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092723 1 (1969-03-07)

handle is hein.gao/gaobacwpm0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D C. 20548 CIVIL DIVISION MAAR 7 16 Dear Mr. Rand: During our audit of the financial statements of the Federal home loan banks for calendar year 1968, we have noted that the Federal Home Loan Bank Board may be able to reduce the cost of bank examinations by staffing the examination work with association examiners rather than with bank examiners without, in our opinion, impairing the quality of the bank examinations. There are about eight bank examiners and one chief bank examiner, under the direction of the Board's Office of Audits, who conduct an annual examination of each of the 12 Federal home loan banks. Except for the chief bank examiner who spends a large part of his time in Washington, D. C., the bank examiners are in travel status for about 10 months of each year. For calendar year 1968, the total travel cost for the bank examiners was about $35,000. The Board has sizable staffs of association examiners, under the direction of the Board's Office of Examinations and Supervision, perma- nently stationed in each city where a Federal home loan bank is located. We believe that it may be feasible to utilize the association examiners stationed in the city in which the Federal home loan bank is located to perform the examination of that bank. Although the use of association examiners to examine a bank would not eliminate all travel because there would remain the need for supervision of the bank examination by an experienced bank examiner from the Washington office, it wpuld elimi- nate a substantial amount of travel cost since the examination work would be performed by personnel who are permanently stationed in the city where the bank is located. Based on our review of the examination program used by the bank examiners, it appears that the bank examination work could be performed by the association examiners who are experienced in the examination of financial transactions of the savings and loan associations. Further, we believe that the quality of a bank examination would not be impaired provided that the examination work is performed under the supervision of an experienced supervisory bank examiner. 09972

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