TAILIEUCHUNG - Characteristics and Regulation of Exempt Institutions and the Implications of Removing the Exemptions

But in Africa, microfinance has caught on more slowly than in other regions of the developing world. While it has made some inroads, primarily in urban areas, most Africans, who live off the land and in small towns and villages, have yet to be reached. Until very recently, the cost of bringing financial services – even microfinance services – to remote parts of Africa has been prohibitive, and the logistics of doing so daunting. In Africa’s vast rural areas, where the world’s poorest people eke out a subsistence living in sparsely populated communities, lack of infrastructure and untenably high costs. | United States Government Accountability Office GAO Report to Congressional Committees January 2012 BANK HOLDING COMPANY ACT Characteristics and Regulation of Exempt Institutions and the Implications of Removing the Exemptions GAO-12-160 January 2012 ÀG AO Accountability Integrity Reliability Highlights Highlights of GAO-12-160 a report to congressional committees Why GAO Did This Study The Bank Holding Company Act of 1956 BHC Act establishes the legal framework under which bank holding companies that is companies which own or control banks operate and restricts the type of activities that these companies may conduct. The BHC Act excludes from these restrictions certain companies because the financial institutions they own are exempt from the BHC Act definition of bank . However these exempt institutions are eligible for FDIC insurance raising questions about continuing to exempt their holding companies from BHC Act requirements. The Dodd-Frank Wall Street Reform and Consumer Protection Act directs GAO to study the implications of removing the exemptions. This report examines 1 the number and general characteristics of certain institutions in the . banking system that are exempt from the definition of bank in the BHC Act 2 the federal regulatory system for exempt financial institutions and 3 potential implications of subjecting the holding companies of exempt institutions to BHC Act requirements. GAO analyzed data and exams from exempt institutions and regulators and examined regulators guidance and policies. GAO also interviewed regulators and officials from 31 exempt financial institutions. We provided a draft of this report to the relevant agencies. Treasury provided written comments and we received technical comments from other agencies which we incorporated as appropriate. View GAO-12-160. For more information contact A. Nicole Clowers 202-512-8678 or clowersa@. BANK HOLDING COMPANY ACT Characteristics and Regulation of Exempt Institutions and the .

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