§3910 Audit Authority of Government Accountability Office

Summary

The Comptroller General must audit the federal banking agencies under rules the Comptroller General sets. The Comptroller General can only do an in-person exam of an open insured bank or bank holding company if the agency in charge gives written permission. The audit can look at how an agency handles international regulation, supervision, and exams and how it coordinates with foreign or international authorities. When auditing the Federal Reserve Board and Reserve banks, the audit cannot look at dealings with foreign central banks, foreign governments, or nonprivate international financing organizations; it cannot cover monetary policy decisions or actions (like discount window use, member bank reserves, securities credit, interest on deposits, or open market operations); it cannot cover transactions done under the Federal Open Market Committee’s direction; and it cannot cover internal discussions about any of those topics. GAO staff cannot reveal information that identifies an open bank, an open bank holding company, or customers of an open or closed bank or holding company. The Comptroller General may reveal a customer of a closed bank only if that customer controlled or was closely tied to those who controlled the bank. GAO staff may discuss a bank or customer with the appropriate federal banking agency and may report suspected crimes to federal or state law enforcement. Agencies must give the Comptroller General access to records, exam reports, workpapers, and related correspondence, including materials about international coordination. The Comptroller General must provide a list of authorized GAO staff, agencies must provide lockable offices, phones, and copying, most GAO workpapers must stay at the agency during the audit, and the Comptroller General must protect records from unauthorized access.