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GGD-93-15R 1 (1993-03-30)

handle is hein.gao/gaobackgj0001 and id is 1 raw text is: GAO General Accounting Office Washington, D.C. 20548 General Government Division B-248521 March 30, 1993 The Honorable Donald W. Riegle, Jr. Chairman, Committee on Banking, Housing, and Urban Affairs 148841 United States Senate Dear Mr. Chairman: This letter responds to your February 1992 request that we review regulatory policy initiatives issued to address the credit crunch, i.e., the decline in credit extended by bank and thrift institutions. The decrease in credit extension by banks began during the first quarter of 1990 and continued into the last quarter of 1992. While the causes for the credit crunch are debatable, including whether it stems primarily from a reduction in loan demand by prospective borrowers or a contraction in the supply of credit caused by tightened underwriting standards by lenders or some other factors, it is generally acknowledged as contributing to the recent recession. We briefed the Committee throughout this review on the results of our work pertaining to the development, content, and perceived impact of the policy initiatives. This letter summarizes the information discussed with the Committee during the briefings. Information on our objectives, scope, and methodology is contained in enclosure I. BACKGROUND Bank and thrift regulators issue guidance for financial institution examiners and managers to enhance their (1) understanding of what constitutes safe and sound banking practices and operations, (2) compliance with banking laws and regulations, and (3) recordkeeping and financial reporting. Guidance also may be issued to implement provisions of banking laws, elaborate on how laws or regulations should be interpreted, or articulate or clarify regulatory policies and procedures. Bank and thrift regulatory agencies--the Office of the Comptroller of the Currency (OCC) for nationally chartered banks; the Federal Reserve Board (FRB) for state-chartered GAO/GGD-93-15R Credit Availability Guidance

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