(a) Annual reports on the Deposit Insurance Fund and the FSLIC Resolution Fund
(1) In general
The Corporation shall annually submit a full report of its operations, activities, budget, receipts, and expenditures for the preceding 12-month period. The report shall include, with respect to the Deposit Insurance Fund and the FSLIC Resolution Fund, an analysis by the Corporation of—
(A) the current financial condition of each such fund;
(B) the purpose, effect, and estimated cost of each resolution action taken for an insured depository institution during the preceding year;
(C) the extent to which the actual costs of assistance provided to, or for the benefit of, an insured depository institution during the preceding year exceeded the estimated costs of such assistance reported in a previous year under paragraph (A);
(D) the exposure of the Deposit Insurance Fund to changes in those economic factors most likely to affect the condition of that fund;
(E) a current estimate of the resources needed for the Deposit Insurance Fund or the FSLIC Resolution Fund to achieve the purposes of this chapter; and
(F) any findings, conclusions, and recommendations for legislative and administrative actions considered appropriate to future resolution activities by the Corporation.
(2) Manner of submission
Such report shall be submitted to the President of the Senate and the Speaker of the House of Representatives, who shall cause the same to be printed for the information of Congress, and the President as soon as practicable after the first day of January each year.
(3) Coordination with other report requirements
The report required under this subsection shall include the report required under section 57a(f)(7) 1 of title 15.
(b) Quarterly reports to Treasury
(1) Financial operating plans and forecasts
Before the beginning of each fiscal quarter, the Corporation shall provide to the Secretary of the Treasury a copy of the Corporation's financial operating plans and forecasts.
(2) Financial condition and reports of operations
As soon as practicable after the end of each fiscal quarter, the Corporation shall submit to the Secretary of the Treasury a copy of the report of the Corporation's financial condition as of the end of such fiscal quarter and the results of the Corporation's operations during such fiscal quarter.
(3) Items to be included
The plans, forecasts, and reports required under this subsection shall reflect the estimates required to be made under section 1825(b) of this title of the liabilities and obligations of the Corporation described in such section.
(4) Rule of construction
The requirement to provide plans, forecasts, and reports to the Secretary of the Treasury under this subsection may not be construed as implying any obligation on the part of the Corporation to obtain the consent or approval of such Secretary with respect to such plans, forecasts, and reports.
(c) Reports to OMB
(1) Financial information
The Corporation shall continue to provide to the Director of the Office of Management and Budget financial information consistent with that contained in the reports that were being provided to the Director immediately prior to the effective date of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
(2) Financial operating plans and forecasts
The Corporation shall also provide to the Director copies of the Corporation's financial operating plans and forecasts as prepared by the Corporation in the ordinary course of its operations, and copies of the quarterly reports of the Corporation's financial condition and results of operations as prepared by the Corporation in the ordinary course of its operations.
(3) Rule of construction
This subsection may not be construed as implying any obligation on the part of the Corporation to consult with or obtain the consent or approval of the Director with respect to any reports, plans, forecasts, or other information referred to in paragraph (1) or (2) or any jurisdiction or oversight over the affairs or operations of the Corporation.
(d) Audit
(1) Audit required
The Comptroller General shall audit annually the financial transactions of the Corporation 2 the Deposit Insurance Fund and the FSLIC Resolution Fund in accordance with generally accepted government auditing standards.
(2) Access to books and records
All books, records, accounts, reports, files, and property belonging to or used by the Corporation 2 the Deposit Insurance Fund and the FSLIC Resolution Fund, or by an independent certified public accountant retained to audit the Fund's financial statements, shall be made available to the Comptroller General.
(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.
(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.
(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 6101 of title 41, 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.
References in Text
Par. (7) of section 57a(f) of title 15, referred to in subsec. (a)(3), was repealed by Pub. L. 111–203, title X, §1092(3), July 21, 2010, 124 Stat. 2095.
The effective date of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (c)(1), probably means the date of enactment of Pub. L. 101–73, which was approved Aug. 9, 1989.
Codification
In subsec. (g), "section 6101 of title 41" substituted for "section 3709 of the Revised Statutes" on authority of Pub. L. 111–350, §6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.
Prior Provisions
Subsec. (a) is derived from subsec. (r) of former section 264 of this title. See Codification note set out under section 1811 of this title.
Amendments
2006—Subsec. (a). Pub. L. 109–173, §8(a)(26)(A), substituted "the Deposit Insurance Fund" for "BIF, SAIF," in heading.
Pub. L. 109–171 repealed Pub. L. 104–208, §2704(d)(14)(S). See 1996 Amendment note below.
Subsec. (a)(1). Pub. L. 109–173, §8(a)(26)(B)(i), substituted "the Deposit Insurance Fund" for "the Bank Insurance Fund, the Savings Association Insurance Fund," in introductory provisions.
Subsec. (a)(1)(D). Pub. L. 109–173, §8(a)(26)(B)(ii), substituted "the Deposit Insurance Fund" for "each insurance fund".
Subsec. (a)(1)(E). Pub. L. 109–173, §8(a)(26)(B)(i), substituted "the Deposit Insurance Fund" for "the Bank Insurance Fund, the Savings Association Insurance Fund,".
Subsec. (d). Pub. L. 109–173, §8(a)(27), substituted "the Deposit Insurance Fund" for ", the Bank Insurance Fund, the Savings Association Insurance Fund," in pars. (1) and (2).
Pub. L. 109–171 repealed Pub. L. 104–208, §2704(d)(14)(T). See 1996 Amendment note below.
2004—Subsecs. (e), (g). Pub. L. 108–271 substituted "Government Accountability Office" for "General Accounting Office" in two places.
2000—Subsec. (a)(3). Pub. L. 106–569, §1103(a), added par. (3).
Subsec. (h). Pub. L. 106–569, §1104(b), struck out subsec. (h) which related to additional reports.
1996—Subsec. (a). Pub. L. 104–208, §2704(d)(14)(S), which directed substitution of "the Deposit Insurance Fund" for "BIF, SAIF," in heading and "the Deposit Insurance Fund" for "the Bank Insurance Fund, the Savings Association Insurance Fund," wherever appearing in par. (1), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
Subsec. (d). Pub. L. 104–208, §2704(d)(14)(T), which directed substitution of "the Deposit Insurance Fund" for "the Bank Insurance Fund, the Savings Association Insurance Fund," in two places, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
1991—Subsec. (h). Pub. L. 102–242 added subsec. (h).
1989—Subsec. (a). Pub. L. 101–73, §220(a)(1), added heading and text and struck out former subsec. (a) which read as follows: "The Corporation shall annually make a report of its operations to the Congress as soon as practicable after the 1st day of January in each year."
Subsecs. (b) to (g). Pub. L. 101–73, §220(a)(2), (3), added subsecs. (b) to (d) and redesignated former subsecs. (b) to (d) as (e) to (g), respectively.
1975—Subsec. (b). Pub. L. 93–604, §602(a), inserted provisions that the Corporation shall be audited at least once in every three years.
Subsec. (c). Pub. L. 93–604, §602(b), substituted provisions that a report of each audit conducted under subsec. (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 previous year covered by such audit, for provisions that a report of the audit for each fiscal year ending on June 30 shall be made by the Comptroller General to the Congress not later than Jan. 15 following the close of such fiscal year.
Effective Date of 2006 Amendment
Amendment by Pub. L. 109–173 effective Mar. 31, 2006, see section 8(b) of Pub. L. 109–173, set out as a note under section 1813 of this title.
Amendment by Pub. L. 109–171 effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning Feb. 8, 2006, see section 2102(c) of Pub. L. 109–171, set out as a Merger of BIF and SAIF note under section 1821 of this title.
Effective Date of 1996 Amendment
Amendment by Pub. L. 104–208 effective Jan. 1, 1999, if no insured depository institution is a savings association on that date, see section 2704(c) of Pub. L. 104–208, formerly set out as a note under section 1821 of this title.
Final Reports on RTC and SAIF Funding
Pub. L. 103–204, §28, Dec. 17, 1993, 107 Stat. 2410, provided that:
"(a)
"(1)
"(2)
"(b)
"(1) not later than 45 days after the final expenditure of funds provided for under this Act by the Resolution Trust Corporation; and
"(2) not later than 45 days after the final expenditure of funds authorized to be provided under this Act by the Savings Association Insurance Fund."
Report to Congress on Risk-Based Assessments
Pub. L. 101–73, title II, §220(b)(1), Aug. 9, 1989, 103 Stat. 265, directed Federal Deposit Insurance Corporation to study establishment of premium assessment categories related to types of risk to insurance funds and report its recommendations to Congress not later than Jan. 1, 1991; if Corporation recommended establishment of such a risk-based assessment plan, it was to provide a timetable and plan for implementation; and not later than 180 days after receipt of report and accompanying plan and timetable, Congress was to make a recommendation to Chairperson of Board of Directors regarding disposition of such plan and timetable.
1 See References in Text note below. 2 So in original. Probably should be followed by a comma.Tried the LawStack mobile app?
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