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GAO-01-322R 1 (2001-01-31)

handle is hein.gao/gaocrptanac0001 and id is 1 raw text is: SGAO Accountability * Integrity Reliability United States General Accounting Office Washington, DC 20548 January 31, 2001 The Honorable Richard H. Baker Chairman, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Committee on Financial Services House of Representatives Subject: Comparison of Financial Institution Regulators' Enforcement and Prompt Corrective Action Authorities Dear Mr. Chairman: This letter responds to your October 10, 2000, request that GAO review and compare the legal authorities available to the federal bank regulators, the Office of Federal Housing Enterprise Oversight (OFHEO), and the Federal Housing Finance Board (FHFB) (collectively referred to as financial institution regulators) for taking actions when issues arise regarding the capitalization and safety and soundness of the institutions they supervise. The federal bank regulators, OFHEO, and FHFB are responsible for ensuring that the institutions they supervise are in a safe and sound condition and that the activities of the regulated institutions and their managing officials do not raise safety and soundness concerns. To fulfill this responsibility, each financial institution regulator has an array of statutory supervisory authorities, regulatory powers, and enforcement tools. In your request letter, you expressed concern that OFHEO and FHFB may not have the same supervisory and enforcement powers as the bank regulators. As agreed, our objective was to describe the types of supervisory and enforcement authorities (including prompt corrective action provisions) available to financial institution regulators and highlight distinctions between the specific authorities of the bank regulators, OFHEO, and FHFB. Enclosure I provides a detailed side-by-side analysis of the respective enforcement and prompt corrective action authorities of the bank regulators, OFHEO, and FHFB. To respond to this request, we reviewed relevant statutes, legislative histories, agency opinions, and secondary sources relating to the supervisory and enforcement authorities of the financial institution regulators. We also met with agency officials from OFHEO and FHFB. We conducted our work at OFHEO and FHFB headquarters between October and December 2000. GAO-01-322R Financial Regulators' Enforcement Authorities

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