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COVID-19 Impact on the Banking Industry: Conditions at the End of 2020 [March 17, 2021]
From the Document: "Although bank regulation is designed to allow banks to withstand some amount of unexpected losses, the economic ramifications of the Coronavirus Disease 2019 (COVID-19) pandemic could result in enough borrowers missing loan payments to cause distress for banks [hyperlink]. The Federal Deposit Insurance Corporation (FDIC) releases comprehensive data on bank condition and income quarterly, and it recently released the 'Quarterly Banking Profile: Fourth Quarter 2020' [hyperlink], which reports aggregate data from all 5,001 FDIC-insured institutions as of December 31, 2020. This Insight presents certain bank industry statistics as of the end of 2020 and examines how the pandemic might be affecting the industry."
Library of Congress. Congressional Research Service
Perkins, David W.; Gnanarajah, Raj
2021-03-17
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CRS Series: Introduction to Financial Services-117th Congress [Updated January 15, 2021]
From the document: "The Congressional Research Service (CRS) has created a series providing an introduction to various financial services issues in the 117th Congress."
Library of Congress. Congressional Research Service
Labonte, Marc; Gnanarajah, Raj
2021-01-15
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CARES Act (P.L. 116-136): Provisions Designed to Help Banks and Credit Unions [Updated January 11, 2021]
From the Document: "The economic effects of the coronavirus (COVID-19) pandemic may cause numerous borrowers to miss loan repayments, potentially leading to distress at banks and credit unions. Because of the importance of those institutions to the economy, regulators have implemented 'safety and soundness' regulations, including lending, capital, and liquidity rules. Regulators also require the institutions to report financial information. As part of Congress's response to COVID-19, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) includes four sections--4011, 4012, 4013, and 4014--that temporarily relax some of the regulations banks face. Section 4016 expands access to the Central Liquidity Facility (CLF), which is a liquidity facility for credit unions that is administered by at the National Credit Union Administration. This Insight examines those sections."
Library of Congress. Congressional Research Service
Perkins, David W.; Gnanarajah, Raj; Getter, Darryl E.
2021-01-11
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CARES Act Bank and Credit Union Relief: Expirations and Extensions Under P.L. 116-260 [January 11, 2021]
From the Document: "The economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic may cause numerous borrowers to miss loan repayments, potentially leading to distress at banks and credit unions. As part of Congress's response, Division A of the CARES [Coronavirus Aid, Relief, and Economic Security] Act (P.L. 116-136) included six sections--4008, 4011, 4012, 4013, 4014, and 4016--that either temporarily relaxed regulations facing banks and credit unions or provided regulators additional temporary authorities to support those institutions and their lending. [...] This Insight identifies which provisions were extended by the Consolidated Appropriations Act, 2021 (P.L. 116-260); which provisions expired; and the possible implications of those extensions and expirations. As enacted, the CARES Act provisions would have expired on the earlier of (1) the termination date of the COVID-19 national emergency declared by the President on March 13, 2020, under the National Emergencies Act (P.L. 94-412) or (2) the end of 2020. P.L. 116-260, Division N, Sections 540 and 541, extended the expiration date of CARES Act Sections 4013, 4014, and 4016 until the earlier of the emergency termination date or the end of 2021. The act did not extend Sections 4008, 4011, and 4012, and they expired on December 31, 2020."
Library of Congress. Congressional Research Service
Perkins, David W.; Getter, Darryl E.; Gnanarajah, Raj
2021-01-11
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COVID-19 Impact on the Banking Industry: Conditions in the Third Quarter of 2020 [December 23, 2020]
From the Background: "The pandemic has caused businesses to close or limit operations and millions of job losses. Economic downturns threaten bank profitability because more borrowers might miss loan repayments, which can reduce bank income and impose losses. Meanwhile, bank liabilities--the deposits they hold and the debt they owe--obligate banks to make funds available to depositors and creditors. If borrower repayments decline enough, a bank's ability to meet its obligations could become impaired, potentially causing it to fail. In contrast, bank capital--largely equity stock and retained profits from earlier periods--enables a bank to absorb a certain amount of losses without failing. For this reason, bank regulators require banks hold certain amounts of capital (in addition to subjecting them to a variety of safety and soundness regulations) in order to avoid failures. However, if losses are sufficiently large, banks may nevertheless fail, reducing credit available to the economy and potentially destabilizing the financial system. Certain effects of, and bank responses to, economic downturns--such as reduced income and increased credit loss reserves--occur shortly after the onset of economic deterioration. Other effects--such as increased loan delinquency, incurred losses, and reduced capital value--occur after a longer lag (see CRS [Congressional Research Service] Insight IN11501, 'COVID-19 [coronavirus disease 2019] Impact on the Banking Industry: Lag Between Recession and Bank Distress'). Thus far the bank industry is holding up well, but as the pandemic continues to affect the economy, signs of stress may start to emerge."
Library of Congress. Congressional Research Service
Perkins, David W.; Gnanarajah, Raj
2020-12-23
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COVID-19: Consumer Loan Forbearance and Other Relief Options [Updated October 23, 2020]
From the Document: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. The economic impact has been large due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions. Consequently, many Americans have lost income and faced financial hardship due to the impact of the COVID-19 pandemic. [...] This report focuses on policy responses relating to the financial services industry for consumers who may have trouble paying their loan obligations, such as mortgages, student loans, auto loans, and credit cards. First, it provides an overview of loan forbearance and other possible relief options for consumers. Then, the report discusses relevant CARES [Coronavirus Aid, Relief, and Economic Security] Act provisions and federal financial regulatory responses. Lastly, the report describes the impact this pandemic and the proceeding policy responses have had on financial institutions and consumers."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Getter, Darryl E.; Perkins, David W. . . .
2020-10-23
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CARES Act (P.L. 116-136): Provisions Designed to Help Banks and Credit Unions [Updated September 18, 2020]
From the Document: "The economic effects of the coronavirus (COVID-19) pandemic may cause numerous borrowers to miss loan repayments, potentially leading to distress at banks and credit unions. Because of the importance of banking to the economy, federal depository regulators have implemented 'safety and soundness' regulations, including lending, capital, and liquidity rules. Regulators also have the authority to supervise banks, which includes requiring banks to report financial information. As part of Congress's response to COVID-19, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) includes four sections--4011, 4012, 4013, and 4014--that temporarily relax some of the regulations banks face. Section 4016 expands access to the Central Liquidity Facility (CLF), which is a liquidity facility for credit unions that exists at the National Credit Union Administration (NCUA). This Insight examines those sections."
Library of Congress. Congressional Research Service
Perkins, David W.; Getter, Darryl E.; Gnanarajah, Raj
2020-09-18
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COVID-19 Impact on the Banking Industry: Conditions in the Second Quarter of 2020 [September 10, 2020]
From the Document: "The economic ramifications of the Coronavirus Disease 2019 (COVID-19) pandemic could cause borrowers to miss loan payments, potentially to the point of individual banks or the bank industry becoming distressed. How and to what degree banks will be affected is uncertain. Comprehensive bank data are collected and released quarterly and provide indicators of industry health. On August 25, 2020, the Federal Deposit Insurance Corporation (FDIC) released the 'Quarterly Banking Profile: Second Quarter 2020,' which reports aggregate data from all 5,066 FDIC-insured institutions as of June 30, 2020. This Insight presents certain data that may indicate how the pandemic is affecting banks."
Library of Congress. Congressional Research Service
Perkins, David W.; Gnanarajah, Raj
2020-09-10
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Treasury and Federal Reserve Financial Assistance in Title IV of the CARES Act (P.L. 116-136) [Updated August 5, 2020]
From the Introduction: "On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; H.R. 748) into law as P.L. 116-136. The CARES Act is a wide-ranging act to provide relief to consumers, small businesses, and certain industries amid the economic fallout of COVID-19. [...] Title IV of the CARES Act contains numerous provisions aimed broadly at stabilizing the economy and helping affected households and businesses. It has received considerable attention for containing funding for industry and financial services. Specifically, Section 4003 directs the Department of the Treasury (Treasury) and the Federal Reserve (Fed) to make up to $500 billion available to support various businesses in the aviation sector, as well as the financial system. [...] This report provides an overview of Section 4003 and related provisions and explains the terms and conditions associated with the assistance. The report's Appendix compares these provisions to the 2008 Troubled Asset Relief Program (TARP)."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Egar, William T.; Gnanarajah, Raj . . .
2020-08-05
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Department of Energy Loan Programs: Title XVII Innovative Technology Loan Guarantees [June 23, 2020]
From the Document: "The Department of Energy's (DOE's) Loan Programs Office (LPO) manages the Title XVII Innovative Technology Loan Guarantee Program, the focus of this Insight, and the Tribal Energy Loan Guarantee Program (TELGP). Table 1 provides a high-level comparison of these programs. LPO also manages the Advanced Technology Vehicles Manufacturing (ATVM) direct loan program. Established by the Energy Policy Act of 2005 (EPACT05 Title XVII, P.L. 109-58), as amended in 2009 (Sec 406, P.L. 111-5), the Title XVII program has supported projects under two separate loan guarantee authorities with different characteristics (see Table 1). 1. 'Section 1703' authority is currently active and to date has committed funds to one project, and, 2. 'Section 1705' authority expired in September 2011 and committed funds to 28 projects."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy); Holt, Mark; Clark, Corrie E. . . .
2020-06-23
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COVID-19 and the Banking Industry: Risks and Policy Responses [June 18, 2020]
From the Summary: "The Coronavirus Disease 2019 (COVID-19) pandemic has caused widespread economic disruption. Millions of businesses were forced to shut down and unemployment soared. The weakened economic conditions are likely to have implications for the financial system, including for banks and the banking industry. Many bank assets are loans to households and businesses, and banks rely on the inflow of repayments on those loans to make profits and meet their obligations to depositors and creditors. If repayments suddenly decline, banks can become distressed and potentially fail. Bank failures can be especially disruptive to the economy because they remove an important credit source for communities, and the financial system can become unstable if failures are widespread."
Library of Congress. Congressional Research Service
Perkins, David W.; Labonte, Marc; Gnanarajah, Raj . . .
2020-06-18
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Restrictions on Compensation Under the CARES Act [June 12, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) was enacted to assist those affected by the economic impact of Coronavirus Disease 2019 (COVID-19). A key part of this assistance is provided to eligible businesses, states, and municipalities in Division A, Title IV of the act. Section 4003 allocates $500 billion to the Department of the Treasury (Treasury) to make loans or loan guarantees to certain industries and to support Federal Reserve lending facilities. Section 4112 allocates $32 billion to Treasury to provide financial assistance to the aviation industry for employee wages, salaries, and benefits. Some have characterized these provisions as a 'bailout' of private industry; others assert they are necessary to avoid employment losses and maintain economic stability. [...] Recipient firms of this financial assistance must meet a number of requirements. In some cases, these include restrictions on compensation at firms receiving assistance under Title IV of the act. This Insight gives an overview of those restrictions."
Library of Congress. Congressional Research Service
Shorter, Gary W.; Gnanarajah, Raj
2020-06-12
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COVID 19: Consumer Loan Forbearance and Other Relief Options [Updated June 2, 2020]
From the Summary: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. This situation is evolving rapidly, and the economic impact has been large due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions. Consequently, many Americans will lose income and face financial hardship due to the COVID-19 pandemic. Many consumers may have trouble paying their loan obligations, such as mortgages, student loans, auto loans, and credit cards. Due to increasing hardship, 'loan forbearance' has become a common form of consumer relief during the COVID-19 pandemic. Loan forbearance plans are agreements that allow borrowers to reduce or suspend payments for a short period of time, providing extended time for consumers to become current on their payments and repay the amounts owed. These plans do not forgive unpaid loan payments and tend to be appropriate for borrowers experiencing temporary hardship. Loan forbearance may become a less viable option to deal with the financial ramifications of COVID-19 if the pandemic causes prolonged disruptions, such as persistent elevated levels of unemployment or permanent business closures."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Getter, Darryl E.; Gnanarajah, Raj . . .
2020-06-02
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COVID 19: Consumer Loan Forbearance and Other Relief Options [May 14, 2020]
From the Introduction: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. As this situation rapidly evolves, the economic impact due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions will be large. Consequently, many Americans will lose income and face financial hardship due to the impact of the COVID-19 pandemic. [...] This report focuses on policy responses relating to the financial services industry for consumers who may have trouble paying their loan obligations, such as mortgages, student loans, auto loans, and credit cards. 5 First, it provides an overview of loan forbearance and other possible relief options for consumers. Then, the report discusses relevant CARES [Coronavirus Aid, Relief, and Economic Security] Act provisions and federal financial regulatory responses. Lastly, the report describes the impact this pandemic and the proceeding policy responses have had on financial institutions and consumers."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Getter, Darryl E.; Gnanarajah, Raj . . .
2020-05-14
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U.S. Postal Service Financial Condition and Title VI of the CARES Act [May 12, 2020]
From the Document: "In its latest response to concerns about the financial condition of the United States Postal Service (USPS), Congress added a provision to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136, Section 6001) expanding USPS's authority to borrow from the Treasury. This comes at a time when USPS is delivering important information and products in connection with the ongoing COVID-19 pandemic, including economic impact payments, census mailings, mail-in election ballots, and vital medicines. The CARES Act borrowing authority raises new questions about USPS's fiscal condition. This Insight briefly reviews USPS's funding structure, its existing borrowing authority, and the financial challenges it faced before, and is likely to face after, the pandemic. It concludes with potential issues for congressional consideration."
Library of Congress. Congressional Research Service
Stuessy, Meghan M.; Gnanarajah, Raj
2020-05-12
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Treasury and Federal Reserve Financial Assistance in Title IV of the CARES Act (P.L. 116-136) [April 28, 2020]
From the Summary: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; H.R. 748) was signed into law as P.L. 116-136 on March 27, 2020, to assist those affected by the economic impact of Coronavirus Disease 2019 (COVID-19). This assistance is targeted to consumers, businesses, and the financial services sector. A key part of this assistance is provided to eligible businesses, states, and municipalities in Division A, Title IV of the CARES Act. Title IV allocates $500 billion to the Department of the Treasury (through the Exchange Stabilization Fund) to make loans and guarantees for three specified industries--passenger airlines, cargo airlines, and businesses critical to national security--and to support Federal Reserve lending facilities."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Egar, William T.; Gnanarajah, Raj . . .
2020-04-28
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Bank Exposure to COVID-19 Risks: Business Loans [April 20, 2020]
From the Document: "The COVID-19 (coronavirus) pandemic has caused financial hardship across the country. If COVID-19 causes borrowers to miss loan payments, it could have negative consequences for banks. This Insight examines the exposure banks have to business loan repayments, such as commercial and industrial (C&I) loans and commercial real estate (CRE) loans. [...] The main business of a bank is to make loans and buy securities using funding it raises by taking deposits. A bank earns money largely through borrowers making payment on those loans and securities issuers making payment on securities, along with charging fees for certain services. In addition to accepting deposits, a bank also raises funding by issuing debt (such as bonds) and capital (such as stock). Unlike deposits and debt that place specific payment obligations on a bank, payments on capital can generally be reduced, delayed, or cancelled and the value of capital can be written down. Thus, if incoming payments unexpectedly stop, capital allows a bank to withstand losses to a point. However, if a bank exhausts its capital reserves, it could face financial distress and potentially fail."
Library of Congress. Congressional Research Service
Perkins, David W.; Gnanarajah, Raj
2020-04-20
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Bank Exposure to COVID-19 Risks: Mortgages and Consumer Loans [April 14, 2020]
From the Document: "The COVID-19 (coronavirus) pandemic has caused financial hardship across the country. If COVID-19 causes borrowers to miss payments, it could have negative consequences for banks. This Insight examines the exposure banks have to household repayments, such as mortgages, credit cards, auto loans, and other consumer debt. The main business of a bank is to make loans and buy securities using funding it raises by taking deposits. A bank earns money largely through borrowers making payment on those loans and securities issuers making payment on securities, along with charging fees for certain services. In addition to accepting deposits, a bank also raises funding by issuing debt (such as bonds) and capital (such as stock). Unlike deposits and debt that place specific payment obligations on a bank, payments on capital can generally be reduced, delayed, or cancelled and the value of capital can be written down. Thus, if incoming payments unexpectedly stop, capital allows a bank to withstand losses to a point. However, if a bank exhausts its capital reserves, it could face financial distress and potentially fail."
Library of Congress. Congressional Research Service
Perkins, David W.; Gnanarajah, Raj
2020-04-14
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CARES Act (P.L. 116-136): Provisions Designed to Help Banks and Credit Unions [April 7, 2020]
From the Document: "Individuals and businesses have significantly reduced economic activity in response to the coronavirus (COVID-19) outbreak, potentially inflicting unanticipated losses on banks and credit unions and possibly putting them in financial distress. Because these institutions are vital to the functioning of the economy, the government has created 'safety nets' to prevent them from failing and to protect depositors. To reduce the likelihood that these safety nets need to be used, the depository regulators have implemented 'safety and soundness' regulations, which include rules related to banks' lending, capital, and liquidity. Regulators also have the authority to supervise banks, which includes the periodic collection and examination of banks financial information. As part of Congress's response to COVID-19, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) includes four sections--4011, 4012, 4013, and 4014--that temporarily relax some of the regulations banks face."
Library of Congress. Congressional Research Service
Perkins, David W.; Gnanarajah, Raj; Getter, Darryl E.
2020-04-07
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Title IV Provisions of the CARES Act (P.L. 116-136) [April 2, 2020]
From the Document: "Economic conditions have deteriorated rapidly in the past few weeks, as the Coronavirus Disease 2019 (COVID-19) pandemic has caused many businesses and public institutions to limit or close their operations, increasing financial hardship for many Americans due to layoffs or time off of work due to illness. COVID-19's effect on the airline industry has been one of many areas of interest for Congress. On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law as P.L. 116-136. The act contains a number of provisions aimed broadly at stabilizing the economy and helping affected households and businesses. Specifically, Title IV of the CARES Act grants funds to industries affected by the virus and new authorities to the regulators and agencies responsible for those industries, waives requirements for industries to meet certain regulatory requirements, and provides added oversight and consumer protections, each on a temporary basis."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Cecire, Michael H.; Cooper, Cheryl R. . . .
2020-04-02
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Wells Fargo--A Timeline of Recent Consumer Protection and Corporate Governance Scandals [Updated February 27, 2020]
From the Document: "Wells Fargo Bank, N.A., is a large federally chartered depository bank. It is a subsidiary of Wells Fargo and Company, a bank holding company (hereinafter, Wells Fargo or the bank). Wells Fargo is the fourth-largest bank in the United States with $1.9 trillion in assets at the end of 2019. In 2016, a scandal involving Wells Fargo creating fake accounts--which may have harmed more than 2 million consumers--increased scrutiny of the bank by Congress, financial regulators, and the public. Since this revelation, certain Wells Fargo business practices have continued to raise concerns relating to consumer protection and corporate governance, leading to additional congressional oversight and interest. This In Focus provides a brief overview of federal regulation of Wells Fargo and a timeline of key events involving the company. It then discusses a few relevant policy issues, including consumer protection, corporate governance, and recent congressional oversight of the bank."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Gnanarajah, Raj
2020-02-24
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Wells Fargo-A Timeline of Recent Consumer Protection and Corporate Governance Scandals [Updated February 3, 2020]
From the Document: "Wells Fargo Bank, N.A., is a large federally chartered depository bank. It is a subsidiary of Wells Fargo and Company, a bank holding company (hereinafter, Wells Fargo or the bank). Wells Fargo is the fourth-largest bank in the United States with $1.9 trillion in assets at the end of 2019. In 2016, a scandal involving Wells Fargo creating fake accounts--which may have harmed more than 2 million consumers--increased scrutiny of the bank by Congress, financial regulators, and the public. Since the scandal was revealed to the public, certain of Wells Fargo's business practices have continued to raise concerns relating to consumer protection and corporate governance, leading to additional congressional oversight and interest. This In Focus provides a brief overview of federal regulation of Wells Fargo and a timeline of key events involving the company since the scandal's disclosure. It then discusses a few relevant policy issues, including consumer protection and corporate governance, and highlights recent instances of congressional oversight of the bank."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Gnanarajah, Raj
2020-02-03
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Introduction to Financial Services: Accounting and Auditing Regulatory Structure, U.S. And International [Updated January 6, 2020]
From the Document: "This In Focus provides an overview of how accounting and auditing standards are created and regulated in the private sector, the federal government, and state and local governments. Different accounting and auditing standards evolved in the private and public sector to address the specific needs of their respective stakeholders. This In Focus also discusses two policy issues that might be of interest to Congress and investors."
Library of Congress. Congressional Research Service
Gnanarajah, Raj
2020-01-06
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Department of Defense First Agency-Wide Financial Audit (FY2018): Background and Issues for Congress [November 27, 2019]
From the Overview: "The Chief Financial Officers Act of 1990 (CFO Act) requires annual financial audits of federal agencies' financial statements to 'assure the issuance of reliable financial information ... deter fraud, waste and abuse of Government resources ... [and assist] the executive branch ... and Congress in the financing, management, and evaluation of Federal programs.' Agency inspectors general (IGs) are responsible for the audits and may contract with one or more external auditors. The Department of Defense (DOD) completed its first agency-wide financial audit in FY2018 and recently completed its FY2019 audit. Comprehensive data for the FY2019 audit are not currently available. Therefore, this report focuses on DOD's FY2018 audit. Congressional interest in DOD's audits is particularly acute because DOD accounts for about half of federal discretionary expenditures and 15% of total federal expenditures."
Library of Congress. Congressional Research Service
Gnanarajah, Raj
2019-11-27
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Wells Fargo-- A Timeline of Recent Consumer Protection and Corporate Governance Scandals [March 8, 2019]
From the Document: "This In Focus provides a brief overview of federal regulation of Wells Fargo and a timeline of key events involving the company since the scandal's disclosure. It then discusses a few relevant policy issues, including consumer protection and corporate governance, and highlights recent instances of congressional oversight of the bank."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Gnanarajah, Raj
2019-03-08
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Defense Primer: FY2018 Department of Defense Audit Results [Updated January 9, 2019]
From the Document: "The Chief Financial Officers Act of 1990 (CFO Act, P.L. 101-576) requires annual audits of financial statements for federal agencies. Under the CFO Act, audits of federal agencies are the responsibility of the agency's inspector general (IG), but the IG may contract with one or more external auditors to perform the audit. The Department of Defense's (DOD) IG conducted the first-ever agency-wide financial audit of DOD in FY2018. A number of DOD components have previously undergone annual audits (e.g., the U.S. Army Corps of Engineers, Defense Contract Audit Agency, and National Reconnaissance Office). The agency-wide audit was conducted by nine Independent Public Accounting (IPA) firms contracted by DOD IG. The IPAs conducted 24 separate audits within DOD."
Library of Congress. Congressional Research Service
Schwartz, Moshe; Gnanarajah, Raj
2019-01-09
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Financial Services and General Government (FSGG) FY2019 Appropriations: Independent Agencies and General Provisions [October 26, 2018]
"The Financial Services and General Government (FSGG) appropriations bill includes funding for more than two dozen independent agencies primarily in Title V. These agencies perform a wide range of functions, including the management of federal real property, the regulation of financial institutions and markets, and mail delivery. This report focuses on funding for those independent agencies in Title V of the FSGG appropriations bill. It also addresses general provisions that apply government-wide, which appear in Title VII, and provisions on Cuba sanctions, which would typically appear in Title I. In addition, the FSGG bill funds agencies not covered in this report--the Department of the Treasury (Title I), the Executive Office of the President (EOP; Title II), the judiciary (Title III), and the District of Columbia (Title IV). The bill typically funds mandatory retirement accounts in Title VI, which also contains general provisions applying to the FSGG agencies."
Library of Congress. Congressional Research Service
Webel, Baird; Christensen, Michelle D.; Dilger, Robert Jay, 1954- . . .
2018-10-26
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Defense Primer: Understanding the Process for Auditing the Department of Defense [June 26, 2018]
From the Document: "The Chief Financial Officers Act of 1990 (CFO Act, P.L. 101-576) requires annual audits of financial statements for federal agencies. Under the CFO Act, audits of federal agencies are the responsibility of the agency's inspector general (IG), but the IG may contract with one or more external auditors to perform the audit. While a number of Department of Defense (DOD) components already undergo annual audits (e.g., the U.S. Army Corps of Engineers, Defense Contract Audit Agency, and National Reconnaissance Office), DOD is undergoing its first-ever agency-wide financial audit in FY2018. Generally, the process and standards used to audit DOD are the same as those used to audit other federal agencies. Understanding why and how the DOD audit is conducted can help Congress evaluate the results and usefulness of the audit. DOD has contracted with external accounting firms to conduct its FY2018 audit. Different components within DOD are currently being audited by different firms. DOD expects to spend more than $340 million to conduct the FY2018 audit and to release the results in November 2018. It is to submit a full report to Congress by March 31, 2019. Thereafter, final audit reports are to be issued annually in November, covering the prior fiscal year."
Library of Congress. Congressional Research Service
Schwartz, Moshe; Gnanarajah, Raj
2018-06-26
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Orderly Liquidation Authority: Reform Proposals [April 17, 2018]
"The Orderly Liquidation Authority (OLA) was created by Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203; Dodd-Frank) to allow the Federal Deposit Insurance Corporation (FDIC) to resolve certain failing financial institutions whose collapse could threaten the stability of the financial system. Although OLA has never been used, it has become the subject of a number of reform proposals. This Insight briefly describes the OLA and two prominent examples of such proposals."
Library of Congress. Congressional Research Service
Gnanarajah, Raj; Perkins, David W.
2018-04-17
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Accounting and Auditing Regulatory Structure: U.S. and International [July 19, 2017]
"Accounting is commonly considered the language of finance. A common set of principles and rules help establish accounting standards. Accountants who audit financial statements (auditors) also adhere to a common set of audit principles and rules to examine financial statements. In the United States, accounting and auditing standards are promulgated and regulated by various federal, state, and self-regulatory agencies. Accounting and auditing standards are also influenced by practitioners from businesses, nonprofits, and government entities (federal, state, and local). Congress has allowed financial accounting and auditing practitioners to remain self-regulated while retaining oversight responsibility. At certain times, Congress has sought to achieve specific accounting- and auditing-based policy objectives by enacting legislation such as the Sarbanes-Oxley Act of 2002 (SOX) and the Federal Credit Reform Act of 1990 (FCRA)."
Library of Congress. Congressional Research Service
Gnanarajah, Raj
2017-07-19
