SAFETY AND SOUNDNESS: OCC Could Further Strengthen Its Ability to Assess Risks to Thrifts Following Emergencies. Audit Report

摘要

During the 2005 hurricane season, Hurricanes Katrina and Rita struck states along the Gulf of Mexico, causing major destruction and disruption in portions of Alabama, Louisiana, Mississippi, and Texas. Following these hurricanes, we conducted an audit to determine (1) how prepared Treasurys Office of Thrift Supervision (OTS) was to address the needs of thrifts1 and their customers during and immediately following the two hurricanes and (2) OTSs plans and abilities to assess and manage increased risks to thrifts following the hurricanes. OTS determined that Hurricanes Katrina and Rita had posed risks to thrifts in the Gulf Coast Region. Short term risks were primarily to the thrifts operations, while long term risks were primarily to the thrifts financial condition. OTS evaluated these risks by obtaining assessments from thrift management and subsequently performing analyses and examinations. On average, OTS obtained information on four components of financial condition for affected thrifts that ranged between 13 and 68 days following the hurricanes.