§4716 Studies and Reports; Examination and Audit

Summary

The Fund must do a yearly review of what it and the groups it helps are doing. It must send a report with its findings and audited financial statements to the President and Congress no later than 120 days after the Fund’s fiscal year ends. The Fund can do other studies it thinks will help get investment into distressed communities, and those study results must be put in the yearly report. The Fund’s financial statements must be audited under 31 U.S.C. 9105, and audits required by 9105(a) must be done every year. The Fund must also study lending and investment on Indian reservations and other trust lands to find barriers to private financing and how those barriers affect Native Americans. Within 12 months after the Administrator is appointed, the Fund must report those findings to the President and Congress and recommend any needed changes to laws or rules and policy ideas for CDFIs, insured depository institutions, secondary market institutions, and other private capital institutions. Thirty months after the Administrator is appointed and qualified, the Comptroller General must send a study to the President and Congress evaluating the Fund’s structure, governance, and performance. In doing these studies, the Fund must consult federal financial regulators, tribal governments, community reinvestment groups, civil rights and consumer groups, financial organizations, and others the Fund chooses.