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GAO-21-467PR 1 (2021-05-27)

handle is hein.gao/gaoltb0001 and id is 1 raw text is: 01O o U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States May 27, 2021 The Honorable Jerome H. Powell Chairman Board of Governors of the Federal Reserve System 20th St. & Constitution Ave., NW Washington, DC 20551 Priority Open Recommendations: Board of Governors of the Federal Reserve System Dear Mr. Chairman: The purpose of this letter is to provide an update on the overall status of the Board of Governors of the Federal Reserve System's (Federal Reserve) implementation of GAO recommendations and to call your personal attention to open recommendations that should be given high priority.1 In November 2020, we reported that on a government-wide basis, 77 percent of our recommendations made 4 years ago were implemented.2 The Federal Reserve's implementation rate was 88 percent. As of April 2021, the Federal Reserve had 12 open recommendations overall. Fully implementing the open recommendations could significantly improve the Federal Reserve's efforts to more effectively oversee risks to consumers and the safety and soundness of the U.S. banking system. Since our April 2020 letter, the Federal Reserve has implemented five of eight priority recommendations. In doing so, the Federal Reserve has collaborated with other relevant financial regulators to clarify how consumer protection laws apply when customers use account aggregation services from financial technology firms and subsequently experience harm; jointly conducted a retrospective review with other federal banking regulators and the Financial Crimes Enforcement Network of Bank Secrecy Act/anti-money laundering regulations to help ensure that the regulatory objectives are being met in the most effective and least burdensome way; enhanced its assessment of important trade-offs associated with the level of severity in its stress testing of the banking system, which can help to balance any improvements in the resiliency of the banking system with any impact on the cost and availability of credit; 1Priority recommendations are those that GAO believes warrant priority attention from heads of key departments or agencies. They are highlighted because, upon implementation, they may significantly improve government operation, for example, by realizing large dollar savings; eliminating mismanagement, fraud, and abuse; or making progress toward addressing a high-risk or duplication issue. 2GAO, Performance and Accountability Report: Fiscal Year 2020, GAO-21-4SP (Washington, D.C.: Nov. 16, 2020). GAO-21-467PR Federal Reserve Recommendations Page 1

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