---
kind: "section"
citation: "12 U.S.C. § 1440"
title: "12"
title_heading: "Banks and Banking"
number: "1440"
heading: "Examinations and audits"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/1440"
units:
  - "Chapter 11 — Federal Home Loan Banks"
---

# §1440. Examinations and audits


The [Director](/usc/12/1422.md?p=11) shall from time to time, at least annually, require examinations and reports of condition of all [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) in such form as the [Director](/usc/12/1422.md?p=11) shall prescribe and shall furnish periodically statements based upon the reports of the [banks](/usc/12/1422.md?p=1-A) to the [Director](/usc/12/1422.md?p=11). For the purposes of this chapter, examiners appointed by the [Director](/usc/12/1422.md?p=11) shall be subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the National Bank Act [[12 U.S.C. 21](/usc/12/21.md) et seq.] and the Federal Reserve Act [[12 U.S.C. 221](/usc/12/221.md) 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](/usc/12/1422.md?p=11) and the [Banks](/usc/12/1422.md?p=1-A), to determine the extent to which the [Director](/usc/12/1422.md?p=11) and the [Banks](/usc/12/1422.md?p=1-A) 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.)

## Notes

### Editorial Notes

### References in Text

The National Bank Act, referred to in text, is act June 3, 1864, ch. 106, 13 Stat. 99, 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 section 38 of this title.

The Federal Reserve Act, referred to in text, is act Dec. 23, 1913, ch. 6, 38 Stat. 251, 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 section 226 of this title and Tables.

### Amendments

2008—Pub. L. 110–289 substituted “The Director” for “The Board” and “the Director” for “the Board” wherever appearing.

1989—Pub. L. 101–73, § 702(b), inserted provisions relating to audit or examination by the Comptroller General.

Pub. L. 101–73, § 701(b)(1), (3)(A), substituted “Board” for “board” wherever appearing.

1954—Act Aug. 2, 1954, struck out second sentence relating to annual report of the board to Congress. See section 1437(b) of this title.

1950—Act June 27, 1950, struck out “twice” before “annually”.