under paragraph (1) or procuring the audit 
from an independent external auditor. 
‘‘(B) CREDIT.—The reimbursements de-
scribed in subparagraph (A) shall be credited to 
the appropriation account ‘Salaries and Ex-
penses, Office of the Inspector General, Depart-
ment of the Treasury’ current when the pay-
ment is received and remain available until ex-
pended. 
‘‘(3) CORRECTIVE RESPONSES TO AUDIT PROB-
LEMS.—The TARP shall— 
‘‘(A) take action to address deficiencies 
identified by the auditor of the TARP financial 
statements; or 
‘‘(B) certify to the appropriate committees 
of Congress that no action is necessary or ap-
propriate.’’. 
(2) APPLICATION.—The amendment made by 
paragraph (1) shall apply to any audit performed 
under section 116(b) of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5226(b)), as 
amended by paragraph (1), with respect to a fiscal 
year beginning on or after October 1, 2020. 
(b) BUREAU
OF CONSUMER FINANCIAL PROTEC-
TION.— 
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(1) IN GENERAL.—Section 1017(a) of the Con-
sumer Financial Protection Act of 2010 (12 U.S.C. 
5497(a)) is amended by striking paragraph (5) and 
inserting the following: 
‘‘(5) AUDIT
OF
THE
BUREAU.—The Bureau 
shall prepare and submit to the Congress and the 
Director of the Office of Management and Budget 
an audited financial statement for each fiscal year, 
covering all accounts and associated activities of 
each office, bureau, and activity of the Bureau. The 
audited financial statement shall include the balance 
sheet, the statement of net cost, the statement of 
changes in net position, the statement of budgetary 
resources, and such comments and information as 
may be determined necessary to inform Congress of 
the financial operations and condition of the Bureau. 
The Office of Inspector General of the Board of 
Governors of the Federal Reserve System and the 
Bureau of Consumer Financial Protection shall pro-
vide for an audit of the financial statements of the 
Bureau on an annual basis by an independent exter-
nal auditor in accordance with the United States 
generally accepted government auditing standards as 
may be prescribed by the Comptroller General of the 
United States.’’. 
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(2) REPEAL
OF
PREVIOUS
REQUIREMENT.— 
Section 1016A of the Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5496a) is repealed. 
(3) APPLICATION.—The amendments made by 
paragraphs (1) and (2) shall apply to any audit per-
formed under section 1017 of the Consumer Finan-
cial Protection Act of 2010 (12 U.S.C. 5497) or sec-
tion 1016A of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5496a), as amended by 
paragraphs (1) and (2), with respect to a fiscal year 
beginning on or after October 1, 2020 
(c) FEDERAL HOUSING FINANCE AGENCY.— 
(1) IN GENERAL.—Section 1316 of the Federal 
Housing Enterprises Financial Safety and Sound-
ness Act of 1992 (12 U.S.C. 4516) is amended— 
(A) in subsection (g)(4), by striking 
‘‘Comptroller General of the United States’’ 
and inserting ‘‘auditor of the financial state-
ments of the Agency’’; and 
(B) by striking subsection (h) and insert-
ing the following: 
‘‘(h) AUDIT OF AGENCY.—The Agency shall prepare 
and submit to the Congress and the Director of the Office 
of Management and Budget an audited financial state-
ment for each fiscal year, covering all accounts and associ-
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ated activities of each office, bureau, and activity of the 
Agency. The audited financial statement shall include the 
consolidated balance sheet, the consolidated statement of 
net cost, the consolidated statement of changes in net posi-
tion, the combined statement of budgetary resources, and 
such comments and information as may be deemed nec-
essary to inform Congress of the financial operations and 
condition of the Agency. The Agency shall provide for an 
audit of the financial statements of the Agency on an an-
nual basis by an independent external auditor in accord-
ance with the United States generally accepted govern-
ment auditing standards as may be prescribed by the 
Comptroller General of the United States.’’. 
(2) APPLICATION.—The amendments made by 
paragraph (1) shall apply to any audit performed 
under section 1316 of the Federal Housing Enter-
prises Financial Safety and Soundness Act of 1992 
(12 U.S.C. 4516) with respect to a fiscal year begin-
ning on or after October 1, 2020. 
(d) FEDERAL CIVIL PENALTIES INFLATION ADJUST-
MENT ACT.—The Federal Civil Penalties Inflation Adjust-
ment Act of 1990 (28 U.S.C. 2461 note), is amended in 
section 7 by striking subsection (c). 
Æ 
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