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Title 12, Banks and BankingRelease 119-110

§635a–7 Independent Audit of Bank Portfolio

Title 12 › CHAPTER 6A — EXPORT-IMPORT BANK OF THE UNITED STATES › SUBCHAPTER I — GENERAL PROVISIONS › § 635a–7

Last updated Sep 22, 2026|Official source

Summary

The Export-Import Bank’s Inspector General must audit how the Bank manages risks in its portfolio. The review must also check how the Bank is carrying out the duties given to the Chief Risk Officer under section 635a(l), as changed by section 51005. The Inspector General must send a written report with the findings to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services no later than 1 year after December 4, 2015, and at least once every 3 years after that.

Full Legal Text

Title 12, §635a–7

Banks and Banking, Source: USLM XML via OLRC

(a)Audit
The Inspector General of the Export-Import Bank of the United States shall conduct an audit or evaluation of the portfolio risk management procedures of the Bank, including a review of the implementation by the Bank of the duties assigned to the Chief Risk Officer under section 635a(l) of this title, as amended by section 51005.
(b)Report
Not later than 1 year after December 4, 2015, and not less frequently than every 3 years thereafter, the Inspector General shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a written report containing all findings and determinations made in carrying out subsection (a).

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 635a(l) of this title, as amended by section 51005, referred to in subsec. (a), is section 635a(l) of this title, as amended by section 51005 of Pub. L. 114–94. Codification Section was enacted as part of the Fixing America’s Surface Transportation Act, also known as the FAST Act, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.

Reference

Citations & Metadata

Citation

12 U.S.C. § 635a–7

Title 12, Banks and Banking

Last Updated

Sep 22, 2026

Release point: 119-110