In accordance with section 202(g)(4) of the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010, the Financial Stability Oversight Council has submitted a report to Congress regarding the implementation of prompt corrective action (“PCA”) by the federal banking agencies. The report discusses the existing PCA framework and the findings and recommendations of a GAO study regarding implementation of PCA. 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.