§1440 — Title 12 Banks and Banking | U.S. Code

Summary

The Director must inspect the Federal Home Loan Banks at least annually, require condition reports on forms the Director sets, and make periodic statements. Those examiners follow the same rules, powers, and penalties as examiners under the National Bank Act and Federal Reserve Act. The Comptroller General may audit the Director and the Banks to see if they fulfill the law’s purposes.

Title 12, §1440

Banks and Banking — Source: USLM XML via OLRC

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.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The National Bank Act, referred to in text, is act June 3, 1864, ch. 106, 13 Stat. 99, which is classified principally to chapter 2 (§ 21 et seq.) of this title. For complete classification of this Act to the Code, see

References in Text

note set out under section 38 of this title. The Federal Reserve Act, referred to in text, is act Dec. 23, 1913, ch. 6, 38 Stat. 251, which is classified principally to chapter 3 (§ 221 et seq.) of this title. For complete classification of this Act to the Code, see

References in Text

note set out under section 226 of this title and Tables.

Amendments

2008—Pub. L. 110–289 substituted “The Director” for “The Board” and “the Director” for “the Board” wherever appearing. 1989—Pub. L. 101–73, § 702(b), inserted provisions relating to audit or examination by the Comptroller General. Pub. L. 101–73, § 701(b)(1), (3)(A), substituted “Board” for “board” wherever appearing. 1954—Act Aug. 2, 1954, struck out second sentence relating to annual report of the board to Congress. See section 1437(b) of this title. 1950—Act June 27, 1950, struck out “twice” before “annually”.

§1440 Examinations and audits

Summary

Title 12, §1440

Notes & Related Subsidiaries

Editorial Notes

References in Text

References in Text

References in Text

Amendments

Citations & Metadata