§4716 Studies and reports; examination and audit

Summary

The Fund must do a yearly review of what it and the community development financial institutions and other groups it helps have done. It must send a report with those findings and financial statements (audited under section 9105 of title 31) to the President and Congress within 120 days after each Fund fiscal year ends. The Fund can do extra studies to help investment in distressed areas, and those study results go into the yearly report. The Fund must also study lending and investment on Indian reservations and trust lands to find barriers to private financing and how those barriers affect Native Americans. A report with the findings, suggested law or rule changes, and policy recommendations for community development financial institutions, insured depository institutions, secondary market institutions, and other private capital institutions must be sent within 12 months after the Administrator is appointed. Within 30 months after the Administrator is appointed and qualified, the Comptroller General must give the President and Congress a study of the Fund’s structure, governance, and performance. When doing its studies, the Fund must consult with federal bank regulators, Indian tribal governments, community reinvestment groups, civil rights and consumer groups, financial organizations, and others as needed. Audits required by section 9105(a) of title 31 must be done every year.