Comparison of Financial Institution Regulators' Enforcement and Prompt Corrective Action Authorities

Gao ID: GAO-01-322R January 31, 2001

GAO reviewed the legal authority allowing federal bank regulators, the Office of Federal Housing Enterprise Oversight (OFHEO), and the Federal Housing Finance Board (FHFB) (collectively referred to as financial institution regulators) to take action on capitalization and safety and soundness issues affecting the institutions they supervise. Concerns were expressed that OFHEO and FHFB may not have the same supervisory and enforcement powers as the bank regulators. GAO found that the financial institution regulators have similar but not identical powers and authorities. Each financial institution regulator administers its own statutory scheme that contains authority to address unsafe and unsound conditions and practices, as well as certain violative conduct.



The Justia Government Accountability Office site republishes public reports retrieved from the U.S. GAO These reports should not be considered official, and do not necessarily reflect the views of Justia.