The Government Accountability Office identified deficiencies in rule reviews conducted by U.S. financial regulators pursuant to the Regulatory Flexibility Act and the Economic Growth and Regulatory Paperwork Reduction Act.
The Government Accountability Office (i) evaluated efforts by regulatory agencies to coordinate and analyze Dodd Frank Act rules that became effective between July 2015 and July 2016, and (ii) examined the impact of the rules on financial market stability.
The GAO determined that the CFPB completed the necessary steps for soliciting, considering and incorporating input from small business review panels as to "rulemaking efforts that are expected to have a significant economic impact on a substantial number of small entities."
GAO encouraged Congress to consider whether additional changes to the financial regulatory structure are needed to improve (i) the efficiency and effectiveness of oversight, (ii) the parity between consumer and investor protections, and (iii) the consistency of financial oversight for similar institutions, products, risks and services.
GAO issued a report on the collection and use of fines, penalties and forfeitures assessed against financial institutions for their violations of BSA/AML regulations, the Foreign Corrupt Practices Act and U.S. sanctions programs requirements.