Supervisory Examinations of International Banking Facilities Need To Be Improved

Gao ID: GGD-84-65 September 20, 1984

GAO reviewed examinations of international banking facilities (IBF) conducted by federal bank regulatory agencies to determine if the examinations are adequate to ensure compliance with restrictions imposed on IBF activities. The group of regulatory agencies is comprised of the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve.

GAO found that the regulatory agencies have not ensured that all IBF are complying with regulatory restrictions, because recognized minimum examination standards have not been developed and utilized. The Federal Reserve's examinations were the most comprehensive, but documentation of examinations was sometimes incomplete, and scope and methodology standards for reviews have not been disseminated.

Recommendations

Our recommendations from this work are listed below with a Contact for more information. Status will change from "In process" to "Open," "Closed - implemented," or "Closed - not implemented" based on our follow up work.

Director: Craig A. Simmons Team: General Accounting Office: General Government Division Phone: (202) 512-8678


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.