Rep. Oxley Releases GAO Report on Information Sharing To Enhance Consumer Protection
July 29, 2004
House Financial Services Committee Chairman Michael G. Oxley (OH) released a report from the General Accounting Office (GAO) on improving information sharing capabilities among financial services regulators as a means to enhancing consumer protection.
The report underscores aspects of information sharing where improvements can be made, including: access to Federal Bureau of Investigation criminal history data, sharing of regulatory enforcement data, and sharing of consumer complaint data.
In the October 2002 request letter to the GAO Oxley states, “It is critical that financial regulators keep pace with changes in the marketplace and eliminate any gaps in functional oversight." Oxley went on to ask the GAO to, “Explore whether complaint data available to regulators can be used to identify any pervasive problems with particular financial services products, and the extent to which regulators share available information and coordinate market conduct oversight within and between financial sectors."