The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Financial Stability Oversight Council, or FSOC to submit a report to Congress regarding the implementation of prompt corrective action , or PCA, by the Federal banking agencies. More specifically, section 202(g)(4) of the Dodd-Frank Act requires FSOC to issue a report on actions taken in response to the GAO study required by section 202(g)(1) of the Dodd-Frank Act. FSOC has issued a report that discusses the existing PCA framework and the findings and recommendations of the GAO study. It also highlights some lessons learned from the financial crisis and outlines actions taken that could affect PCA, as well as additional steps to modify the PCA framework that could be considered.
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