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.
What GAO Found The mandatory purchase requirement mandates flood insurance for certain high-risk properties and was established to increase the number of households with flood insurance. Lenders must verify that certain properties have flood insurance.
What GAO Found Several factors affect women's participation in Science, Technology, Engineering, and Math (STEM) degree programs and subsequent careers in the financial services industry, according to research and stakeholders GAO interviewed.
What GAO Found In January 2018, the Consumer Financial Protection Bureau (CFPB) announced a reorganization of its fair lending activities that moved its Office of Fair Lending and Equal Opportunity (Fair Lending Office) from the Supervision, Enforcement, and Fair Lending Division to the Office of the...
What GAO Found According to federal financial regulators, the additional Home Mortgage Disclosure Act (HMDA) data that some lenders have been required to report since 2018—such as debt-to-income ratio and credit score—help the regulators oversee and enforce fair lending laws.
What GAO Found In April 2020, GAO identified two priority recommendations for the Securities and Exchange Commission (SEC). Since then, SEC has implemented one of these recommendations, and the other remains open. The open priority recommendation relates to performance management for SEC employees.
What GAO Found GAO's prior work has shown that the financial services industry has made little or no progress in increasing diversity at the senior management level. The figure below shows the latest available data on diversity at senior levels.