Report to Congress: Audit of Federal Deposit Insurance Corporation for the Year Ended June 30, 1968. Limited by Agency Restriction on Access to Bank Examination RecordsGeneral Accounting Office, 1969 - 31 pages |
Common terms and phrases
accepted accounting principles access to examination access-to-records problem Accounting Office annual audit ascer assets audit of FDIC bank examinations BANK FAILURES Banking and Currency Board of Directors Cedar Vale Committee on Banking Comptroller Congress for action contingent indemnity liability Deposit Insurance Act DEPOSIT INSURANCE CORPORATION DEPOSIT INSURANCE FUND disclose the contingent effect of identified ended June 30 examination reports FDIC continued February 28 Federal Deposit Insurance Federal Reserve banks Federal Reserve System financial condition financial statements fiscal year 1968 fiscal year ended GAO believes GAO supports House of Representatives identified problem banks identify serious problems Insurance Act 12 insurance assessments insured banks insured by FDIC insured deposits internal audit letter dated April loans March 19 member banks National banks Ninetieth Congress nonmember banks notes following schedule NUMBER OF PROBLEM payments position of FDIC Public Bank require FDIC resolve the access-to-records scope serious problem banks tion Total U.S. Government securities unrestricted access
Popular passages
Page 8 - The Corporation's records pertaining to the 13 banks which closed between July 1, 1963, and April 30, 1965, showed that the bank failures resulted from various combinations of unsound and deceptive practices in operations including misuse of bank funds by bank officers, directors, and owners; substandard loans and excessive appraisals of collateral ; unwarranted loans in which bank officers, directors, and owners had personal financial interests; broker-solicited funds in certificates of deposit...
Page 13 - June 30, 1964, and of related statements of income and deposit Insurance fund and of sources and application of funds for the year then ended. We were unable to make an evaluation of the Corporation's contingent indemnity liability for problem banks because of the restrictions imposed by the Corporation's officials on our access to examination reports and related data. (See pp.
Page 17 - The notes following schedule 4 are an integral part of this statement. The opinion of the General Accounting Office on these financial statements appears on page 18.
Page 11 - Pay into the employees' compensation fund the amount of benefit payments made from such fund on account of the Corporation's employees for all periods subsequent to the creation of the Corporation. c. Pay into the Treasury as miscellaneous receipts a fair portion of the cost of administering the civil service retirement system and the employees' compensation fund for all periods subsequent to the creation of the Corporation.
Page 13 - ... included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances and appropriate in view of the effectiveness of the system of internal control and the work performed by the Corporation's Internal auditors.
Page 12 - ... recommendations and providing that the Corporation pay interest on certain specifically recommended payments to the civil service retirement and disability fund and to the employees' compensation fund was considered by the Banking and Currency Committee of the House of Representatives (88th Cong. , 2d sess.) ; however, It did not come before the Congress for action prior to adjournment of that session of the Congress. The proposed legislation was not introduced during the first session of the...
Page 2 - Without full and complete access to these reports and any supporting records there is no assurance that all important factors underlying the decisions and actions of the Corporation have been made available for our examination, nor are we in a position to evaluate the effectiveness of the examination division's work or the degree of reliance which may be placed upon its efforts.
Page 11 - Corporation to: a. Pay into the civil service retirement and disability fund the Government's share of the cost of providing retirement and disability benefits for the Corporation's employees for the period from the creation of the Corporation through the year ended June 30, 1957. b. Pay into the employees...