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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 2008, the GAO completed seven reports on selected aspects of Federal Reserve operations (table). In addition, eight 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, including eight other completed reviews and ten other ongoing reviews.
The reports are available directly from the GAO.
| Report Title | Report number | Month issued (2008) |
|---|---|---|
| Hedge Funds: Regulators and Market Participants Are Taking Steps to Strengthen Market Discipline, but Continued Attention Is Needed | GAO-08-200 | January |
| U.S. Coins: The Federal Reserve Banks Are Fulfilling Coin Demand, but Optimal Inventory Ranges Are Undefined | GAO-08-401 | March |
| Fair Lending: Race and Gender Data Are Limited for Nonmortgage Lending | GAO-08-698 | June |
| Information Security Controls at FRBs | GAO-08-836R | June |
| U.S. Patriot Act: Better Interagency Coordination and Implementing Guidance for Section 311 Could Improve U.S. Anti-Money Laundering Efforts | GAO-08-1058 | September |
| Risk-Based Capital: New Basel II Rules Reduced Certain Competitive Concerns, but Bank Regulators Should Address Remaining Uncertainties | GAO-08-953 | September |
| Check 21 Act: Most Consumers Have Accepted and Banks Are Progressing Toward Full Adoption of Check Truncation | GAO-09-8 | October |
| Subject of project | Month initiated |
|---|---|
| Suspicious Activity Reports (SAR) process | September 2007 |
| Inspector Generals' role in federal entities | September 2007 |
| Bank Secrecy Act (BSA) compliance and enforcement | October 2007 |
| Review of federal enforcement of fair lending laws | September 2008 |
| Systemic risk determination | October 2008 |
| Risks and challenges presented by credit default swaps | November 2008 |
| Risk management oversight among federal financial regulators | December 2008 |
| Cybersecurity strategy | December 2008 |