
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 31USC714]

 
                       TITLE 31--MONEY AND FINANCE
 
                           SUBTITLE I--GENERAL
 
                  CHAPTER 7--GENERAL ACCOUNTING OFFICE
 
                SUBCHAPTER II--GENERAL DUTIES AND POWERS
 
Sec. 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, Sec. 307(c), Aug. 9, 1989, 103 Stat. 353; Pub. L. 104-316, title I, 
Sec. 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,
                                                                        Sec.  1
17(e)(1)-(5), (7); added July 21,
                                                                        1978, P
ub. L. 95-320, Sec.  2, 92 Stat.
                                                                        391; No
v. 10, 1978, Pub. L. 95-630, Sec.
                                                                         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.
