Late last month, the US Government Accountability Office (GAO) released the results of its review into supervisory escalation practices at several US financial regulators, identifying a number of weaknesses that require remediation.
As part of its efforts to uncover the root causes of the 2023 "banking turmoil," the GAO reviewed documents regarding the oversight of more than 60 institutions and interviewed 109 bank examiners at the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the Office of the Comptroller of the Currency (OCC). While the GAO determined that the OCC has a sound supervisory escalation framework and that the agency largely adheres to it, it found several weaknesses in the processes implemented by the FDIC and the Fed.
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