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##     Most Recent Reports 

**1 - 20 of 1932 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   Mar 11, 2024**

Anti-Money Laundering: Better Information Needed on Effectiveness of Federal Efforts          GAO-24-106301                Published:   Feb 8, 2024.         Publicly Released:   Mar 11, 2024.              The Anti-Money Laundering Act of 2020 aims to modernize how federal agencies combat money laundering and other financial crimes. The Financial Crimes Enforcement Network is responsible for implementing many of the Act's requirements—like assessing how new technologies can help detect such crimes. But FinCEN has yet to provide a full update to Congress and the public on its progress meeting these requirements. Also, the government...    

### **Released on   Mar 6, 2024**

Bank Supervision: More Timely Escalation of Supervisory Action Needed          GAO-24-106974                Published:   Mar 6, 2024.         Publicly Released:   Mar 6, 2024.              The Silicon Valley Bank and Signature Bank failures in 2023 raised questions about federal bank supervision. This Q&A report shows that the Federal Reserve and the Federal Deposit Insurance Corporation identified numerous concerns at the banks as early as 2018, but did not issue enforcement actions, which would have required the banks to fix the problems. The Federal Reserve's procedures for moving from a lower-level...    

### **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   Jan 16, 2024**

Financial Technology: SEC Should Prepare a Workforce Plan, Document Oversight Controls, and Set Goals for Innovation Office          GAO-24-106635                Published:   Dec 15, 2023.         Publicly Released:   Jan 16, 2024.              Crypto assets such as Bitcoin have grown rapidly in recent years. Given the complexity and risks associated with them, it's essential that the Securities and Exchange Commission have staff with the skills necessary to oversee and regulate this growing industry. SEC has followed some good workforce planning practices, such as regularly assessing hiring and training needs. But SEC hasn't yet updated its workforce planning strategy...    

### **Released on   Dec 22, 2023**

Federal Reserve Lending Programs: Status of Monitoring and Main Street Lending Program          GAO-24-106482                Published:   Dec 22, 2023.         Publicly Released:   Dec 22, 2023.              In response to COVID-19 , the Federal Reserve System Board of Governors authorized 13 emergency lending programs to help provide credit to certain parts of the economy, including businesses and employers. The Main Street Lending Program targeted small and mid-sized businesses and nonprofits. Since the program ended in January 2021, borrowers have generally made scheduled payments on-time. As of August 2023, about 64% of program...    

### **Released on   Dec 19, 2023**

Pandemic Risk: Federal Insurance Approaches Would Entail Costs to Taxpayers and Businesses Might Not Participate          GAO-24-106075                Published:   Dec 19, 2023.         Publicly Released:   Dec 19, 2023.              During the COVID-19 pandemic, some businesses used "business interruption coverage" to recoup losses, but insurers generally didn't pay pandemic-related claims. Many insurers have since added virus exclusions or removed previously available virus coverage. We looked at whether the government could make pandemic insurance available to businesses. But the government would assume most or all risk. And it would be difficult to provide easily available and...    

### **Released on   Dec 14, 2023**

COVID-19 Relief: Treasury Could Improve Its Administration and Oversight of State and Local Fiscal Recovery Funds          GAO-24-106027                Published:   Dec 14, 2023.         Publicly Released:   Dec 14, 2023.              In March 2021, the American Rescue Plan Act appropriated $350 billion in State and Local Fiscal Recovery Funds to help with the COVID-19 pandemic . Treasury is responsible for administering and monitoring these funds. Officials in selected states and localities identified challenges with how Treasury administers these funds. For example, Treasury has a contact center to respond to recipients' questions. Some state and local officials...    

### **Released on   Dec 13, 2023**

Economic Sanctions: Agency Efforts Help Mitigate Some of the Risks Posed by Digital Assets          GAO-24-106178                Published:   Dec 13, 2023.         Publicly Released:   Dec 13, 2023.              Economic sanctions can include denying a company access to the U.S. financial system or freezing a person's assets under U.S. jurisdiction. However, Bitcoin and other virtual currencies—which enable users to rapidly transfer funds across countries' borders—could be used to evade such sanctions. We found that federal agencies have taken some actions to mitigate this risk. For example, Treasury and the Departments of State and Justice...    

### **Released on   Dec 7, 2023**

Troubled Asset Relief Program: Lifetime Cost          GAO-24-107033                Published:   Dec 7, 2023.         Publicly Released:   Dec 7, 2023.              Treasury's Troubled Asset Relief Program was created to help stabilize the U.S. financial system, restart economic growth, and prevent avoidable foreclosures during the 2008 financial crisis. TARP was originally authorized to purchase or guarantee up to $700 billion in assets to assist financial institutions and markets, businesses, and individuals. As of September 30, 2023, when all TARP-funded programs were fully wrapped up, the total amount...    

### **Released on   Nov 15, 2023**

Financial Audit: Securities and Exchange Commission's FY 2023 and FY 2022 Financial Statements          GAO-24-106578                Published:   Nov 15, 2023.         Publicly Released:   Nov 15, 2023.              The Securities and Exchange Commission enforces securities laws that protect investors. The SEC collected $3.5 billion in penalties for securities law violations in FY23. Some of that goes to the Investor Protection Fund, which rewards whistleblowers and supports investor education. We audit and issue opinions annually on SEC and Fund financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are...    

Financial Audit: Federal Housing Finance Agency's FY 2023 and FY 2022 Financial Statements          GAO-24-106668                Published:   Nov 15, 2023.         Publicly Released:   Nov 15, 2023.              The Federal Housing Finance Agency's goal is to keep the housing finance system healthy by supervising and regulating Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System. The agency spent $386 million in FY 2023 to do its work. We audit and issue opinions annually on the agency's financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are...    

Financial Audit: Consumer Financial Protection Bureau's FY 2023 and FY 2022 Financial Statements          GAO-24-106737                Published:   Nov 15, 2023.         Publicly Released:   Nov 15, 2023.              The Consumer Financial Protection Bureau works to enhance citizens' financial education and ensure that banks, lenders, and other financial companies treat people fairly. The agency spent $2.75 billion in FY 2023 to do its work. We audit and issue an opinion annually on CFPB's financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded). In FY...    

### **Released on   Nov 9, 2023**

Financial Audit: Office of Financial Stability's (Troubled Asset Relief Program) FY 2023 and FY 2022 Financial Statements          GAO-24-106814                Published:   Nov 9, 2023.         Publicly Released:   Nov 9, 2023.              Treasury's Troubled Asset Relief Program was originally authorized to spend $700 billion to help prevent the U.S. financial system's collapse in 2008. As of September 30, 2023, all TARP programs have closed and no troubled assets remain. The lifetime cost of TARP is $31 billion. We audit and issue an opinion annually on TARP's financial statements and on related internal controls (e.g., processes to reasonably...    

### **Released on   Oct 30, 2023**

Credit Cards: Pandemic Assistance Likely Helped Reduce Balances, and Credit Terms Varied Among Demographic Groups          GAO-23-105269                Published:   Sep 29, 2023.         Publicly Released:   Oct 30, 2023.              In 2022, 82% of U.S. adults had at least one credit card. We examined U.S. credit card usage by analyzing a large sample of credit card data from June 2013-December 2021. We found that many people likely used their pandemic stimulus payments to pay down their credit card balances. Pandemic assistance was also associated with better credit scores and fewer delinquencies. Our comparison of billing...    

### **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   Sep 14, 2023**

Financial Stability Oversight Council: Assessing Effectiveness Could Enhance Response to Systemic Risks          GAO-23-105708                Published:   Sep 14, 2023.         Publicly Released:   Sep 14, 2023.              In 2010, the Dodd-Frank Act established the Financial Stability Oversight Council to help identify and respond to emerging threats to the U.S. financial system. Recent bank failures demonstrate the importance of responding to risks before they harm the system. The council issues an annual report with recommendations—which staff say could address most risks. But we've previously noted that the council's authority—in part, the nonbinding nature...    

### **Released on   Sep 13, 2023**

Violent Extremism: Agencies' and Financial Institutions' Efforts to Link Financing to Domestic Threats          GAO-23-105928                Published:   Sep 13, 2023.         Publicly Released:   Sep 13, 2023.              Linking the financial transactions of domestic violent extremists to suspicious or violent activity can be difficult for financial institutions and federal agencies. The transactions often don't raise red flags because these extremists frequently use their own funds and might not need large amounts to carry out attacks. In addition, the Financial Crimes Enforcement Network shares financial information related to ongoing terrorism investigations with law enforcement...    

### **Released on   Aug 15, 2023**

U.S. Consolidated Financial Statements: Improvements Needed in Internal Controls over Treasury and OMB Preparation Processes          GAO-23-106707                Published:   Aug 15, 2023.         Publicly Released:   Aug 15, 2023.              We audit the U.S. government's consolidated financial statements annually. Ongoing problems prevent us from determining whether the statements fairly present the government's finances. Treasury has made significant progress in addressing some of the issues we've found in the preparation processes—including the review of selected treaties and other international agreements. But additional actions are needed to address our prior recommendations. Our 5 new recommendations address remaining...    

### **Released on   Aug 8, 2023**

Priority Open Recommendations: Board of Governors of the Federal Reserve System          GAO-23-106418                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 Reserve outlines 4 open recommendations to prioritize. For example, the Federal Reserve should work with other federal banking regulators to communicate appropriate uses of alternative data sources—such as rent or utility payments—in...    

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