GAO suggested financial regulators to disclose more information on their crisis policy framework. While five large banks do not have enough plan to manage operation during crisis.
A dozen of the largest Wall Street banks on Monday published detailed plans to show how they would shut down their business during a crisis without the help of taxpayer money, a crucial step to prevent being broken up by regulators.
A group of top U.S. financial regulators urged banks to quickly fix their software to protect it against the "Shellshock" computer bug, saying it could expose them to fraud.
Financial information provider SNL Financial in a report said that the five largest lenders in US control 44.2% of the industry's assets. JPMorgan Chase & Co, Bank of America,Citigroup,Wells Fargo & Co, and US Bancorp have a total of $6.46 trillion in assets.
New data released by the US Federal Deposit Insurance Corporation reflected the increasing activity in structured products purchases by US banks to offset effects of low interest rates.