Audit of Federal Deposit Insurance Corporation for the year ended June 30, 1975: report to the Congress

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U.S. General Accounting Office, 1976 - 23 páginas
 

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Página 5 - Corporation pertaining to its financial transactions and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositaries, fiscal agents, and custodians.
Página 12 - 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...
Página 21 - This statement does not include accountability for the assets and liabilities of either the closed insured banks for which the Corporation acts as receiver or liquidating agent or those of the two wholly owned Deposit Insurance National Banks in operation on June 30, 1965.
Página 17 - Accounts payable and accrued liabilities Earnest money, escrow funds, and collections held for others Accrued annual leave of employees Due insured banks: Net assessment income credits...
Página 1 - United States Government securities. The Corporation is authorized to borrow up to $3 billion from the United States Treasury when in the judgment of the Board of Directors such funds are required for insurance purposes. This borrowing authority has never been used. The deposit insurance fund, representing the accumulated net income of the Corporation, was $2.76 billion at June 30, 1964.
Página 1 - National banks which are chartered by the Comptroller of the Currency and all State banks that are members of the Federal Reserve System are required to be insured. State banks that are not members of the Federal Reserve System may become insured upon application and approval thereof for insurance . The...
Página 21 - Deposit Insurance Assessments. The Corporation assesses insured banks at the rate of 1/12 of one percent per year on the bank's average deposit liability less certain exclusions and deductions. Assessments are due in advance for each six-month period and credited to income each month.
Página 8 - Whenever in the judgment of the Board of Directors such action will reduce the risk or avert a threatened loss to the Corporation and will facilitate a merger or consolidation of an insured bank with another insured bank, or will facilitate the sale of the assets of an open or closed insured bank to and assumption of its liabilities by another insured bank, the Corporation may, upon such terms and conditions as it...
Página 3 - We were unable to fully discharge our audit responsibility under the Federal Deposit Insurance Act because, except for closed banks, officials of the Corporation did not give us unrestricted access to examination reports, files, and other records maintained by the Corporation relative to the banks which it insures.
Página 16 - Net Insured balances of depositors in closed Insured banks, to be Subrogated when paid — see related liability...

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