agencies, and community development financial institu-
tions—
(1) to cause to be collected, compiled, and ana-
lyzed information pertinent to community develop-
ment financial institutions that will assist in creat-
ing, developing, expanding, and preserving these in-
stitutions; and
(2) to cause to be established a service center
for comprehensive information on financial, tech-
nical, and management assistance, case studies of
the activities of community development financial in-
stitutions, regulations, and other information that
may promote the purposes of this Act.
SEC. 10. RECORDKEEPING, REPORTS, AND AUDITS.
(a) RECORDKEEPING.—
(1) A qualified community development finan-
cial institution receiving assistance from the Fund
shall keep such records as may be reasonably nec-
essary to disclose the disposition of any assistance
under this Act and to ensure compliance with the re-
quirements of this Act.
(2) The Fund shall have access, for the purpose
of determining compliance with this Act, to any
books, documents, papers, and records of a qualified
community development financial institution receiv-
ing assistance from the Fund that are pertinent to
assistance received under this Act.
(b) REPORTS.—
(1) ANNUAL REPORT.—The Fund shall conduct
an annual evaluation of the activities carried out
pursuant to this Act and shall submit a report of its
findings to the President within 120 days of the end
of each fiscal year of the Fund. The report shall in-
clude financial statements audited in accordance
with subsection (c).
(2) INSTITUTIONAL VOICE FOR COMMUNITY DE-
VELOPMENT.—
(A) ONGOING
STUDY.—The Fund shall
conduct, or cause to be conducted, an ongoing
study to identify and evaluate the most effective
and financially sound policies and practices for
encouraging investment in distressed commu-
nities, including small business and commercial
lending, business formation and expansion,
community and economic development, commer-
cial real estate and multi-family housing, and
home mortgages. In addition, the Fund may
study, or cause to be studied, related matters,
such as identification of sources of and access
to capital and loans for community investment;
development of secondary markets for economic
and community development, small business
and commercial loans, and home mortgage
loans and investments; and methods to involve
all segments of the financial services industry in
community development.
(B) CONSULTATION.—In the conduct of
the study, the Fund shall consult, or cause con-
sultation with, the Office of the Comptroller of
the Currency, the Federal Deposit Insurance
Corporation, the Board of Governors of the
Federal Reserve System, the Federal Housing
Finance Board, the Farm Credit Administra-
tion, the Office of Thrift Supervision, the Na-
tional Credit Union Administration, community
reinvestment, civil rights, consumer and finan-
cial organizations, and such representatives of
agencies or other persons as the Fund may de-
termine.
(C) REPORTS.—Within 270 days after the
date of enactment of this Act, the Fund shall
report to the President its initial findings and
recommendations regarding the matters set
forth in subparagraph (A). Thereafter, the
Fund shall report its findings and recommenda-
tions to the President with the annual report
required by paragraph (b)(1).
(3) INVESTMENT, GOVERNANCE, AND ROLE OF
FUND.—Six years following the date of enactment of
this Act, the Fund, in accordance with the proce-
dures described in paragraphs (2)(A) and (B), shall
conduct a study evaluating the structure, govern-
ance, and performance of the Fund. The study shall
be submitted to the President. Such study shall in-
clude an evaluation of the overall performance of the
Fund in meeting the purposes of this Act and any
recommendations of the Fund for restructuring the
Board, altering procedures under which the Fund is
governed, the future role of the Fund in addressing
community development, and the ability of the Fund
to become a private, self-sustaining entity capable of
fulfilling the purposes of this Act.
(c) EXAMINATION AND AUDIT.—The financial state-
ments of the Fund shall be audited in accordance with
section 9105 of title 31, United States Code, except that
audits required by section 9105(a) of that title shall be
performed annually.
SEC. 11. INVESTMENT OF RECEIPTS AND PROCEEDS.
Any dividends on equity investments and proceeds
from the disposition of investments, deposits, or member-