Financial Markets and Institutions

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Open Recommendations

Export-Import Bank: Additional Documentation about Stakeholder Roles and Clarity about Fraud Risks Would Strengthen Antifraud Efforts

GAO-22-105340
Sep 27, 2022
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2 Open Recommendations
Agency Affected Recommendation Status
Export-Import Bank of the United States EXIM's Chair and President should update its antifraud strategy to demonstrate links to its highest internal and external residual fraud risks outlined in its fraud risk profile to its antifraud strategy. (Recommendation 1)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Export-Import Bank of the United States EXIM's Chair and President should update its antifraud strategy to document the roles and responsibilities of the external parties, specifically delegated authority lending (DAL) and Export Credit Insurance (ECI) partners, responsible for fraud controls. (Recommendation 2)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Bank Supervision: Lessons Learned from Remote Supervision during Pandemic Could Inform Future Disruptions

GAO-22-104659
Sep 08, 2022
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2 Open Recommendations
Agency Affected Recommendation Status
Federal Reserve System The Federal Reserve's Chief Operating Officer should develop and document specific action steps and time frames for completing the components of the Federal Reserve's enterprise risk management framework related to identifying and assessing risks to its supervisory mission, such as those caused by the COVID-19 pandemic. (Recommendation 1)
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 OCC's Senior Deputy Comptrollers of Large Bank Supervision and Mid-Size and Community Bank Supervision should review potential lessons learned related to how OCC managed adjustments to supervisory activities during the COVID-19 pandemic. This review should include collection and analysis of information to identify aspects of fully remote examinations that worked well and areas for improvement. (Recommendation 2)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Bank Secrecy Act: Action Needed to Improve DOJ Statistics on Use of Reports on Suspicious Financial Transactions

GAO-22-105242
Aug 25, 2022
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2 Open Recommendations
Agency Affected Recommendation Status
Department of Justice DOJ's Chief Information Officer, Chief Evaluation Officer and Chief Statistical Official should incorporate data on the use of BSA reports into their ongoing efforts to improve DOJ's data collection and infrastructure to determine if there are ways DOJ component agencies that use BSA reports could more consistently collect data described in NDAA section 6201. (Recommendation 1)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Department of Justice The Chief of MLARS should collaborate with DOJ's Chief Information Officer and Statistical Official in producing future section 6201 reports, and use their expertise to help ensure a rigorous methodology for report design and analyses. (Recommendation 2)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Fair Lending: Opportunities Exist to Enhance OCC's Oversight of Banks' Lending Practices

GAO-22-104717
Jun 21, 2022
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2 Open Recommendations
Agency Affected Recommendation Status
Office of the Comptroller of the Currency As OCC updates its redlining examination procedures, the Comptroller of the Currency should ensure the Compliance Risk Policy Division takes into account the new types of analysis being performed when it documents the steps that the examiners should take as they evaluate whether a bank has potentially engaged in redlining in violation of fair lending laws. (Recommendation 1)
Open
OCC stated that the updated examination procedures will clarify and expand the list of redlining risk factors, highlight certain key points regarding redlining case elements that have historically raised concerns, and update information from public redlining cases that concluded since the interagency fair lending examination procedures were published in 2010. The updated booklet is expected to be published no later than December 31, 2022. OCC will also develop additional training for examiners to highlight redlining examination best practices. Training will include live multi-part agency wide webinars that will be archived for future reference by agency staff. The training webinars are expected to be made available to examiners no later than September 30, 2022.
Office of the Comptroller of the Currency The Comptroller of the Currency should ensure the Compliance Risk Policy Division and the Office of Midsize and Community Bank Supervision establish time frames for carrying out their plan to centrally track information on midsize and community bank fair lending examination screening, selection, and outcomes. The Compliance Risk Policy Division should use this information to analyze its screening and selection processes on an ongoing basis to ensure an appropriate balance of (1) effective identification of fair lending deficiencies and violations and (2) efficiency given available resources. (Recommendation 2)
Open
OCC's offices will work collaboratively to develop a centralized process and procedures to collect and monitor information on fair lending activities. The new process will include procedures regarding the selection and non-selection of identified focal points, the disposition of focal points not selected, and the documentation of examination outcomes, including whether supervisory activities identified fair lending deficiencies or potential violations. The target date to implement a data collection and monitoring process is January 1, 2023.
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