Over the past year, the Working Group on Financial Modernization and Regulatory Reform (WGFMRR) has focused primarily on the impact of the COVID-19 pandemic on the financial sector, governments’ responses to the crisis, and audit work assessing economic recovery efforts. The INTOSAI Governing Board established the working group in 2012 to enhance...
The International Organization of Supreme Audit Institutions (INTOSAI) Working Group on Financial Modernization and Regulatory Reform (WGFMRR) continues to make substantive progress promoting knowledge sharing and enhancing its capacities. During the WGFMRR 4th annual meeting...
Financial institutions and markets provide essential services to the U.S. and global economies. However, weaknesses in federal oversight have contributed to the thrift and bank crises in the 1980s and the financial crisis experienced from 2007-2009. For example, the resolution of banks and thrifts during these crises cost federal bank and thrift insurance funds over $165 billion and resulted in unprecedented...