The Federal Reserve Banks may be susceptible to "regulatory capture," the Government Accountability Office said this week, in the first of a series of investigations that will include the NCUA.
"The four Reserve Banks may not be mitigating regulatory capture risks and threats to supervisory independence as effectively or consistently as possible," GAO said in the report.
Last year, the GAO said it was investigating whether the New York Fed was being too lax in supervising banks under its control. The probe was requested by House Democrats.
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