Increased Bank Failure Transparency: New Reports and Oversight
This act enhances transparency following a bank failure that posed a systemic risk to the financial system. Citizens will gain access to more information about the causes of the failure and actions taken by regulatory authorities, aiming to increase trust in the banking system and prevent future crises.
Key points
Independent Reports: The Government Accountability Office (GAO) will review and report to Congress on the basis for systemic risk determinations and actions taken after a bank failure.
Detailed Disclosures: Federal banking agencies will be required to disclose examination reports, supervisory communications, and information on mismanagement and regulatory shortcomings that contributed to the failure.
Data Protection: The act includes provisions to protect personally identifiable information while striving for maximum public transparency.
Expired
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