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Title 12, Banks and BankingRelease 119-110

§635a–6 Periodic Audits of Bank Transactions

Title 12 › CHAPTER 6A — EXPORT-IMPORT BANK OF THE UNITED STATES › SUBCHAPTER I — GENERAL PROVISIONS › § 635a–6

Last updated Sep 22, 2026|Official source

Summary

Within two years after May 30, 2012, and at least every four years after that, the Comptroller General must audit the Export‑Import Bank’s loans and guarantees to check whether the Bank followed its underwriting rules, lending policies, due diligence steps, and content standards. Not later than four years after December 4, 2015, and every four years after, the Comptroller General must review the Bank’s controls for stopping, finding, and investigating fraudulent applications, audit a sample of transactions, and send a written report with recommendations to the Senate Banking, Housing, and Urban Affairs Committee and Senate Appropriations Committee, and to the House Financial Services Committee and House Appropriations Committee.

Full Legal Text

Title 12, §635a–6

Banks and Banking, Source: USLM XML via OLRC

(a)In general
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)Review of fraud controls
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.

Legislative History

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.”

Reference

Citations & Metadata

Citation

12 U.S.C. § 635a–6

Title 12, Banks and Banking

Last Updated

Sep 22, 2026

Release point: 119-110