(a) Audit of agencies or other persons performing functions under banking laws
(1) In general
Except as provided in paragraph (2), all agencies, corporations, organizations, and other persons of any description which perform any function or activity under this Act, or any other Act which is amended by this Act, shall be subject to audit by the Comptroller General of the United States with respect to such function or activity.
Paragraph (1) shall not apply to—
(A)any function or activity of the Board of Governors of the Federal Reserve System or the Federal Reserve banks that is described in any paragraph of section
714(b) of title
(B)any function or activity of the Federal National Mortgage Association, except as provided in section
1723a(j) of this title.
(b) Audit of persons providing certain goods or services
All persons and organizations which, by contract, grant, or otherwise, provide goods or services to, or receive financial assistance from, any agency or other person performing functions or activities under this Act shall be subject to audit by the Comptroller General with respect to such provision of goods or services or receipt of financial assistance.
(c) Provisions applicable to audits under this section
(1) Nature and scope of audit
The Comptroller General shall determine the nature, scope, and terms and conditions of audits conducted under this section.
(2) Coordination with other provisions of law
The authority of the Comptroller General under this section shall be in addition to any audit authority available to the Comptroller General under other provisions of this Act or any other law.
(3) Rights of access, examination, and copying
The Comptroller General, and any duly authorized representative of the Comptroller General, shall have access to, and the right to examine and copy, all records and other recorded information in any form, and to examine any property, within the possession or control of any agency or person which is subject to audit under this section which the Comptroller General deems relevant to an audit conducted under this section.
(4) Enforcement of right of access
The Comptroller General’s right of access to information under this section shall be enforceable pursuant to section
716 of title
(5) Maintenance of confidential records
The provisions of section
716(e) of title
31 shall apply to information obtained by the Comptroller General under this section.
This Act, referred to in subsecs. (a)(1), (b), and (c)(2), is Pub. L. 101–73, Aug. 9, 1989, 103 Stat. 183, known as the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. For complete classification of this Act to the Code, see Short Title of 1989 Amendment note set out under section
1811 of this title and Tables.
Section was enacted as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and not as part of the Federal Deposit Insurance Act which comprises this chapter.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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