Source: https://www.law.cornell.edu/uscode/text/12/5497
Timestamp: 2017-05-29 17:21:51
Document Index: 642162880

Matched Legal Cases: ['§ 5497', '§ 5497', '§ 5497', '§\u202f5497', '§\u202f1017', '§\u202f6', 'art 1075']

12 U.S. Code § 5497 - Funding; penalties and fines | US Law | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 53 › Subchapter V › Part A › § 5497 12 U.S. Code § 5497 - Funding; penalties and fines
§ 5497.
Funding; penalties and fines
(a) Transfer of funds from Board Of Governors
(2) Funding cap
(A) In generalNotwithstanding paragraph (1), and in accordance with this paragraph, the amount that shall be transferred to the Bureau in each fiscal year shall not exceed a fixed percentage of the total operating expenses of the Federal Reserve System, as reported in the Annual Report, 2009, of the Board of Governors, equal to—
(B) Adjustment of amount
Notwithstanding any other provision in this title,[1] the funds derived from the Federal Reserve System pursuant to this subsection shall not be subject to review by the Committees on Appropriations of the House of Representatives and the Senate.
(4) Budget and financial management
(A) Financial operating plans and forecasts
(B) Financial statementsThe Bureau shall prepare annually a statement of—
(C) Financial management systems
(D) Assertion of internal controls
The Director shall provide to the Comptroller General of the United States an assertion as to the effectiveness of the internal controls that apply to financial reporting by the Bureau, using the standards established in section 3512(c) of title 31.
(F) Financial statements
(5) Audit of the Bureau
The Comptroller General shall annually audit the financial transactions of the Bureau in accordance with the United States generally accepted government auditing standards, as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where accounts of the Bureau are normally kept. The representatives of the Government Accountability Office shall have access to the personnel and to all books, accounts, documents, papers, records (including electronic records), reports, files, and all other papers, automated data, things, or property belonging to or under the control of or used or employed by the Bureau pertaining to its financial transactions and necessary to facilitate the audit, and such representatives shall be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians. All such books, accounts, documents, records, reports, files, papers, and property of the Bureau shall remain in possession and custody of the Bureau. The Comptroller General may obtain and duplicate any such books, accounts, documents, records, working papers, automated data and files, or other information relevant to such audit without cost to the Comptroller General, and the right of access of the Comptroller General to such information shall be enforceable pursuant to section 716(c) of title 31.
(C) Assistance and costs
(b) Consumer Financial Protection Fund
(1) Separate fund in Federal Reserve established
(3) Investment authority
(A) Amounts in Bureau Fund may be invested
(2) Funds that are not Government funds
(d) Penalties and fines
(1) Establishment of victims relief fund
(2) Payment to victims
(e) Authorization of appropriations; annual report
(1) Determination regarding need for appropriated funds
(3) Apportionment
(Pub. L. 111–203, title X, § 1017, July 21, 2010, 124 Stat. 1975.)
In subsec. (a)(5)(C), “section 6101 of title 41” substituted for “section 3709 of the Revised Statutes of the United States (41 U.S.C. 5)” on authority of Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 1075 - CONSUMER FINANCIAL CIVIL PENALTY FUND RULE