regulators raised concerns about these risks...
      **Released on   May 18, 2023**
          Management Report: Continued Improvements Needed in FDIC's Internal Control over Contract Documentation and Payment-Review Processes
    GAO-23-106656
      Published:   May 18, 2023
. 
        Publicly Released:   May 18, 2023
.
    The Federal Deposit Insurance Corporation helps maintain stability and public confidence in the nation's financial system. During our 2021-2022 financial statement audit of the two funds that the FDIC administers (the Deposit Insurance Fund and the Federal Savings and Loan Insurance Corporation Resolution Fund), we continued to identify issues—what auditors call a "significant deficiency." These issues related to how the FDIC ensures that its payments...
      **Released on   Apr 28, 2023**
          Bank Regulation: Preliminary Review of Agency Actions Related to March 2023 Bank Failures
    GAO-23-106736
      Published:   Apr 28, 2023
. 
        Publicly Released:   Apr 28, 2023
.
    In March 2023, Silicon Valley Bank and Signature Bank suffered two of the largest bank failures in U.S. history. Risky business strategies, weak risk management practices, and weak liquidity drove the failures. Both banks grew rapidly from 2019-2021—which can signal risk. Further, the growth was fueled heavily by deposits that weren't federally insured. Federal regulators raised concerns about these risks with the banks but didn't...
      **Released on   Feb 16, 2023**
          Financial Audit: Federal Deposit Insurance Corporation Funds' 2022 and 2021 Financial Statements
    GAO-23-105570
      Published:   Feb 16, 2023
. 
        Publicly Released:   Feb 16, 2023
.
    The Federal Deposit Insurance Corporation insures over $9 trillion in deposits, and protects your money if your FDIC-insured bank fails. We audit and issue opinions annually on financial statements of FDIC's insurance funds and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded). We found that the statements were reliable and that FDIC's controls over financial reporting were...
      **Released on   Sep 8, 2022**
          Bank Supervision: Lessons Learned from Remote Supervision during Pandemic Could Inform Future Disruptions
    GAO-22-104659
      Published:   Sep 8, 2022
. 
        Publicly Released:   Sep 8, 2022
.
    During the COVID-19 pandemic, federal banking regulators couldn't examine most banks and credit unions in person. So, they changed certain examination practices, especially at smaller institutions. For example, they rescheduled examinations and reviewed scanned copies of loan files. We found that 3 of 5 regulators who have risk management programs also Updated their programs to reflect pandemic-related changes in risk Reviewed pandemic lessons learned The...
      **Released on   Jun 8, 2022**
          Priority Open Recommendations: Federal Deposit Insurance Corporation
    GAO-22-105606
      Published:   Jun 1, 2022
. 
        Publicly Released:   Jun 8, 2022
.
    Each year, we make more than 1,000 recommendations to help improve the federal government. We alert department heads to where they can save the most money, address issues on our High Risk List , or significantly improve government operations. This report outlines our priority open recommendation for the Federal Deposit Insurance Corporation as of May 2022. Specifically, FDIC should work with other banking regulators to...
      **Released on   May 19, 2022**
          Management Report: Improvements Needed in FDIC's Internal Control over Contract Documentation and Payment-Review Processes
    GAO-22-105824
      Published:   May 19, 2022
. 
        Publicly Released:   May 19, 2022
.
    The Federal Deposit Insurance Corporation (FDIC) helps maintain stability and public confidence in the nation's financial system. During our 2020-2021 financial statement audit of the two funds that the FDIC administers (the Deposit Insurance Fund and the Federal Savings and Loan Insurance Corporation Resolution Fund), we continued to identify issues—what auditors call a "significant deficiency." These issues related to how the FDIC ensures that its...
      **Released on   Mar 7, 2022**
          Banking Services: Regulators Have Taken Actions to Increase Access, but Measurement of Actions' Effectiveness Could Be Improved
    GAO-22-104468
      Published:   Feb 14, 2022
. 
        Publicly Released:   Mar 7, 2022
.
    Low-income, less-educated, and minority households are less likely to have bank accounts—which are essential for households' financial well-being. People have cited high fees, minimum balance requirements, and other reasons why they don't have bank accounts. Federal agencies have worked to increase banking access. For example, the Federal Deposit Insurance Corporation piloted a public awareness campaign on the benefits of bank accounts. Are these agencies' efforts...
      **Released on   Feb 17, 2022**
          Financial Audit: Federal Deposit Insurance Corporation Funds' 2021 and 2020 Financial Statements
    GAO-22-104601
      Published:   Feb 17, 2022
. 
        Publicly Released:   Feb 17, 2022
.
    The Federal Deposit Insurance Corporation insures over $9 trillion in deposits, and protects your money if your FDIC-insured bank fails. We audit and issue opinions annually on financial statements of FDIC's insurance funds and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded). We found that the statements were reliable and that FDIC's controls over financial reporting were...
      **Released on   Jan 13, 2022**
          Privacy: Federal Financial Regulators Should Take Additional Actions to Enhance Their Protection of Personal Information
    GAO-22-104551
      Published:   Jan 13, 2022
. 
        Publicly Released:   Jan 13, 2022
.
    Federal financial regulatory agencies collect and maintain a large amount of consumers' personally identifiable information (PII) for the oversight of banks and credit unions. Protecting PII—which is often shared with other agencies, law enforcement, and contractors—is critical. The 5 financial regulators we reviewed have processes to protect PII that meet most recommended key practices. But 4 of the regulators didn't fully follow key practices in...
      **Released on   Jun 1, 2021**
          Priority Open Recommendations: Federal Deposit Insurance Corporation
    GAO-21-466PR
      Published:   May 24, 2021
. 
        Publicly Released:   Jun 1, 2021
.
    Each year, we make more than 1,000 recommendations to help improve the federal government. We alert department heads to the recommendations that can save the most money, address issues on our High Risk List , or significantly improve government operations. This report outlines 1 priority open recommendation for the Federal Deposit Insurance Corporation, as of April 2021. FDIC should work with other banking regulators to...
      **Released on   May 13, 2021**
          Management Report: Improvements Needed in FDIC's Internal Control over Contract-Payment Review Processes
    GAO-21-420R
      Published:   May 13, 2021
. 
        Publicly Released:   May 13, 2021
.
    The Federal Deposit Insurance Corporation (FDIC) helps maintain stability and public confidence in the nation's financial system. During our 2019-2020 financial statement audit of the two funds that the FDIC administers (the Deposit Insurance Fund and the Federal Savings and Loan Insurance Corporation Resolution Fund), we found issues—what auditors call a "significant deficiency." These issues related to how the FDIC ensures that its payments to...
      **Released on   Feb 24, 2021**
          Financial Services: Fair Lending, Access, and Retirement Security
    GAO-21-399T
      Published:   Feb 24, 2021
. 
        Publicly Released:   Feb 24, 2021
.
    This statement summarizes our work on race, wealth, and other disparities and how they affect access to financial services and retirement security. For example, we found: Lower-income or minority households were less likely to access traditional banking services and more likely to use costlier products and services, such as payday loans. Older minority households consistently had less wealth than White households. For example, for households...
      **Released on   Feb 18, 2021**
          Financial Audit: Federal Deposit Insurance Corporation Funds' 2020 and 2019 Financial Statements
    GAO-21-284R
      Published:   Feb 18, 2021
. 
        Publicly Released:   Feb 18, 2021
.
    The Federal Deposit Insurance Corporation insures more than $8 trillion in deposits and protects your money if your FDIC-insured bank fails—up to $250,000 per individual depositor. We audit the financial statements of FDIC's insurance funds each year. We issue an opinion on them, as well as on the effectiveness of the agency's internal controls (e.g., its ability to reasonably assure that transactions are properly authorized...
      **Released on   Sep 4, 2020**
          Bank Supervision: FDIC Could Better Address Regulatory Capture Risks
    GAO-20-519
      Published:   Sep 4, 2020
. 
        Publicly Released:   Sep 4, 2020
.
    "Regulatory capture" is when regulators act in the interest of the regulated industry, rather than in service of the public good. This can be a problem in banking regulation, where regulators may be swayed by future job offerings and more. We found that the Federal Deposit Insurance Corporation has several policies for documenting bank examination decisions, which can reduce the risk of regulatory capture. However...
    
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