Title 12, Banks and BankingRelease 119-102
§1440 Examinations and Audits
Title 12 › CHAPTER 11 — FEDERAL HOME LOAN BANKS › § 1440
Summary
The Director must inspect and get condition reports from every Federal Home Loan Bank at least once a year. The Director decides the report form and must regularly produce statements based on the banks’ reports. Examiners the Director appoints follow the same rules, duties, penalties, powers, and privileges as examiners under the National Bank Act and the Federal Reserve Act. The Comptroller General may also audit or inspect the Director and the Banks to see if they are meeting the chapter’s purposes.
Full Legal Text
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.
Legislative History
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”.
Reference
Citations & Metadata
Citation
12 U.S.C. § 1440
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102