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GAO-02-324R 1 (2002-02-28)

handle is hein.gao/gaobaalxp0001 and id is 1 raw text is: £ Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 February 28, 2002 The Honorable Richard G. Lugar Ranking Minority Member Committee on Agriculture, Nutrition, and Forestry United States Senate Subject: Farm Credit Administration: Safety and Soundness Oversight of the Farm Credit System Dear Senator Lugar: In addition to other issues you asked us to study,' you requested that we consider whether to undertake a comprehensive review of the Farm Credit Administration's (FCA) oversight of the safety and soundness of the Farm Credit System (FCS). To decide whether a comprehensive review is required, we conducted a limited review of FCA's current oversight program. As discussed with your staff, this correspondence summarizes the objectives, scope, methodology, and conclusions of our limited review. The specific objectives of our limited review were to (1) determine FCA's current safety and soundness policies and processes and (2) review FCA's oversight of selected institutions and their corrective responses to any weaknesses FCA identified. Our scope included analyses of selected examination reports and other oversight materials related to key FCS institutions. These materials included (1) the last three FCA examinations for the three largest FCS banks, which represent about 60 percent of total FCS assets and of the gross loan volume; (2) the last three examinations for the Federal Agricultural Mortgage Corporation; (3) the last two examinations for the Federal Farm Credit Banks Funding Corporation, the FCS fiscal agent; (4) the last three examinations for the Farm Credit Leasing Services Corporation; and (5) the last three examinations of and other materials related to an institution under special supervision, a category primarily for entities experiencing weaknesses that FCA believes cannot be corrected in the normal course of business. 'Other issues included FCA's (1) administrative expenses and assessment process and (2) oversight of FCS mission compliance. We have published a report on the first issue. See Farm Credit Administration: Analysis of Administrative Expenses and Funding Through Assessments (GAO-01- 949, Aug. 2, 2001). We plan to report to you on FCA's oversight of certain aspects of FCS's mission compliance on March 8, 2002. GAO-02-324R FCA Safety and Soundness Oversight

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