GAO highlights access issues

WASHINGTON, DC – US financial regulators still face challenges in accessing and sharing information relevant to their oversight responsibilities, according to the US General Accounting Office (GAO), the audit and investigative arm of the US Congress.

In its report, released in late June, the GAO says financial regulators face challenges including access to criminal history data, regulatory enforcement actions, and consumer complaints.

"Specifically," the report says, "we found that many state insurance regulators, unlike their counterparts in the banking and securities industries, continue to lack legal authority to access the FBI's nationwide criminal history data."

In fact, only 16 state insurance departments have such authority. This

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