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Results in Brief-continued - gg981250007
gg98125 - index
Table 1: Financial Services Institutions
We identified a total of 22 financial services institutions as being
Characteristics of
appropriate for this study; the type of financial services the institutions
Financial Services
were authorized to engage in; and whether the institution was a
government corporation, a government-sponsored enterprise, or another
type of government entity (see table 1).12 Of the 22 financial services
institutions, 11 were authorized to engage in lending activities, such as
direct loans and loan guarantees; 9 were authorized to provide insurance
protection, such as deposit or crop insurance; and 7 were authorized to
perform secondary market activities, such as purchasing and assembling
existing loans into pools for investors or for their portfolios. (As shown in
table 1, a number of financial services institutions were authorized to
engage in more than one category of financial services activity.)
Of the 22 financial services institutions we identified, 12 were government
corporations. All but two of the government corporations--the Federal
Deposit Insurance Corporation (FDIC) and National Credit Union
Administration (NCUA)--were categorized by statute as being wholly
owned corporations. FDIC was categorized as a mixed-ownership
government corporation as was the National Credit Union Central
Liquidity Facility, which is administered by NCUA. Six of the 22 financial
services institutions were privately owned government-sponsored
enterprises.13 Four institutions were included in the "other" category: a
federally chartered private financial institution (National Consumer
Cooperative Bank); an independent government-controlled corporation
(Farm Credit System Insurance Corporation); a nonprofit, membership
corporation (Securities Investor Protection Corporation); and a nonprofit,
public corporation (Neighborhood Reinvestment Corporation). See
appendix I for additional information on the purposes and funding sources
of the financial services institutions covered in this report.
We identified three additional institutions (African Development Foundation, Presidio Trust, and
National Sheep Industry Improvement Center) as having the authority to provide financial services.
However, they are not covered in this report, because they were not actively engaged in such activities
at the time of our study.
One of the government-sponsored enterprises, the Student Loan Marketing Association, is in the
process of converting into a fully private entity. Pursuant to authority of the Student Loan and
Marketing Association Act of 1996, the Association's shareholders approved a reorganization plan that
resulted in the shares of the government-sponsored enterprise being converted on a one-for-one basis
to shares of the SLM Holding Corporation, a Delaware corporation, on August 7, 1997. The Student
Loan Marketing Association must wind down its operations as a government-sponsored enterprise by
September 20, 2008.
Page 6
GAO/GGD-98-125 Financial Services Institutions' Exposure

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