§635a–6 — Title 12 Banks and Banking | U.S. Code

Summary

The Comptroller General must, within 2 years after May 30, 2012, and at least every 4 years after that, audit the Export‑Import Bank’s loans and guarantees to check if they follow the Bank’s underwriting rules, lending policies, due‑diligence steps, and content standards. Not later than 4 years after December 4, 2015, and every 4 years after, the Comptroller General must review whether the Bank’s controls stop, find, and investigate fraudulent loan applications. The review must include auditing a sample of transactions and sending a written report with findings and any recommendations to the Senate Banking and Appropriations Committees and the House Financial Services and Appropriations Committees.

Title 12, §635a–6

Banks and Banking — Source: USLM XML via OLRC

(a)Within 2 years after May 30, 2012, and periodically (but not less frequently than every 4 years) thereafter, the Comptroller General of the United States shall conduct an audit of the loan and guarantee transactions of the Export-Import Bank of the United States to determine the compliance of the Bank with the underwriting guidelines, lending policies, due diligence procedures, and content guidelines of the Bank.

(b)Not later than 4 years after December 4, 2015, and every 4 years thereafter, the Comptroller General of the United States shall—

(1)review the adequacy of the design and effectiveness of the controls used by the Export-Import Bank of the United States to prevent, detect, and investigate fraudulent applications for loans and guarantees and the compliance by the Bank with the controls, including by auditing a sample of Bank transactions; and

(2)submit a written report regarding the findings of the review and providing such recommendations with respect to the controls described in paragraph (1) as the Comptroller General deems appropriate to—

(A)the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate; and

(B)the Committee on Financial Services and the Committee on Appropriations of the House of Representatives.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was enacted as part of the Export-Import Bank Reauthorization Act of 2012, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.

Amendments

2015—Subsec. (b). Pub. L. 114–94 amended subsec. (b) generally. Prior to amendment, text read as follows: “The Comptroller General of the United States shall review the adequacy of the design and effectiveness of the controls used by the Export-Import Bank of the United States to prevent, detect, and investigate fraudulent applications for loans and guarantees, including by auditing a sample of Bank transactions, and submit to the Congress a written report which contains such recommendations with respect to the controls as the Comptroller General deems appropriate.”

§635a–6 Periodic audits of bank transactions

Summary

Title 12, §635a–6

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata