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CED-81-56 1 (1981-01-30)

handle is hein.gao/gaobabbmx0001 and id is 1 raw text is: ,,RELEASED 0P 0~k 9 EDTjS B-201890 JANUARY 30, 1981 The Honorable Roger W. Jepsen United States Senate Dear Senator Jepsen: Subject: rummary of Major Deficiencies in the Farmers Home Administration's Business and Industrial Loan Prograj (CED-81-56) Your letter of January 12, 1981, asked us to summarize major deficiencies found in the U.S. Department of Agricul- ture's (USDA's) Farmers Home Administration's (FmHA's) Busi- ness and Industrial Loan Program. Your letter asked that we base our summary on audits by our Office and USDA's Office of Inspector General (OIG) and internal FmHA studies. It also asked for our observations or recommendations for correcting any continuing problems. In September 1977 we reported on loan evaluation and servicing deficiencies in FmHA's Business and Industrial Loan Program. Our review of OIG audits and FmHA internal assess- ments showed that many of the deficiencies identified in our report still exist. In response to the reported deficiencies, FmHA has acted or promised action on many of our and OIG's recommendations. According to FmHA program officials, FmHA has acted quickly to correct deficiencies but considerable time was required to change regulations. They said that policy changes alone were difficult to enforce without regulatory changes. Further, they said that only time will tell if the changes made or in process would suffice to correct deficiencies. We believe the continuing deficiencies in the FmHA Business and Industrial Loan Program are the result of an imbalance between FmHA staffing levels and program activities and the failure of FmHA staff to follow or enforce program requirements. We believe that to correct the deficiencies: --A better balance will be needed between FmHA staffing and program activities. (069251) ______________________ III 11431111117iii | . . . . ,114317

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