Accession Number:

ADA106807

Title:

Comptroller of the Currency Needs Authority to Dispose of Property Remaining from Failed National Banks.

Descriptive Note:

Corporate Author:

GENERAL ACCOUNTING OFFICE WASHINGTON DC GENERAL GOVERNMENT DIV

Personal Author(s):

Report Date:

1981-09-25

Pagination or Media Count:

11.0

Abstract:

The objective of our review was to determine whether the Comptroller of the Currency OCC was adequately carrying out its responsibilities for property remaining from insolvent national banks. We are also interested in determining what plans existed for disposition of the property. We reviewed OCCs procedures for taking a physical inventory of the property and observed the agencys internal auditors inventory-taking practices. Our review included an examination of files, studies, inventory listings, and other documents, as well as discussions with officials involved in the custodial activities. We did not verify independently the accuracy of the physical inventory of the safe-deposit box items. We did, however, visit the current storage site at the Smithsonians Museum of American History. We had numerous discussions with OCCs legal staff on the need for authority to dispose of the property and the legislative provisions that would be most appropriate. In addition, we spoke with OCC administrative officials regarding the safekeeping and inventory practices followed and the need for plans to provide for the ultimate disposal of the property. Finally, we discussed with FDIC officials the practices they follow in liquidating an insolvent national bank.

Subject Categories:

  • Administration and Management
  • Economics and Cost Analysis

Distribution Statement:

APPROVED FOR PUBLIC RELEASE