§ 1440. — Examinations and audits.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1440]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 1440. Examinations and audits
The Board shall from time to time, at least annually, require
examinations and reports of condition of all Federal Home Loan Banks in
such form as the Board shall prescribe and shall furnish periodically
statements based upon the reports of the banks to the Board. For the
purposes of this chapter, examiners appointed by the Board shall be
subject to the same requirements, responsibilities, and penalties as are
applicable to examiners under the National Bank Act [12 U.S.C. 21 et
seq.] and the Federal Reserve Act [12 U.S.C. 221 et seq.], and shall
have, in the exercise of functions under this chapter, the same powers
and privileges as are vested in such examiners by law. In addition to
such examinations, the Comptroller General may audit or examine the
Board and the Banks, to determine the extent to which the Board and the
Banks are fairly and effectively fulfilling the purposes of this
chapter.
(July 22, 1932, ch. 522, Sec. 20, 47 Stat. 738; June 27, 1950, ch. 369,
Sec. 10, 64 Stat. 259; Aug. 2, 1954, ch. 649, title VIII, Sec. 802(f),
68 Stat. 643; Pub. L. 101-73, title VII, Secs. 701(b)(1), (3)(A),
702(b), Aug. 9, 1989, 103 Stat. 412, 415.)
References in Text
The National Bank Act, referred to in text, is act June 3, 1864, ch.
106, 13 Stat. 99, as amended, which is classified principally to chapter
2 (Sec. 21 et seq.) of this title. For complete classification of this
Act to the Code, see References in Text note set out under section 38 of
this title.
The Federal Reserve Act, referred to in text, is act Dec. 23, 1913,
ch. 6, 38 Stat. 251, as amended, which is classified principally to
chapter 3 (Sec. 221 et seq.) of this title. For complete classification
of this Act to the Code, see References in Text note set out under
section 226 of this title and Tables.
Amendments
1989--Pub. L. 101-73, Sec. 702(b), inserted provisions relating to
audit or examination by the Comptroller General.
Pub. L. 101-73, Sec. 701(b)(1), (3)(A), substituted ``Board'' for
``board'' wherever appearing.
1954--Act Aug. 2, 1954, struck out second sentence relating to
annual report of the board to Congress. See section 1437(b) of this
title.
1950--Act June 27, 1950, struck out ``twice'' before ``annually''.
Section Referred to in Other Sections
This section is referred to in title 26 section 246.
