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United States Code (Last Updated: May 24, 2014) |
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Title 12. BANKS AND BANKING |
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Chapter 16. FEDERAL DEPOSIT INSURANCE CORPORATION |
§ 1827. Reports by Corporation; audit of financial transactions; report on audits; employment of certified public accountants for audits
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(a) Annual reports on the Deposit Insurance Fund and the FSLIC Resolution Fund (1) In general The Corporation shall annually submit a full report of its operations, activities, budget, receipts, and expenditures for the preceding 12-month period. The report shall include, with respect to the Deposit Insurance Fund and the FSLIC Resolution Fund, an analysis by the Corporation of— (A) the current financial condition of each such fund; (B) the purpose, effect, and estimated cost of each resolution action taken for an insured depository institution during the preceding year; (C) the extent to which the actual costs of assistance provided to, or for the benefit of, an insured depository institution during the preceding year exceeded the estimated costs of such assistance reported in a previous year under paragraph (A); (D) the exposure of the Deposit Insurance Fund to changes in those economic factors most likely to affect the condition of that fund; (E) a current estimate of the resources needed for the Deposit Insurance Fund or the FSLIC Resolution Fund to achieve the purposes of this chapter; and (F) any findings, conclusions, and recommendations for legislative and administrative actions considered appropriate to future resolution activities by the Corporation. (2) Manner of submission Such report shall be submitted to the President of the Senate and the Speaker of the House of Representatives, who shall cause the same to be printed for the information of Congress, and the President as soon as practicable after the first day of January each year.
(3) Coordination with other report requirements The report required under this subsection shall include the report required under section 57a(f)(7) the Deposit Insurance Fund and the FSLIC Resolution Fund in accordance with generally accepted government auditing standards.
(2) Access to books and records All books, records, accounts, reports, files, and property belonging to or used by the Corporation 2 the Deposit Insurance Fund and the FSLIC Resolution Fund, or by an independent certified public accountant retained to audit the Fund’s financial statements, shall be made available to the Comptroller General.
(e) Audit of Corporation The financial transactions of the Corporation shall be audited by the Government Accountability Office in accordance with the principles and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where accounts of the Corporation are normally kept. The representatives of the Government Accountability Office shall have access to all books, accounts, records, reports, files, and all other papers, things, or property belonging to or in use by the Corporation pertaining to its financial transactions and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositaries, fiscal agents, and custodians. All such books, accounts, records, reports, files, papers, and property of the Corporation shall remain in possession and custody of the Corporation. The audit shall begin with financial transactions occurring on and after
August 31, 1948 . The Corporation shall be audited at least once in every three years.(f) Report of audit A report of each audit conducted under subsection (b) of this section shall be made by the Comptroller General to the Congress not later than six and one-half months following the close of the last year covered by such audit. The report to the Congress shall set forth the scope of the audit and shall include a statement of assets and liabilities and surplus or deficit; a statement of surplus or deficit analysis; a statement of income and expenses; a statement of sources and application of funds and such comments and information as may be deemed necessary to inform Congress of the financial operations and condition of the Corporation, together with such recommendations with respect thereto as the Comptroller General may deem advisable. The report shall also show specifically any program, expenditure, or other financial transaction or undertaking observed in the course of the audit, which, in the opinion of the Comptroller General, has been carried on or made without authority of law. A copy of each report shall be furnished to the President, to the Secretary of the Treasury, and to the Corporation at the time submitted to the Congress.
(g) Assistance in audit; costs For the purpose of conducting such audit the Comptroller General is authorized in his discretion to employ by contract, without regard to section 6101 of title 41, professional services of firms and organizations of certified public accountants, with the concurrence of the Corporation, for temporary periods or for special purposes. The Corporation shall reimburse the Government Accountability Office for the cost of any such audit as billed therefor by the Comptroller General, and the Government Accountability Office shall deposit the sums so reimbursed into the Treasury as miscellaneous receipts.
References In Text
Par. (7) of section 57a(f) of title 15, referred to in subsec. (a)(3), was repealed by Pub. L. 111–203, title X, § 1092(3),
The effective date of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (c)(1), probably means the date of enactment of Pub. L. 101–73, which was approved
Codification
In subsec. (g), “section 6101 of title 41” substituted for “section 3709 of the Revised Statutes” on authority of Pub. L. 111–350, § 6(c),
Prior Provisions
Subsec. (a) is derived from subsec. (r) of former section 264 of this title. See Codification note set out under section 1811 of this title.
Amendments
2006—Subsec. (a). Pub. L. 109–173, § 8(a)(26)(A), substituted “the Deposit Insurance Fund” for “BIF, SAIF,” in heading.
Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(14)(S). See 1996 Amendment note below.
Subsec. (a)(1). Pub. L. 109–173, § 8(a)(26)(B)(i), substituted “the Deposit Insurance Fund” for “the Bank Insurance Fund, the Savings Association Insurance Fund,” in introductory provisions.
Subsec. (a)(1)(D). Pub. L. 109–173, § 8(a)(26)(B)(ii), substituted “the Deposit Insurance Fund” for “each insurance fund”.
Subsec. (a)(1)(E). Pub. L. 109–173, § 8(a)(26)(B)(i), substituted “the Deposit Insurance Fund” for “the Bank Insurance Fund, the Savings Association Insurance Fund,”.
Subsec. (d). Pub. L. 109–173, § 8(a)(27), substituted “the Deposit Insurance Fund” for “, the Bank Insurance Fund, the Savings Association Insurance Fund,” in pars. (1) and (2).
Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(14)(T). See 1996 Amendment note below.
2004—Subsecs. (e), (g). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office” in two places.
2000—Subsec. (a)(3). Pub. L. 106–569, § 1103(a), added par. (3).
Subsec. (h). Pub. L. 106–569, § 1104(b), struck out subsec. (h) which related to additional reports.
1996—Subsec. (a). Pub. L. 104–208, § 2704(d)(14)(S), which directed substitution of “the Deposit Insurance Fund” for “BIF, SAIF,” in heading and “the Deposit Insurance Fund” for “the Bank Insurance Fund, the Savings Association Insurance Fund,” wherever appearing in par. (1), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
Subsec. (d). Pub. L. 104–208, § 2704(d)(14)(T), which directed substitution of “the Deposit Insurance Fund” for “the Bank Insurance Fund, the Savings Association Insurance Fund,” in two places, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
1991—Subsec. (h). Pub. L. 102–242 added subsec. (h).
1989—Subsec. (a). Pub. L. 101–73, § 220(a)(1), added heading and text and struck out former subsec. (a) which read as follows: “The Corporation shall annually make a report of its operations to the Congress as soon as practicable after the 1st day of January in each year.”
Subsecs. (b) to (g). Pub. L. 101–73, § 220(a)(2), (3), added subsecs. (b) to (d) and redesignated former subsecs. (b) to (d) as (e) to (g), respectively.
1975—Subsec. (b). Pub. L. 93–604, § 602(a), inserted provisions that the Corporation shall be audited at least once in every three years.
Subsec. (c). Pub. L. 93–604, § 602(b), substituted provisions that a report of each audit conducted under subsec. (b) of this section shall be made by the Comptroller General to the Congress not later than six and one-half months following the close of previous year covered by such audit, for provisions that a report of the audit for each fiscal year ending on June 30 shall be made by the Comptroller General to the Congress not later than Jan. 15 following the close of such fiscal year.
Effective Date Of Amendment
Amendment by Pub. L. 109–173 effective
Amendment by Pub. L. 109–171 effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning
Amendment by Pub. L. 104–208 effective
Miscellaneous
Pub. L. 103–204, § 28,
Pub. L. 101–73, title II, § 220(b)(1),