GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
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.
While automated tools to assess home values are becoming more common, federally regulated banks and credit unions still obtain appraisals from state-credentialed appraisers for most home loans to protect themselves and borrowers.
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.
Since 2018, the Home Mortgage Disclosure Act requires lenders to report additional data from loan applications and originations—such as borrower credit scores—to help regulators oversee and enforce fair lending laws.
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.
In response to the 2007-2009 financial crisis, Congress passed the 2010 Dodd-Frank Act, which provided for a broad range of financial regulatory reforms.
The act established the Financial Stability Oversight Council to help identify and respond to emerging threats to financial stability in the U.S.
We reviewed personal information banks and credit unions collect on consumers and share with others, and what they tell consumers about this.
Some institutions collect information on credit card transactions, social media and browsing activity, and more.
"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.