FRB: Annual Report 2006, Government Accountability Office Reviews

Under the Federal Banking Agency Audit Act (Public Law 95-320), most Federal Reserve System operations are under the purview of the Government Accountability Office (GAO). In 2006, the GAO completed six reports on selected aspects of Federal Reserve operations (table). In addition, seven projects concerning the Federal Reserve were in various stages of completion at year-end (table). The Federal Reserve also provided information to the GAO during the year on numerous other GAO investigations.

The reports are available directly from the GAO.

Reports Completed during 2006
Report title	Report number	Month issued (2006)
Credit Cards: Customized Minimum Payment Disclosure Would Provide More Information to Consumers, but Impact Could Vary	GAO-06-434	April
Bank Secrecy Act: Opportunities Exist for FinCEN and the Banking Regulators to Further Strengthen the Framework for Consistent BSA Oversight	GAO-06-386	May
Information Security: Federal Reserve Needs to Address Treasury Auction Systems	GAO-60-659	August
Alternative Mortgage Products: Impact on Defaults Remains Unclear, but Disclosure of Risks to Borrowers Could Be Improved	GAO-06-1021	September
Minority Banks: Regulators Need to Better Assess Effectiveness of Support Efforts	GAO-07-6	October
Credit Cards: Increased Complexity in Rates and Fees Heightens Need for More Effective Disclosures to Consumers	GAO-06-929	October

Projects Active at Year-End 2006
Subject of project	Month initiated
Consolidated supervision of financial institutions	November 2005
Prompt Corrective Action (PCA) program	March 2006
Basel II Capital Accord	March 2006
Financial markets preparedness	March 2006
Financial regulatory agencies' performance pay systems	May 2006
Financial regulatory agencies' compensation programs	May 2006
Hedge funds and federal regulatory oversight	October 2006

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