Financial Institutions in Turmoil.

Intro -- FINANCIAL INSTITUTIONS IN TURMOIL -- BANKING AND BANKING DEVELOPMENTS SERIES -- FINANCIAL INSTITUTIONS IN TURMOIL -- CONTENTS -- PREFACE -- U.S. COINS: THE FEDERAL RESERVE BANKS ARE FULFILLING COIN DEMAND, BUT OPTIMAL INVENTORY RANGES ARE UNDEFINED -- WHY GAO DID THIS STUDY -- WHAT GAO FOUND -- RESULTS IN BRIEF -- BACKGROUND -- THE RESERVE BANKS' PROCESS FOR ORDERING AND DISTRIBUTING COINS USES NEW COINS, COIN INVENTORIES, AND COIN TRANSFERS TO MEET DEMAND -- Coin Demand Forecasts, Inventory Holdings, and Assessments of Local Market Demand Drive Reserve Bank Offices' Requests for New Coins -- CPO Coordinates the Reserve Banks' Coin Order and Identifies Opportunities for Reducing the Order through Transfers -- THE RESERVE BANKS' PROCESS FULFILLS COIN DEMAND, BUT OPTIMAL INVENTORY RANGESARE UNDEFINED -- The Reserve Banks' Ordering and Distribution Process Has Met Demand for Coins -- Optimal Inventory Ranges Are Undefined, but the Reserve Banks Are Taking Steps to Manage Coin Inventory More Efficiently -- AGENCY COMMENTS -- APPENDIX I: OBJECTIVES, SCOPE, AND METHODOLOGY -- APPENDIX II: COIN PRODUCTION TRENDS,BY DENOMINATION -- APPENDIX III: NATIONAL PAYMENTS ANDRECEIPTS DATA, BY DENOMINATION -- APPENDIX IV: AVERAGE DAYS OF PAYABLE COIN INVENTORY, BY RESERVE BANK DISTRICTAND COIN DENOMINATION -- APPENDIX V: NUMBER OF COIN TRANSFERS AND RELATED COSTS, FISCAL YEARS 2002-2007 -- APPENDIX VI: COMMENTS FROM THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -- MINORITY BANKS: REGULATORS' ASSESSMENTS OF THE EFFECTIVENESS OF THEIR SUPPORT EFFORTS HAVE BEEN LIMITED -- WHY GAO DID THIS STUDY -- WHAT GAO RECOMMENDS -- WHAT GAO FOUND -- IN BRIEF -- BACKGROUND -- LARGE MINORITY BANKS SHOWED PROFITABILITY CLOSE TO THAT OF THEIR PEERS, BUT MANY SMALLAND AFRICAN-AMERICAN BANKS HAVEBEEN LESS PROFITABLE.

REGULATORS ADOPTED DIFFERING APPROACHES TO SUPPORTING MINORITY BANKS, BUT ASSESSMENT EFFORTS WERE LIMITED -- Policy Statements -- Staffing Structure -- Minority Bank Events and Training -- Technical Assistance -- Policies to Preserve the Minority Character of Troubled Banks -- AT THE TIME OF OUR REPORT, REGULATORS DID NOT ASSESS THEIR SUPPORT EFFORTS THROUGH SURVEYS OR PERFORMANCE MEASURES -- SURVEY OF MINORITY BANKS IDENTIFIED POTENTIAL LIMITATIONS IN REGULATORS' SUPPORT EFFORTS AND OTHER REGULATORY ISSUES -- Survey Respondents Expressed Concerns about the Examination Process and a Provision of CRA Designed to Assist Minority Banks -- REGULATORS RECENTLY HAVE TAKEN STEPS TO ASSESS AND ENHANCE THEIR MINORITY BANK SUPPORT EFFORTS, BUT IT IS TOO SOON TO ASSESS THEIR EFFECTIVENESS -- CREDIT DERIVATIVES: CONFIRMATIONBACKLOGS INCREASED DEALERS' OPERATIONAL RISKS, BUT WERESUCCESSFULLY ADDRESSED AFTER JOINTREGULATORY ACTION* -- WHY GAO DID THIS STUDY -- WHAT GAO FOUND -- ABBREVIATIONS -- RESULTS IN BRIEF -- BACKGROUND -- Processing Credit Derivatives Trades -- Regulation of OTC Credit Derivatives -- MANUAL PROCESSES AND TRADE ASSIGNMENTS LED TO BACKLOGS OF UNCONFIRMED TRADES AT DEALERS, BUT INDUSTRY EFFORTS HAVE SIGNIFICANTLYREDUCED THE BACKLOGS -- Two Factors Largely Caused the Confirmation Backlogs at Dealers -- Confirmation Backlogs and Unilateral Assignments Increased Dealers' Operational Risks -- Under the Direction of FRBNY as well as Other Regulators, Dealers and Others Have Worked Collaboratively to Considerably Reduce the Backlog and Address Its Causes -- Dealers Reduced Backlogs through Various Steps -- Market Participants Agreed to End Unilateral Assignments and Thereby Addressed a Key Factor Contributing to the Backlogs -- Dealers Found Benefits in the Joint Regulatory Initiative.

Dealers and Other Market Participants Continue to Work to Reduce Backlogs, Diminish Operational Risks and Improve Market Infrastructure -- THE JOINT REGULATORY INITIATIVE ENHANCED U.S.REGULATORS' OVERSIGHT OF DEALERS' EFFORTS TOREDUCE THEIR BACKLOGS -- Federal Bank Regulators Were Monitoring Efforts Taken byBanks to Address Confirmation Backlogs through ContinuousSupervision and Examinations -- SEC Also Conducted Oversight of Credit Derivatives Confirmation Backlogs at Major Broker- Dealers -- Through the Joint Regulatory Initiative, Regulators Are Obtaining Data to More Effectively Track Industrywide Progress on Reducing Confirmation Backlogs -- AGENCY COMMENTS -- APPENDIX I: SCOPE AND METHODOLOGY -- COMMODITY FUTURES TRADING COMMISSION: TRENDS IN ENERGY DERIVATIVES MARKETS RAISE QUESTIONS ABOUT CFTC'S OVERSIGHT* -- WHY GAO DID THIS STUDY -- WHAT GAO RECOMMENDS -- WHAT GAO FOUND -- SUMMARY -- BACKGROUND -- SEVERAL FACTORS HAVE CAUSED CHANGES IN THE ENERGY MARKETS, POTENTIALLYAFFECTING ENERGY PRICES -- Various Changes in the Physical Market Contributed to Rising Prices -- The Effect on Prices of Relatively High but Falling Volatility and a Growing Volume of Trading in Derivatives Is Unclear -- CFTC OVERSEES EXCHANGES AND HAS LIMITED AUTHORITY OVER OTHER DERIVATIVES MARKETS -- CFTC Has General Oversight Authority over Futures Exchanges, but Information on These Exchanges Reported to the Public Has Not Kept Pace With Changing Market Conditions -- CFTC Authority over Exempt Commercial Markets and OTC Markets Is Limited, and Views Vary about the Sufficiency of Its Regulatory Authority with Respect to Off-Exchange Energy Derivatives -- CFTC ENGAGES IN LARGE TRADER REPORTING, SURVEILLANCE, AND ENFORCEMENT ACTIVITIES, BUT THE EFFECTIVENESS OF THE ACTIVITIESIS LARGELY UNCERTAIN.

CFTC Oversight Includes Surveillance of Energy Futures Trading, but the Full Extent of Follow-up Activities Is Uncertain -- CFTC Energy-Related Enforcement Actions Generally Involved Allegations of False Reporting and Attempted Manipulation, but Its Program Received a Mixed Rating and Lacks Effective Outcome-Based Performance Measures -- NTERNAL CONTROL: IMPROVEMENTS NEEDED IN SEC'S ACCOUNTING AND FINANCIAL REPORTING PROCESS* -- RESULTS IN BRIEF -- SCOPE AND METHODOLOGY -- PERIOD-END FINANCIAL REPORTING PROCESS -- Recommendations -- DISGORGEMENTS AND PENALTIESACCOUNTS RECEIVABLE -- ACCOUNTING FOR TRANSACTION FEE REVENUE -- PREPARING FINANCIAL STATEMENT DISCLOSURES -- PROPERTY AND EQUIPMENT -- Recommendations -- Accounting for Budgetary Resources -- Recommendations -- OTHER ISSUES -- Certification of Employees' Time Cards, Documentation of Monitoring of Time Card Certification, and Approval of Personnel Actions -- Recommendations -- AGENCY COMMENTS -- ENCLOSURE I -- ENCLOSURE II -- ENCLOSURE III -- Summary of Audit Scope and Methodology -- MANAGEMENT REPORT: OPPORTUNITIES FOR IMPROVEMENTS IN FDIC'S INTERNAL CONTROLS AND ACCOUNTING PROCEDURES* -- RESULTS IN BRIEF -- SCOPE AND METHODOLOGY -- GENERAL LEDGER CLOSING AND OTHER FINANCIAL PROCESSING PROCEDURES -- Recommendation -- FDIC Comments and Our Evaluation -- SUPERVISORY REVIEW OF GENERAL LEDGER CLOSING AND OTHER FINANCIAL OPERATIONS -- Recommendation -- FDIC Comments and Our Evaluation -- CALCULATION OF LOSS RATES FOR ANTICIPATEDBANK FAILURES -- Recommendation -- FDIC Comments and Our Evaluation -- RECEIVERSHIP RECEIPTS (MAILROOM ANDCASHIER CONTROLS) -- Recommendations -- FDIC Comments and Our Evaluation -- ENCLOSURE I -- ENCLOSURE II -- FINANCIAL SERVICES INDUSTRY: OVERALL TRENDS IN MANAGEMENT-LEVEL DIVERSITY AND DIVERSITY INITIATIVES,1993-2006* -- WHY GAO DID THIS STUDY -- WHAT GAO FOUND.

BACKGROUND -- DIVERSITY IN THE FINANCIAL SERVICES INDUSTRY AT THE MANAGEMENT LEVEL DID NOT CHANGE SUBSTANTIALLY -- INITIATIVES TO PROMOTE WORKFORCE DIVERSITY IN THE FINANCIAL SERVICES INDUSTRY FACE CHALLENGES -- Financial Services Firms Have Implemented a Variety of Diversity Initiatives -- Several Challenges May Have Affected the Success of Workforce Diversity Initiatives in the Financial Services Industry -- INDEX.

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