FDIC Law, Regulations, Related Acts
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1000 - Federal Deposit Insurance Act
SEC. 17 REPORTS BY CORPORATION; AUDIT OF FINANCIAL TRANSACTIONS; REPORT ON AUDITS; EMPLOYMENT OF CERTIFIED PUBLIC ACCOUNTANTS FOR AUDITS
(a) Annual Reports on Deposit Insurance Fund and the FSLIC Resolution Fund.--
[Codified to 12 U.S.C. 1827(a)]
[Source: Section 2[17(a)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 890), effective September 21, 1950, as amended by section 220(a)(1) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 263), effective August 9, 1989; section 1103 of title XI of the Act of December 27, 2000 (Pub. L. No. 106--569; 114 Stat. 3030), effective December 27, 2000; section 8(a)(26) of the Act of February 15, 2006 (Pub. L. No. 109--173; 119 Stat. 3614), effective date shall take effect on the day of the merger of the Bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]
(b) Quarterly Reports to Treasury.--
[Codified to 12 U.S.C. 1827(b)]
[Source: Section 2[17(b)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 220(a)(3) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 264), effective August 9, 1989]
(c) Reports to OMB.--
[Codified to 12 U.S.C. 1827(c)]
[Source: Section 2[17(c)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 220(a)(3) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 264), effective August 9, 1989]
(d) Audit.--
[Codified to 12 U.S.C. 1827(d)]
[Source: Section 2[17(d)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 220(a)(3) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 264), effective August 9, 1989; section 8(a)(27) of the Act of February 15, 2006 (Pub. L. No. 109--173; 119 Stat. 3615), effective date shall take effect on the day of the merger of the Bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]
(e) Audit of corporation.--The financial transactions of the Corporation shall be audited by the Government Accountability Office in accordance with the principles and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where accounts of the Corporation are normally kept. The representatives of the Government Accountability Office shall have access to all books, accounts, records, reports, files, and all other papers, things, or property belonging to or in use by the Corporation pertaining to its financial transactions and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositaries, fiscal agents, and custodians. All such books, accounts, records, reports, files, papers, and property of the Corporation shall remain in possession and custody of the Corporation. The audit shall begin with financial transactions occurring on and after August 31, 1948. The Corporation shall be audited at least once in every three years.
[Codified to 12 U.S.C. 1827(e)]
[Source: Section 2[17(g), formerly 17(b)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 890), effective September 21, 1950, as amended by section 602(a) of title VI of the Act of January 2, 1975 (Pub. L. No. 93--604; 88 Stat. 1963), effective January 2, 1975, and as redesignated by section 220(a)(2) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 263), effective August 9, 1989; amended by section 8(b) of the Act of July 7, 2004 (Pub. L. No. 108--171; 118 Stat. 814), effective July 7, 2004]
(f) Report of Audit.--A report of each audit conducted under subsection (b) of this section shall be made by the Comptroller General to the Congress not later than six and one-half months following the close of the last year covered by such audit. The report to the Congress shall set forth the scope of the audit and shall include a statement of assets and liabilities and
surplus or deficit; a statement of surplus or deficit analysis; a statement of income and expenses; a statement of sources and application of funds and such comments and information as may be deemed necessary to inform Congress of the financial operations and condition of the Corporation, together with such recommendations with respect thereto as the Comptroller General may deem advisable. The report shall also show specifically any program, expenditure, or other financial transaction or undertaking observed in the course of the audit, which, in the opinion of the Comptroller General, has been carried on or made without authority of law. A copy of each report shall be furnished to the President, to the Secretary of the Treasury, and to the Corporation at the time submitted to the Congress.
[Codified to 12 U.S.C. 1827(f)]
[Source: Section 2[17(f), formerly 17(c)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 891), effective September 21, 1950, as amended by section 602(b) of title VI of the Act of January 2, 1975 (Pub. L. No. 93--604; 88 Stat. 1963), effective January 2, 1975, and as redesignated by section 220(a)(2) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 263), effective August 9, 1989]
(g) Assistance in Audit; Costs.--For the purpose of conducting such audit the Comptroller General is authorized in his discretion to employ by contract, without regard to section 3709 of the Revised Statutes, professional services of firms and organizations of certified public accountants, with the concurrence of the Corporation, for temporary periods or for special purposes. The Corporation shall reimburse the Government Accountability Office for the cost of any such audit as billed therefor by the Comptroller General, and the Government Accountability Office shall deposit the sums so reimbursed into the Treasury as miscellaneous receipts.
[Codified to 12 U.S.C. 1827(g)]
[Source: Section 2 [17(g), formerly 17(d)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 891), effective September 21, 1950; and as redesignated by section 220(a)(2) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 263), effective August 9, 1989; amended by section 8(b) of the Act of July 7, 2004 (Pub. L. No. 108--171; 118 Stat. 814), effective July 7, 2004]
NOTES AND DECISIONS
Derivation. Section 17(a) derives from section 12B(r) of the Federal Reserve Act, as added by section 8 of the Act of June 16, 1933 (Pub. L. No. 66; 48 Stat. 177), effective June 16, 1933. Section 12B(r) of the Federal Reserve Act was amended by section 101[12B(r)] of title I of the Act of August 23, 1935 (Pub. L. No. 305; 49 Stat. 700), effective August 23, 1935. By section 1 of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, section 12B of the Federal Reserve Act was withdrawn as a part of that Act and was made a separate act known as the "Federal Deposit Insurance Act."
Sections 17(b)--(d) were enacted by section 2[17(b)--(d)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 890), effective September 21, 1950.