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Title 12 — Banks and BankingRelease 119-73

§1833c Comptroller General audit and access to records

Title 12 › Chapter CHAPTER 16— - FEDERAL DEPOSIT INSURANCE CORPORATION › § 1833c

Last updated Apr 6, 2026|Official source

Summary

Allows the Comptroller General of the United States to audit any agency, company, group, or person that carries out a job under this Act or under a law changed by this Act. It also lets the Comptroller General audit anyone who sells goods or services to those groups or who gets money or help from them. Two exceptions are functions listed in section 714(b) of title 31 for the Board of Governors and Federal Reserve banks, and some functions of the Federal National Mortgage Association (except as section 1723a(j) says). The Comptroller General picks the scope and rules for the audits. The Comptroller General and authorized staff must be allowed to see and copy all records and inspect property they think are relevant. That access can be enforced under section 716 of title 31, and the limits in section 716(e) of title 31 apply to information they get.

Full Legal Text

Title 12, §1833c

Banks and Banking — Source: USLM XML via OLRC

(a)(1)Except as provided in paragraph (2), all agencies, corporations, organizations, and other persons of any description which perform any function or activity under this Act, or any other Act which is amended by this Act, shall be subject to audit by the Comptroller General of the United States with respect to such function or activity.
(2)Paragraph (1) shall not apply to—
(A)any function or activity of the Board of Governors of the Federal Reserve System or the Federal Reserve banks that is described in any paragraph of section 714(b) of title 31; and
(B)any function or activity of the Federal National Mortgage Association, except as provided in section 1723a(j) of this title.
(b)All persons and organizations which, by contract, grant, or otherwise, provide goods or services to, or receive financial assistance from, any agency or other person performing functions or activities under this Act shall be subject to audit by the Comptroller General with respect to such provision of goods or services or receipt of financial assistance.
(c)(1)The Comptroller General shall determine the nature, scope, and terms and conditions of audits conducted under this section.
(2)The authority of the Comptroller General under this section shall be in addition to any audit authority available to the Comptroller General under other provisions of this Act or any other law.
(3)The Comptroller General, and any duly authorized representative of the Comptroller General, shall have access to, and the right to examine and copy, all records and other recorded information in any form, and to examine any property, within the possession or control of any agency or person which is subject to audit under this section which the Comptroller General deems relevant to an audit conducted under this section.
(4)The Comptroller General’s right of access to information under this section shall be enforceable pursuant to section 716 of title 31.
(5)The provisions of section 716(e) of title 31 shall apply to information obtained by the Comptroller General under this section.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

This Act, referred to in subsecs. (a)(1), (b), and (c)(2), is Pub. L. 101–73, Aug. 9, 1989, 103 Stat. 183, known as the Financial Institutions Reform, Recovery, and

Enforcement

Act of 1989. For complete classification of this Act to the Code, see

Short Title

of 1989 Amendment note set out under section 1811 of this title and Tables. Codification Section was enacted as part of the Financial Institutions Reform, Recovery, and

Enforcement

Act of 1989, and not as part of the Federal Deposit Insurance Act which comprises this chapter.

Reference

Citations & Metadata

Citation

12 U.S.C. § 1833c

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73