Audit of the Office of Development Credit’s Compliance With Federal Regulations and Guidance

Recommendations

Recommendation 1

The Office of Development Credit revise loan portfolio guarantee target utilization rates to reflect historical data, and incorporate them into its operations manual and portfolio monitoring guide.

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Recommendation 2

The Office of Development Credit implement an action plan to encourage banks to meet loan portfolio guarantee target utilization rates and require them to include utilization guidelines in on-boarding documents for bank partners.

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Recommendation 3

The Office of Development Credit confirm and document that partner banks have clear and acceptable utilization strategies before finalizing guarantees.

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Recommendation 4

The Office of Development Credit establish guidelines on when to amend, modify, or terminate a guarantee for insufficient use.

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Recommendation 5

The Office of Development Credit coordinate with missions to define what constitutes a micro, small, and medium-size enterprise in the host country and consistently insert those definitions into its legal agreements directed at such enterprises.

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Recommendation 6

The Office of Development Credit revise its operations manual and portfolio monitoring guide to require that it or the mission conduct on-site reviews and/or commission an independent auditor, when warranted.

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Recommendation 7

The Office of Development Credit implement a procedure to clearly document the weighting of the risk factors in guarantees packages and the bases for adjusting or not adjusting those risk weightings.

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