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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 2005, the GAO completed five reports on selected aspects of Federal Reserve operations (table). In addition, five 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 2005
Report title Report number Month issued (2005)
USA Patriot Act: Additional Guidance Could Improve Implementation of Regulations Related to Customer Identification and Information Sharing Procedures GAO-05-412 May
Information Security Practices: Financial Market Organizations Have Taken Steps to Protect against Electronic Attacks, But Could Take Additional Actions GAO-05-679R June
Industrial Loan Corporations: Recent Asset Growth and Commercial Interest Highlight Differences in Regulatory Authority GAO-05-621 September
Financial Audit: Bureau of the Public Debt's Fiscal Years 2005 and 2004 Schedules of Federal Debt GAO-06-l69 November
International Remittances: Information on Products, Costs, and Consumer Disclosures GA0-06-204 November
Projects Active at Year-End 2005
Subject of project Month initiated
Bank Secrecy Act examinations January 2004
Sections 330 and 361of the USA Patriot Act September 2005
Diversity in the financial services sector October 2005
Lending practices associated with alternative mortgage products November 2005
Consolidated supervision of financial institutions November 2005

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