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GAO-20-499PR 1 (2020-04-20)

handle is hein.gao/gaobaeazy0001 and id is 1 raw text is: c A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States April 20, 2020 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'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 The Federal Reserve's implementation rate for these recommendations was 80 percent. As of April 2020, the Federal Reserve had 23 open recommendations. Fully implementing these 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. The Federal Reserve has seven priority recommendations remaining from those we identified in our April 2019 letter. We ask your continued attention on those remaining priority recommendations. We also are adding one new recommendation related to stress testing, bringing the total number of priority recommendations to eight, and three other important recommendations related to managing emergency assistance. (See enclosure for the list of recommendations.) Financial Technology and Consumer Protection. Consumers are using financial technology -or fintech-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 the Federal Reserve 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, but these collaborations have yet to result in any coordinated public outcomes. To 1GAO, Performance and Accountability Report.- Fiscal Year 2019, GAO-20-1 SP (Washington, D.C.: Nov. 19, 2019). GAO-20-499PR Federal Reserve Recommendations Page 1

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