U.S. Code, Title 31, Money and Finance

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Author: "U.S. Congress, Office of the Law Revision Counsel"

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§ 714. Audit of Financial Institutions Examination Council, Federal Reserve Board, Federal Reserve Banks, Federal Deposit Insurance Corporation, and Office of Comptroller of the Currency

     (a) In this section, "agency" means the Financial Institutions Examination Council, the Federal Reserve Board, Federal reserve banks, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision.

     (b) Under regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate agency has consented in writing. Audits of the Federal Reserve Board and Federal reserve banks may not include—

     (1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;

     (2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;

     (3) transactions made under the direction of the Federal Open Market Committee; or

     (4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

     (c)(1) Except as provided in this subsection, an officer or employee of the General Accounting Office may not disclose information identifying an open bank, an open bank holding company, or a customer of an open or closed bank or bank holding company. The Comptroller General may disclose information related to the affairs of a closed bank or closed bank holding company identifying a customer of the closed bank or closed bank holding company only if the Comptroller General believes the customer had a controlling influence in the management of the closed bank or closed bank holding company or was related to or affiliated with a person or group having a controlling influence.

     (2) An officer or employee of the Office may discuss a customer, bank, or bank holding company with an official of an agency and may report an apparent criminal violation to an appropriate law enforcement authority of the United States Government or a State.

     (3) This subsection does not authorize an officer or employee of an agency to withhold information from a committee of Congress authorized to have the information.

     (d)(1) To carry out this section, all records and property of or used by an agency, including samples of reports of examinations of a bank or bank holding company the Comptroller General considers statistically meaningful and workpapers and correspondence related to the reports shall be made available to the Comptroller General. The Comptroller General shall give an agency a current list of officers and employees to whom, with proper identification, records and property may be made available, and who may make notes or copies necessary to carry out an audit.

     (2) The Comptroller General shall prevent unauthorized access to records or property of or used by an agency that the Comptroller General obtains during an audit.

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 890; Pub. L. 101–73, title III, § 307(c), Aug. 9, 1989, 103 Stat. 353; Pub. L. 104–316, title I, § 115(a), Oct. 19, 1996, 110 Stat. 3834.)

Historical and Revision Notes

Revised Section

Source (U.S. Code)

Source (Statutes at Large)

714(a)     31:67(e)(2).     Sept. 12, 1950, ch. 946, 64 Stat. 832, § 117(e)(1)–(5), (7); added July 21, 1978, Pub. L. 95–320, § 2, 92 Stat. 391; Nov. 10, 1978, Pub. L. 95–630, § 1010, 92 Stat. 3696.

714(b)     31:67(e)(1), (3), (4).

714(c)     31:67(e)(5).

714(d)     31:67(e)(7).

     In subsection (a), the words "Financial Institutions Examination Council, the Federal Reserve Board, Federal reserve banks, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency" are substituted for "the agencies, banks, facilities, and corporation, listed in clauses (A), (B), (C), and (D) of paragraph (1)" for clarity. The words "and their branches and facilities" are omitted as unnecessary because of section 4 of the Rules of Organization of the Federal Reserve System set out in 12:222(note).

     In subsections (b) and (c), the words "Comptroller General" are substituted for "General Accounting Office" and "Office" for consistency.

     In subsection (b), before clause (1), the words "rules and" are omitted as surplus. The word "agency" is substituted for 31:67(e)(1)(A)–(D) because of subsection (a). The words "(hereinafter in this subsection referred to as the Office)" are omitted because of the restatement. In clause (1), the words "government of a foreign country" are substituted for "foreign governments" for consistency. In clause (3), the words "including transactions of the Federal Reserve System Open Market Account" are omitted as surplus. In clause (4), the words "oral, written, telegraphic, or telephonic" are omitted as surplus.

     In subsection (c)(1), the words "otherwise", "to any person, nor shall the Office disclose in its report or otherwise outside of the Office", "in a form", and "specific" are omitted as surplus.

     In subsection (c)(2), the words "An officer or employee of the Office" are substituted for "the Office or its employees" for consistency in the revised title and with other titles of the United States Code. The word "specific" is omitted as surplus.

     In subsection (c)(3), the words "or subcommittee of the" are omitted as surplus. The words "authorized to have the information" are substituted for "duly authorized" for clarity.

     In subsection (d)(1), the words "To carry out this section, all records and property of or used by an agency . . . shall be made available to the Comptroller General" are substituted for 31:67(e)(7)(A)(words before 11th comma) for consistency in the revised title and with other titles of the Code and to eliminate unnecessary words. The words "without deletions" are omitted as surplus. The words "from whatever source" and "whether or not a part of the reports" are omitted as surplus. The words "shall have the authority to authorize Office personnel to conduct such audits and to have access to agency materials described in subparagraph (A) and" are omitted because of sections 702(b) and 711 of the revised title. The words "records and property" are substituted for "such agency materials" for clarity and consistency.

     In subsection (d)(2), the words "records and property of or used by an agency" are substituted for "agency materials described in subparagraph (A)" for consistency. The words "The Comptroller General shall prevent unauthorized access to records or property" are substituted for 31:67(e)(7)(D)(last sentence) for clarity.

Amendments

     1996—Subsec. (d). Pub. L. 104–316 struck out at end of par. (1) "An agency shall give the Comptroller General suitable and lockable offices and furniture, telephones, and access to copying facilities." and amended par. (2) generally. Prior to amendment, par. (2) read as follows: "Except for the temporary removal of workpapers of the Comptroller General that do not identify a customer of an open or closed bank or bank holding company, an open bank, or an open bank holding company, all workpapers of the Comptroller General and records and property of or used by an agency that the Comptroller General possesses during an audit, shall remain in the agency. The Comptroller General shall prevent unauthorized access to records or property."

     1989—Subsec. (a). Pub. L. 101–73 inserted reference to Office of Thrift Supervision.

Section Referred to in Other Sections

     This section is referred to in section 718 of this title; title 12 section 1833c; title 18 section 1906.

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Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 714. Audit of Financial Institutions Examination Council, Federal Reserve Board, Federal Reserve Banks, Federal Deposit Insurance Corporation, and Office of Comptroller of the Currency," U.S. Code, Title 31, Money and Finance in U.S. Code, Title 31, Money and Finance (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed September 30, 2022, http://www.originalsources.com/Document.aspx?DocID=KREZ2M1J8LKJCJZ.

MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 714. Audit of Financial Institutions Examination Council, Federal Reserve Board, Federal Reserve Banks, Federal Deposit Insurance Corporation, and Office of Comptroller of the Currency." U.S. Code, Title 31, Money and Finance, in U.S. Code, Title 31, Money and Finance, Washington, D.C., Government Printing Office, 2002, Original Sources. 30 Sep. 2022. http://www.originalsources.com/Document.aspx?DocID=KREZ2M1J8LKJCJZ.

Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 714. Audit of Financial Institutions Examination Council, Federal Reserve Board, Federal Reserve Banks, Federal Deposit Insurance Corporation, and Office of Comptroller of the Currency' in U.S. Code, Title 31, Money and Finance. cited in 2002, U.S. Code, Title 31, Money and Finance, Government Printing Office, Washington, D.C.. Original Sources, retrieved 30 September 2022, from http://www.originalsources.com/Document.aspx?DocID=KREZ2M1J8LKJCJZ.