12 U.S.C. § 1440 — Examinations and audits
submitted 94 years ago by ch. 522 to r/title-12-BANKS-AND-BANKING · 155 words · no verdicts yet
The Director must annually examine and obtain condition reports from Federal Home Loan Banks, and the Comptroller General may audit them. The section also gives appointed examiners powers and duties comparable to those under two banking laws.
The Director* must from time to time, at least annually, require examinations and condition reports from every Federal Home Loan Bank* in the form the Director sets, and periodically give the Director-based statements. Examiners appointed by the Director have the same requirements, duties, penalties, powers, and privileges under this chapter as examiners under the National Bank* Act and Federal Reserve Act. In addition, the Comptroller General may audit or examine the Director and the Banks to determine how fairly and effectively they carry out this chapter’s purposes.
The Director* shall from time to time, at least annually, require examinations and reports of condition of all Federal Home Loan Banks in such form as the Director shall prescribe and shall furnish periodically statements based upon the reports of the banks to the Director. For the purposes of this chapter, examiners appointed by the Director shall be subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the National Bank* Act [12 U.S.C. 21 et seq.] and the Federal Reserve Act [12 U.S.C. 221 et seq.], and shall have, in the exercise of functions under this chapter, the same powers and privileges as are vested in such examiners by law. In addition to such examinations, the Comptroller General may audit or examine the Director and the Banks, to determine the extent to which the Director and the Banks are fairly and effectively fulfilling the purposes of this chapter.
Source credit: (July 22, 1932, ch. 522, § 20, 47 Stat. 738; June 27, 1950, ch. 369, § 10, 64 Stat. 259; Aug. 2, 1954, ch. 649, title VIII, § 802(f), 68 Stat. 643; Pub. L. 101–73, title VII, §§ 701(b)(1), (3)(A), 702(b), Aug. 9, 1989, 103 Stat. 412, 415; Pub. L. 110–289, div. A, title II, § 1204(8), (9), July 30, 2008, 122 Stat. 2786.)
- 1932Enacted · Act of July 22, 1932, ch. 522 · 47 Stat. 738
- 1950Amended · Act of June 27, 1950, ch. 369 · 64 Stat. 259
- 1954Amended · Act of Aug. 2, 1954, ch. 649 · 68 Stat. 643
- 1989Amended · Pub. L. 101-73 · 103 Stat. 412, 415
- 2008Amended · Pub. L. 110-289 · 122 Stat. 2786
A history note hasn’t been published yet. The record shows enactment by ch. 522 on 1932-07-22.
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