News & Analysis as of

Banking Sector Government Accountability Office

Orrick, Herrington & Sutcliffe LLP

GAO Report Reveals How Financial Institutions (And Their Regulators) Are Using AI

Curious about how financial institutions, their service providers, and their federal regulators are using and overseeing machine learning and other AI tools? A new GAO report published on May 19th (the “Report”) provides a...more

Orrick, Herrington & Sutcliffe LLP

GAO says Fed, FDIC escalation processes could be improved

The GAO released its November 2024 report, titled “Bank Supervision: Federal Reserve and FDIC Should Address Weaknesses in Their Process for Escalating Supervisory Concerns,” to the U.S. Senate Committee on Banking, Housing,...more

Orrick, Herrington & Sutcliffe LLP

House Committee urges GAO to review banking agencies’ ties to greening group

On September 12, the House Committee on Financial Services penned a letter requesting GAO assistance in evaluating the memberships of federal banking agencies in the Network of Central Banks and Supervisors for Greening the...more

Orrick, Herrington & Sutcliffe LLP

GAO report calls for FDIC, Fed to fix bank supervision issues

On March 6, the U.S. Government Accountability Office (GAO) released a report to congressional requesters, including Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate’s Committee on Banking, Housing, and Urban...more

BakerHostetler

Swiss Banks Launch Crypto Offerings; GAO Addresses SEC Crypto Bulletin; UK and Hong Kong Publish Crypto Guidance; DOJ and SEC...

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Swiss Banks Launch Tokenization Pilot, Crypto Custody and Trading Services - A recent press release announced a pilot by “SIX, the Swiss National Bank (SNB) and six commercial banks” that seeks “to test, in a live...more

Orrick, Herrington & Sutcliffe LLP

Request for GAO examination of agencies’ role in Basel III endgame proposal

The Chairman of the Financial Services Committee, Patrick McHenry (R-NC), and Representative Andy Barr (R-KY), Chairman of the Subcommittee on Financial Institutions and Monetary Policy, sent a letter to the U.S. Government...more

Orrick, Herrington & Sutcliffe LLP

GAO calls for enhanced oversite of blockchain, alternative data

On August 8, the U.S. Government Accountability Office (GAO) released letters sent to the OCC, SEC, FDIC and the Fed to provide an update on GAO’s “priority open recommendations” for each regulator. Priority open...more

Ballard Spahr LLP

GAO report on household access to banking services finds limited availability of small-dollar loans from banks and credit unions

Ballard Spahr LLP on

In opposing efforts by federal and state lawmakers to impose rate caps on small-dollar loans, industry representatives have pointed out the harm that a rate cap can create for consumers, particularly those with less than...more

Clark Hill PLC

Bank Regulators' "Clarifying" Statement on Enforcing Supervisory Guidance

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The prudential regulators, including the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency...more

Morrison & Foerster LLP

Financial Services Report – Summer 2018

BELTWAY - The Wayback Machine - Congress passed, and on May 24, 2018, the president signed into law, the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155). The law makes significant changes to...more

Ballard Spahr LLP

The preclusive effect of a Congressional override of the CFPB dealer pricing bulletin: we think Professor Levitin’s premise is...

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As we reported recently, the Government Accountability Office has determined that CFPB Bulletin 2013-02 on dealer pricing in indirect auto finance (“Dealer Pricing Bulletin” or “Bulletin”) is a “rule” subject to review under...more

Ballard Spahr LLP

CFPB indirect auto finance bulletin determined to be a “rule” subject to Congressional review

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Congress may have now have the opportunity to disapprove by a simple majority vote the CFPB’s disparate impact theory of assignee liability for so-called dealer “markup” disparities as a result of a determination by the...more

Troutman Pepper Locke

Recent Congressional Review Act Developments Could Have Far-Reaching Effects

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On December 5, the Government Accountability Office (GAO) essentially invalidated the CFPB’s auto lending guidance by finding that it constitutes a “rule” for purposes of the Congressional Review Act (CRA)....more

Hogan Lovells

Catch a fish by its tail: has Senator Pat Toomey hooked the U.S. Leveraged Loans Guidance?

Hogan Lovells on

What has the U.S. Fish and Wildlife Service got in common with the U.S. banking agencies [1]? Simple: the U.S. Government Accountability Office (the "GAO"), which investigates financial matters on behalf of Congress, has...more

Ballard Spahr LLP

GAO determination that leveraged lending guidance is subject to CRA could foreshadow similar fate for CFPB indirect auto finance...

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In May 2017, we blogged about press reports that the Government Accountability Office (GAO) had accepted a request from Senator Patrick Toomey for a determination concerning whether the CFPB Bulletin 2013-02, titled “Indirect...more

A&O Shearman

The U.S. Government Accountability Office Determines That 2013 Leveraged Lending Guidance Is a Rule

A&O Shearman on

On October 19, 2017, the United States Government Accountability Office (GAO) issued an opinion determining that the 2013 Interagency Guidance on Leveraged Lending (the “2013 Guidance”), issued jointly by the Office of the...more

Ballard Spahr LLP

House Financial Services subcommittee to hold July 12 hearing on community financial institution relief; bills to be examined...

Ballard Spahr LLP on

On July 12, 2017, a subcommittee of the House Financial Services Committee will hold a hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.” The...more

Herbert Smith Freehills Kramer

GAO Agrees to Decide the Legality of the Leveraged Lending Guidance; Indicates Decision Will Take “at Least a Few Months”

On May 23, the Government Accountability Office (GAO), in a letter to Senator Patrick Toomey, R-Pa., agreed to determine whether the Guidance on Leveraged Lending jointly issued in 2013 by the Board of the Governors of the...more

Herbert Smith Freehills Kramer

Legality of the Leveraged Lending Guidance is Questioned

On March 31, Senator Patrick Toomey (R-Pa.) sent a letter to the Government Accountability Office (GAO) requesting that the GAO determine whether the Guidance on Leveraged Lending jointly issued in 2013 by the Board of...more

Ballard Spahr LLP

GAO report highlights gap in SCRA oversight for private student loans; encourages CFPB to seek additional statutory authority

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On November 18, the GAO released a report examining issues related to implementation of the Servicemembers Civil Relief Act (SCRA) interest rate cap for student loans. The Senate Committee on Homeland Security and...more

Nossaman LLP

Major Security Breach Reported to Congress By Federal Bank Regulator

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Recently, the Office of the Comptroller of the Currency (OCC) informed Congress that it had suffered a major information security incident. The agency reported that, in November 2015, a former employee downloaded over...more

Ballard Spahr LLP

GAO Issues Report on CFPB SBREFA Panels

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The Government Accountability Office (GAO) has issued a report on the Consumer Financial Protection Bureau's (CFPB) use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The...more

Ballard Spahr LLP

GAO issues report on CFPB SBREFA panels

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The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more

MoFo Reenforcement

2015 Fiscal Year Financial Report of the CFPB

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The financial report provides readers with the results of the CFPB’s operations to protect the rights of financial consumers and the results of the CFPB’s financial operations. For the fifth consecutive year, the Government...more

Stinson - Corporate & Securities Law Blog

GAO Can’t Conclude Large Banks Have Lower Funding Costs Than Smaller Banks

The Government Accountability Office, or GAO, was asked to review the benefits that the largest bank holding companies (those with more than $500 billion in assets) have received from perceived government support. In...more

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