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FOD-77-8 1 (1977-12-22)

handle is hein.gao/gaobaawkr0001 and id is 1 raw text is: DOCUMENT RESUME 04565 - (E35748431 Supervision of Banks by the Federal Deposit Insurance Corporation Can Be more Efficient. FOD-77-8; 5-114831. December 22, 1977. 34 pp. * 3 appsDjices (22 pp.). Report to the Congress; by Elmer B. Staats, Comptroller General. Issue Area: A ounting and Financial Reporting (2800). Contact: Field operations Div. Budget Function: Commerce and Transportation: Other Advancement and Regulation of Commerce (403), Organization Concerned; Federal Depoait Insurance Conp.; General Accounting Office. Congressionol Relevance: Congress. Authomity: Banking Act of 1933. As a result of a Congressional request tht GAO review the supeLvisory activities of the three Federal tank regulatory agencies, GAO was granted unrestricted access to bank exaainatoa reports and related recorls. The Yederal Deposit Insurance Corporation (PDIC) maintaiLs public confidence in the hation's banking system by protecting depositors and encouraging sound tanking, primarily through depesit insurance and bank supervision. Findings/Conclusions; The deposit insurance fund presently exceads $7 billion and is available to meet future losses resulting from bank failures. The insurance fund is adeguate to meet potential losses that might result froa problem conditions known to exist in specific insured banks at the end of 1976. The financial statements in the reFcrt present fairly the .inancial position of FDIC as of December 31, 1975 and December 31p 1976, and the results of its oferations and changes in financial pcsition for the years then ended. Recommendations: The Chairman of the FDIC should: require periodic internal audits of its Division of Bank Supervision which is responsible for the examination and supervision of banks; develop more definitive criteria for classifying tbose banks not appearing on the problem bank list; require more complete documentation of the decisionmaking process for classifyinq banks; and initiate discussions of scae additional common problem areas with the other supervisory agencies. (Authcz/SC)

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