Comptroller of the Currency Needs Authority to Dispose of Property Remaining from Failed National Banks.
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 OCC's procedures for taking a physical inventory of the property and observed the agency's 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 Smithsonian's Museum of American History. We had numerous discussions with OCC's 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.
Document Details
- Document Type
- Technical Report
- Publication Date
- Sep 25, 1981
- Accession Number
- ADA106807
Entities
Organizations
- United States Government Accountability Office