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Open Recommendations

Financial Services Regulations: Improvements Needed to Policies and Procedures for Regulatory Analysis
GAO-24-106206
Jul 18, 2024
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3 Open Recommendations
Agency Affected Recommendation Status
Federal Reserve System The Chair of the Board of Governors of the Federal Reserve System should develop and implement policies and procedures for consistently performing regulatory analyses that align with leading practices, including for documenting the analyses performed. (Recommendation 1
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Federal Reserve System The Chair of the Board of Governors of the Federal Reserve System should develop and implement policies and procedures for systematically performing retrospective reviews of regulations. (Recommendation 2)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Office of the Comptroller of the Currency The Comptroller of the Currency should ensure that its Policy Analysis Division develops and implements policies and procedures for systematically performing retrospective reviews of regulations. (Recommendation 3)
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
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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
We will update the status of this recommendation when Treasury provides its 180-day letter, which is due in September 2024.
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
We will update the status of this recommendation when Treasury provides its 180-day letter, which is due in September 2024.
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
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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 the agency 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
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Financial Technology: SEC Should Prepare a Workforce Plan, Document Oversight Controls, and Set Goals for Innovation Office
GAO-24-106635
Jan 16, 2024
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2 Open Recommendations
Agency Affected Recommendation Status
United States Securities and Exchange Commission The Chair of SEC should ensure that the Director of the Strategic Hub for Innovation and Financial Technology document its policies and procedures supporting its internal controls. (Recommendation 2)
Open
SEC agreed with our recommendation. We will continue to monitor SEC's progress in implementing our recommendation.
United States Securities and Exchange Commission The Chair of SEC should ensure that the Director of the Strategic Hub for Innovation and Financial Technology develop performance goals and measures that are objective, measurable, and targeted. (Recommendation 3)
Open
SEC agreed with our recommendation. We will continue to monitor SEC's progress in implementing our recommendation.
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