---
kind: "section"
citation: "12 U.S.C. § 635a–6"
title: "12"
title_heading: "Banks and Banking"
number: "635a–6"
heading: "Periodic audits of bank transactions"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/635a-6"
units:
  - "Chapter 6A — Export-Import Bank of the United States"
  - "Subchapter I — General Provisions"
---

# §635a–6. Periodic audits of bank transactions

- (a) **In general—** Within 2 years after May 30, 2012, and periodically (but not less frequently than every 4 years) thereafter, the Comptroller General of the United States shall conduct an audit of the loan and guarantee transactions of the Export-Import Bank of the United States to determine the compliance of the Bank with the underwriting guidelines, lending policies, due diligence procedures, and content guidelines of the Bank.
- (b) **Review of fraud controls—** Not later than 4 years after December 4, 2015, and every 4 years thereafter, the Comptroller General of the United States shall—
  - (1) review the adequacy of the design and effectiveness of the controls used by the Export-Import Bank of the United States to prevent, detect, and investigate fraudulent applications for loans and guarantees and the compliance by the Bank with the controls, including by auditing a sample of Bank transactions; and
  - (2) submit a written report regarding the findings of the review and providing such recommendations with respect to the controls described in [paragraph (1)](#b-1) as the Comptroller General deems appropriate to—
    - (A) the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate; and
    - (B) the Committee on Financial Services and the Committee on Appropriations of the House of Representatives.

## Source credit

(Pub. L. 112–122, § 17, May 30, 2012, 126 Stat. 359; Pub. L. 114–94, div. E, title LI, § 51003, Dec. 4, 2015, 129 Stat. 1763.)

## Notes

### Editorial Notes

### Codification

Section was enacted as part of the Export-Import Bank Reauthorization Act of 2012, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.

### Amendments

2015—Subsec. (b). Pub. L. 114–94 amended subsec. (b) generally. Prior to amendment, text read as follows: “The Comptroller General of the United States shall review the adequacy of the design and effectiveness of the controls used by the Export-Import Bank of the United States to prevent, detect, and investigate fraudulent applications for loans and guarantees, including by auditing a sample of Bank transactions, and submit to the Congress a written report which contains such recommendations with respect to the controls as the Comptroller General deems appropriate.”