12 USC 5391 - Inspector General reviews

U.S Code last checked for updates: Nov 22, 2024

§ 5391.

Inspector General reviews

(a)

to (c) Omitted

(d)

FDIC Inspector General reviews

(1)

Scope

The 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 subchapter, 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 5383(d) of this title and orderly liquidation plan under section 5390(n)(14) 1

 See References in Text note below.

of this title;

(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

(3)

Reports and testimony

(4)

Funding

(A)

Initial funding

(B)

Additional funding

(5)

Termination of responsibilities

(e)

Treasury Inspector General reviews

(1)

Scope

The 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 subchapter, including collecting and summarizing—

(A)

a description of actions taken by the Secretary under this subchapter;

(B)

an analysis of the approval by the Secretary of the policies and procedures of the Corporation under section 5383 of this title and acceptance of the orderly liquidation plan of the Corporation under section 5390 of this title; and

(C)

an assessment of the terms and conditions underlying the purchase by the Secretary of obligations of the Corporation under section 5390 of this title.

(2)

Frequency

(3)

Reports and testimony

(4)

Termination of responsibilities

(f)

Primary financial regulatory agency Inspector General reviews

(1)

Scope

Upon 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 5365 of this title, 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)

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)

recommend appropriate administrative or legislative action.

(2)

Reports and testimony

(Pub. L. 111–203, title II, § 211, July 21, 2010, 124 Stat. 1514; Pub. L. 117–286, § 4(b)(36), Dec. 27, 2022, 136 Stat. 4347.)

cite as: 12 USC 5391