§ 4716. — Studies and reports; examination and audit.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4716]
TITLE 12--BANKS AND BANKING
CHAPTER 47--COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER I--COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS
Sec. 4716. Studies and reports; examination and audit
(a) Annual report by Fund
The Fund shall conduct an annual evaluation of the activities
carried out by the Fund and the community development financial
institutions and other organizations assisted pursuant to this
subchapter, and shall submit a report of its findings to the President
and the Congress not later than 120 days after the end of each fiscal
year of the Fund. The report shall include financial statements audited
in accordance with subsection (f) of this section.
(b) Optional studies
The Fund may conduct such studies as the Fund determines necessary
to further the purpose of this subchapter and to facilitate investment
in distressed communities. The findings of any studies conducted
pursuant to this subsection shall be included in the report required by
subsection (a) of this section.
(c) Native American lending study
(1) In general
The Fund shall conduct a study on lending and investment
practices on Indian reservations and other land held in trust by the
United States. Such study shall--
(A) identify barriers to private financing on such lands;
and
(B) identify the impact of such barriers on access to
capital and credit for Native American populations.
(2) Report
Not later than 12 months after the date on which the
Administrator is appointed, the Fund shall submit a report to the
President and the Congress that--
(A) contains the findings of the study conducted under
paragraph (1);
(B) recommends any necessary statutory and regulatory
changes to existing Federal programs; and
(C) makes policy recommendations for community development
financial institutions, insured depository institutions,
secondary market institutions, and other private sector capital
institutions to better serve such populations.
(d) Investment, governance, and role of Fund
Thirty months after the appointment and qualification of the
Administrator, the Comptroller General of the United States shall submit
to the President and the Congress a study evaluating the structure,
governance, and performance of the Fund.
(e) Consultation
In the conduct of the studies required under this section, the Fund
shall consult, as appropriate, with the Comptroller of the Currency, the
Federal Deposit Insurance Corporation, the Board of Governors of the
Federal Reserve System, the Federal Housing Finance Board, the Farm
Credit Administration, the Director of the Office of Thrift Supervision,
the National Credit Union Administration Board, Indian tribal
governments, community reinvestment organizations, civil rights
organizations, consumer organizations, financial organizations, and such
representatives of agencies or other persons, at the discretion of the
Fund.
(f) Examination and audit
The financial statements of the Fund shall be audited in accordance
with section 9105 of title 31, except that audits required by section
9105(a) of such title shall be performed annually.
(Pub. L. 103-325, title I, Sec. 117, Sept. 23, 1994, 108 Stat. 2187.)
