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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.
| 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 |
| 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 |