12 USC § 1440 - Examinations and audits

---
identifier: "/us/usc/t12/s1440"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 1440 - Examinations and audits"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "1440"
section_name: "Examinations and audits"
chapter_number: 11
chapter_name: "FEDERAL HOME LOAN BANKS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(July 22, 1932, ch. 522, § 20, 47 Stat. 738; June 27, 1950, ch. 369, § 10, 64 Stat. 259; Aug. 2, 1954, ch. 649, title VIII, § 802(f), 68 Stat. 643; Pub. L. 101–73, title VII, §§ 701(b)(1), (3)(A), 702(b), Aug. 9, 1989, 103 Stat. 412, 415; Pub. L. 110–289, div. A, title II, § 1204(8), (9), July 30, 2008, 122 Stat. 2786.)"
---


# § 1440. Examinations and audits

12 U.S.C. 2112 U.S.C. 221

The Director shall from time to time, at least annually, require examinations and reports of condition of all Federal Home Loan Banks in such form as the Director shall prescribe and shall furnish periodically statements based upon the reports of the banks to the Director. For the purposes of this chapter, examiners appointed by the Director shall be subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the National Bank Act [ et seq.] and the Federal Reserve Act [ et seq.], and shall have, in the exercise of functions under this chapter, the same powers and privileges as are vested in such examiners by law. In addition to such examinations, the Comptroller General may audit or examine the Director and the Banks, to determine the extent to which the Director and the Banks are fairly and effectively fulfilling the purposes of this chapter.

---

**Source Credit**: (July 22, 1932, ch. 522, § 20, 47 Stat. 738; June 27, 1950, ch. 369, § 10, 64 Stat. 259; Aug. 2, 1954, ch. 649, title VIII, § 802(f), 68 Stat. 643; Pub. L. 101–73, title VII, §§ 701(b)(1), (3)(A), 702(b), Aug. 9, 1989, 103 Stat. 412, 415; Pub. L. 110–289, div. A, title II, § 1204(8), (9), July 30, 2008, 122 Stat. 2786.)

## Editorial Notes

### References in Text

The National Bank Act, referred to in text, is , , which is classified principally to chapter 2 (§ 21 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under .

The Federal Reserve Act, referred to in text, is , , which is classified principally to chapter 3 (§ 221 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under  and Tables.

### Amendments

2008— substituted “The Director” for “The Board” and “the Director” for “the Board” wherever appearing.

1989—, inserted provisions relating to audit or examination by the Comptroller General.

, (3)(A), substituted “Board” for “board” wherever appearing.

1954—Act , struck out second sentence relating to annual report of the board to Congress. See .

1950—Act , struck out “twice” before “annually”.