12 U.S.C. § 635a–6 — Periodic audits of bank transactions

(a) General audit. Within two years after May 30, 2012, and at least once every four years afterward, the Comptroller General of the United States must audit the Bank's loan and guarantee transactions. The audit must determine whether the Bank follows its underwriting guidelines, lending policies, due-diligence procedures, and content guidelines.

(b) Fraud controls. No later than four years after December 4, 2015, and every four years afterward, the Comptroller General must (1) review whether the Bank's controls are properly designed and effective at preventing, finding, and investigating fraudulent loan and guarantee applications, and whether the Bank follows those controls, including by auditing a sample of transactions; and (2) send a written report of the findings and any recommendations the Comptroller General considers suitable about those controls to (A) the Senate Banking, Housing, and Urban Affairs Committee and Appropriations Committee and (B) the House Financial Services Committee and Appropriations Committee.