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GAO-20-498PR 1 (2020-04-20)

handle is hein.gao/gaobaeazx0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States April 20, 2020 The Honorable Jelena McWilliams Chairman Federal Deposit Insurance Corporation 550 17th St., NW Washington, D.C. 20429 Priority Open Recommendations: Federal Deposit Insurance Corporation Dear Ms. Chairman: The purpose of this letter is to provide an update on the overall status of the Federal Deposit Insurance Corporation's (FDIC) implementation of GAO's recommendations and to call your personal attention to areas where open recommendations should be given high priority. In November 2019, we reported that on a government-wide basis, 77 percent of our recommendations made 4 years ago were implemented.1 FDIC's implementation rate for these recommendations was 96 percent. As of February 2020, FDIC had seven open recommendations. Fully implementing these open recommendations could significantly improve FDIC's efforts to more effectively oversee risks to consumers and the safety and soundness of the U.S. banking system FDIC has both of its two priority recommendations remaining from those we identified in our April 2019 letter. We ask your continued attention to those remaining priority recommendations. We also are adding one new recommendation related to financial technology (fintech), bringing the total number of priority recommendations to three. (See enclosure for the list of recommendations.) Financial Technology and Consumer Protection. Consumers are using financial technology firms to aggregate information from their various financial accounts. In March 2018, we reported that market participants disagreed over whether consumers using financial account aggregators would be reimbursed for losses arising from unauthorized activity. We recommended that FDIC engage in collaborative discussions with other relevant financial regulators and stakeholders to address these issues. Bank and credit union regulators and the Consumer Financial Protection Bureau (CFPB) have been holding such discussions. These collaborations have resulted in a 2019 interagency statement on the use of alternative data in credit underwriting, but they have 1GAO, Performance and Accountability Report.- Fiscal Year 2019, GAO-20-1SP (Washington, D.C.: Nov. 19, 2019). GAO-20-498PR FDIC Recommendations Page 1

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