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GAO-23-106940 1 (2023-08-01)

handle is hein.gao/gaopal0001 and id is 1 raw text is: G U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States August 1, 2023 The Honorable Michael J. Hsu Acting Comptroller of the Currency Office of the Comptroller of the Currency 400 7th St. SW Washington, D.C. 20219 Priority Open Recommendations: Office of the Comptroller of the Currency Dear Mr. Hsu: The purpose of this letter is to provide the overall status of the Office of the Comptroller of the Currency's (OCC) implementation of GAO's recommendations and to call your personal attention to open recommendations that should be given high priority.1 In November 2022, we reported that on a government-wide basis, 77 percent of our recommendations made 4 years ago were implemented.2OCC's implementation rate for recommendations implemented during this same period was 100 percent. As of July 2023, OCC had 10 open recommendations. Fully implementing these open recommendations could significantly improve OCC's efforts to supervise and examine the operations of its chartered banks. In our May 2022 letter to the Department of the Treasury, we included our one open priority recommendation directed to OCC. Since that time, OCC has not implemented that recommendation. We ask your attention to this priority recommendation, which is related to financial technology (fintech). We are also adding one new priority recommendation related to oversight of blockchain technology. This brings OCC's total number of priority recommendations to two. (See enclosure for the list of recommendations.) The two priority recommendations fall into the following areas: Blockchain technology. Recent volatility, bankruptcies, and instances of fraud in the crypto asset markets illustrate the harm consumers and investors may face without adequate protections. We recommended that OCC and other financial regulators jointly establish or adapt an existing formal coordination mechanism to identify and address blockchain-related risks. If implemented, OCC and the financial regulators would be able to collectively identify risks posed by blockchain-related products and services and develop and implement a regulatory response in a timely manner. 1Priority recommendations are those that we believe 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 2022, GAO-23-900398 (Washington, D.C.: Nov. 15, 2022). GAO-23-106940 OCC Priority Recommendations Page 1

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