§ 5391. Inspector General reviews

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 2010

   Dodd-Frank Wall Street Reform and Consumer Protection Act

   Pub. L. 111–203 title II § 211 · 124 Stat. 1376

   Enacted · 12 U.S.C. § 5391

   Pub. L. 111–203, title II, § 211, July 21, 2010, 124 Stat. 1514

   Source evidence

   Code source credit
   Pub. L. 111–203, title II, § 211, July 21, 2010, 124 Stat. 1514

   Enacted provision · exact public law section
   SEC. 211. MISCELLANEOUS PROVISIONS. (a) Clarification of Prohibition Regarding Concealment of Assets From Receiver or Liquidating Agent.— Section 1032(1) of title 18, United States Code, is amended by inserting “the Federal Deposit Insurance Corporation acting as receiver for a covered financial company, in accordance with title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act,” before “or the National Credit”. (b) Conforming Amendment.— Section 1032 of title 18, United States Code, is amended in the section heading, by striking “of financial institution”. (c) Federal Deposit Insurance Corporation Improvement Act of 1991.— Section 403(a) of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 4403(a)) is amended by inserting “section 210(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4617(d)),” after “section 11(e) of the Federal Deposit Insurance Act,”. (d) FDIC Inspector General Reviews.— (1) Scope.— The Audits. Investigations. Inspector General of the Corporation shall conduct, supervise, and coordinate audits and investigations of the liquidation of any covered financial company by the Corporation as receiver under this title, including collecting and summarizing— (A) a description of actions taken by the Corporation as receiver; (B) a description of any material sales, transfers, mergers, obligations, purchases, and other material transactions entered into by the Corporation; (C) an evaluation of the adequacy of the policies and procedures of the Corporation under section 203(d) and orderly liquidation plan under section 210(n)(14); (D) an evaluation of the utilization by the Corporation of the private sector in carrying out its functions, including the adequacy of any conflict-of-interest reviews; and (E) an evaluation of the overall performance of the Corporation in liquidating the covered financial company, including administrative costs, timeliness of liquidation process, and impact on the financial system. (2) Frequency.— Not Deadlines. later than 6 months after the date of appointment of the Corporation as receiver under this title and every 6 months thereafter, the Inspector General of the Corporation shall conduct the audit and investigation described in paragraph (1). (3) Reports and testimony.— The Inspector General of the Corporation shall include in the semiannual reports required by section 5(a) of the Inspector General Act of 1978 (5 U.S.C. App.), a summary of the findings and evaluations under paragraph (1), and shall appear before the appropriate committees of Congress, if requested, to present each such report. (4) Funding.— (A) Initial funding.— The expenses of the Inspector General of the Corporation in carrying out this subsection shall be considered administrative expenses of the receivership. (B) Additional funding.— If the maximum amount available to the Corporation as receiver under this title is insufficient to enable the Inspector General of the Corporation to carry out the duties under this subsection, the Corporation shall pay such additional amounts from assessments imposed under section 210. (5) Termination of responsibilities.— The duties and responsibilities of the Inspector General of the Corporation under this subsection shall terminate 1 year after the date of termination of the receivership under this title. (e) Treasury Inspector General Reviews.— (1) Scope.— The Audits. Investigations. Inspector General of the Department of the Treasury shall conduct, supervise, and coordinate audits and investigations of actions taken by the Secretary related to the liquidation of any covered financial company under this title, including collecting and summarizing— (A) a description of actions taken by the Secretary under this title; (B) an analysis of the approval by the Secretary of the policies and procedures of the Corporation under section 203 and acceptance of the orderly liquidation plan of the Corporation under section 210; and (C) an assessment of the terms and conditions underlying the purchase by the Secretary of obligations of the Corporation under section 210. (2) Frequency.— Not Deadlines. later than 6 months after the date of appointment of the Corporation as receiver under this title and every 6 months thereafter, the Inspector General of the Department of the Treasury shall conduct the audit and investigation described in paragraph (1). (3) Reports and testimony.— The Inspector General of the Department of the Treasury shall include in the semiannual reports required by section 5(a) of the Inspector General Act of 1978 (5 U.S.C. App.), a summary of the findings and assessments under paragraph (1), and shall appear before the appropriate committees of Congress, if requested, to present each such report. (4) Termination of responsibilities.— The duties and responsibilities of the Inspector General of the Department of the Treasury under this subsection shall terminate 1 year after the date on which the obligations purchased by the Secretary from the Corporation under section 210 are fully redeemed. (f) Primary Financial Regulatory Agency Inspector General Reviews.— (1) Scope.— Upon Reports. the appointment of the Corporation as receiver for a covered financial company supervised by a Federal primary financial regulatory agency or the Board of Governors under section 165, the Inspector General of the agency or the Board of Governors shall make a written report reviewing the supervision by the agency or the Board of Governors of the covered financial company, which shall— (A) Evaluation. evaluate the effectiveness of the agency or the Board of Governors in carrying out its supervisory responsibilities with respect to the covered financial company; (B) identify any acts or omissions on the part of agency or Board of Governors officials that contributed to the covered financial company being in default or in danger of default; (C) identify any actions that could have been taken by the agency or the Board of Governors that would have prevented the company from being in default or in danger of default; and (D) Recommenda- tion. recommend appropriate administrative or legislative action. (2) Reports and testimony.— Not later than 1 year after the date of appointment of the Corporation as receiver under this title, the Inspector General of the Federal primary financial regulatory agency or the Board of Governors shall provide the report required by paragraph (1) to such agency or the Board of Governors, and along with such agency or the Board of Governors, as applicable, shall appear before the appropriate committees of Congress, if requested, to present the report required by paragraph (1). Not later than 90 days after the date of receipt of the report required by paragraph (1), such agency or the Board of Governors, as applicable, shall provide a written report to Congress describing any actions taken in response to the recommendations in the report, and if no such actions were taken, describing the reasons why no actions were taken.

2. 2022

   Pub. L. 117–286 § 4(b)(36)(A) · 136 Stat. 4196

   Substituted · 12 U.S.C. § 5391(d)(3)

   Pub. L. 117–286, § 4(b)(36)(A), substituted “section 405(b) of title 5,” for “section 5(a) of the Inspector General Act of 1978 (5 U.S.C. App.),”

   Source evidence

   Code amendment note
   Subsec. (d)(3). Pub. L. 117–286, § 4(b)(36)(A), substituted “section 405(b) of title 5,” for “section 5(a) of the Inspector General Act of 1978 (5 U.S.C. App.),”.

   Enacted provision · exact public law section
   (A) in subsection (d)(3), by striking “section 5(a) of the Inspector General Act of 1978 (5 U.S.C. App.),” and inserting “section 405(b) of title 5, United States Code,”; and

3. 2022

   Pub. L. 117–286 § 4(b)(36)(B) · 136 Stat. 4196

   Substituted · 12 U.S.C. § 5391(e)(3)

   Pub. L. 117–286, § 4(b)(36)(B), substituted “section 405(b) of title 5,” for “section 5(a) of the Inspector General Act of 1978 (5 U.S.C. App.),”

   Source evidence

   Code amendment note
   Subsec. (e)(3). Pub. L. 117–286, § 4(b)(36)(B), substituted “section 405(b) of title 5,” for “section 5(a) of the Inspector General Act of 1978 (5 U.S.C. App.),”.

   Enacted provision · exact public law section
   (B) in subsection (e)(3), by striking “section 5(a) of the Inspector General Act of 1978 (5 U.S.C. App.),” and inserting “section 405(b) of title 5, United States Code,”.

3 of 3 references resolved to an enrolled provision