twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Mortgage Conference News | Conference Calendar | Webinars
News about mortgage-related conferences and schedule of mortgage conferences,
mortgage Webinars and other mortgage events.
upcoming events: October | November | December | full calendar


Report Looks at FDIC Conference Expenses

Inspector general reviews agency expenditures

April 11, 2012

By MortgageDaily.com staff


A report on conference spending by the Federal Deposit Insurance Corp. found that it wasn't compliant when it exceeded policies for meal expenses and allowable entertainment expense at a gathering of 800 FDIC employees and their spouses. Otherwise, the organization generally complied with its conference policies.

While the Office of Management and Budget in September 2011 instructed U.S. agencies and departments to review policies and controls associated with conference-related activities and expenses, the FDIC is not required to follow the guidance.

But Acting FDIC Chairman Martin J. Gruenberg requested a review of its policies to assist the corporation in complying with the spirit of the guidance.

So the FDIC's Office of Inspector General conducted an evaluation based on conferences attended during fiscal-year 2011. The review focused on eight events that accounted for "substantially all of the conference-related costs" during the review period.

Total conference related costs from Oct. 1, 2010, through Sept. 30, 2011, were $3.9 million for 6,005 attendees.

"The FDIC generally complied with its conference policies," the report said. "Based on our review of eight conferences, FDIC conference planning officials prepared required budgeting and approval documents, ensured that conferences were approved at the appropriate management level, and obtained multiple bids from hotels/conference centers and considered travel costs and other factors required by policy when making best value determinations for conference sites."

But the inspector general did identify a compliance exception where "meals expenses" for a dinner and a reception exceeded FDIC policy limits of 200 percent of federal travel regulations promulgated by the General Services Administration. The exception amount was $5,801.

The report also discussed a dinner and reception that was held for 800 employees and spouses. Around $5,200 of the entertainment expense wasn't allowable.

The inspector general outlined a number of steps that the FDIC can take to strengthen conference-related policy and controls and cut conference expenses.

An FDIC response adequately addressed concerns, the inspector general said.

next story

back to current headlines


Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.

www.mortgagebranchmanagerjobs.com
Bank news


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders