§4716 Studies and Reports; Examination and Audit

Summary

The Fund must do a yearly review of its work and the work of groups it helps, and send a report of what it finds to the President and Congress within 120 days after each fiscal year ends. The report must include financial statements that are audited under section 9105 of Title 31, and audits required by section 9105(a) must be done every year. The Fund may also do extra studies to help its goals, and any study results must go into the annual report. Within 12 months after the Administrator is appointed, the Fund must study lending and investment on Indian reservations and other trust land. The study must find barriers to private financing and how those barriers affect Native Americans’ access to capital. The Fund must report its findings, suggest any needed law or rule changes, and make policy recommendations for community development lenders, banks, secondary market and other private financial institutions. Thirty months after the Administrator is appointed and qualified, the Comptroller General must send a study on the Fund’s structure, governance, and performance. The Fund must consult as appropriate with federal banking regulators (for example, the Comptroller of the Currency, FDIC, Federal Reserve, FHFA, Farm Credit, Office of Thrift Supervision, and NCUA), tribal governments, community reinvestment groups, civil rights, consumer and financial organizations, and others it chooses.