§ 635g.
(f)
Additional reports
Not later than March 31 of each year, the Bank shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate reports on—
(1)
the extent to which the Bank has been able to use the authority provided, and has complied with the mandates contained, in
section 635(b)(1)(E) of this title, and to the extent the Bank has been unable to fully use such authority and comply with such mandates, a report on the reasons for the Bank’s inability to do so and the steps the Bank is taking to remedy such inability;
(2)
the extent to which financing has been made available to small business concerns (described in subsection (e)) to enable them to participate in exports by major contractors, including through access to the supply chains of the contractors through direct or indirect funding;
(3)
the specific measures the Bank will take in the upcoming year to achieve the small business objectives of the Bank, including expanded outreach, product improvements, and related actions;
(4)
the progress made by the Bank in supporting exports by socially and economically disadvantaged small business concerns (defined in
section 637(a)(4) of title 15) and small business concerns (as defined in
section 632(a) of title 15) owned by women, including estimates of the amounts made available to finance exports directly by such small business concerns, a comparison of these amounts with the amounts made available to all small business concerns, and a comparison of such amounts with the amounts so made available during the 2 preceding years;
(5)
with respect to each type of transaction, the interest and fees charged by the Bank to exporters (including a description of fees and interest, if any, charged to small business concerns), buyers, and other applicants in connection with each financing program of the Bank, and the highest, lowest, and average fees charged by the Bank for short term insurance transactions;
(6)
the effects of the fees on the ability of the Bank to achieve the objectives of the Bank relating to small business;
(7)
the fee structure of the Bank as compared with those of foreign export credit agencies; and
(8)
(A)
the efforts made by the Bank to carry out subparagraphs (E)(x) and (J) of
section 635(b)(1) of this title, including the total amount expended by the Bank to do so; and
(B)
if the Bank has been unable to comply with such subparagraphs—
(i)
an analysis of the reasons therefor; and
(ii)
what the Bank is doing to achieve, and the date by which the Bank expects to have achieved, such compliance.
(g)
Monitoring of default rates on bank financing; reports on default rates; safety and soundness review
(1)
Monitoring of default rates
(2)
Additional calculation by type of product, by key market, and by industry sector; report to Congress
In addition, the Bank shall, not less frequently than quarterly—
(A)
calculate the rate of default—
(i)
with respect to whether the products involved are short-term loans, medium-term loans, long-term loans, insurance, medium-term guarantees, or long-term guarantees;
(ii)
with respect to each key market involved; and
(iii)
with respect to each industry sector involved; and
(B)
submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on each such rate and any information the Bank deems relevant.
(3)
Report on causes of default rate; plan to reduce default rate
(4)
Plan contents
The plan referred to in paragraph (3) shall—
(A)
provide a detailed explanation of the processes and controls by which the Bank monitors and tracks outstanding loans;
(B)
detail specific planned actions, including a time frame for completing the actions, to reduce the default rate described in paragraph (1) to less than 2 percent.
(5)
Monthly reports required while default rate is at least 2 percent
(6)
Safety and soundness review
If the default rate calculated under paragraph (1) remains above 2 percent for a period of 6 months, the Secretary of the Treasury shall provide for an independent third party to—
(A)
conduct a review of the loan programs and funds of the Bank, which shall determine—
(i)
the financial safety and soundness of the programs and funds; and
(ii)
the extent of loan loss reserves and capital adequacy of the programs and funds; and
(B)
submit to the Secretary, within 60 days after the end of the 6-month period, a report that—
(i)
describes the methodology and standards used to conduct the review required by subparagraph (A);
(ii)
sets forth the results and findings of the review, including the extent of loan loss reserves and capital adequacy of the programs and funds of the Bank; and
(iii)
includes recommendations regarding restoring the reserves and capital to maintain the programs and funds in a safe and sound condition.
([July 31, 1945, ch. 341, § 8], formerly § 9, [59 Stat. 529]; [Pub. L. 90–267, § 1(a)], Mar. 13, 1968, [82 Stat. 47]; [Pub. L. 93–646, § 10], Jan. 4, 1975, [88 Stat. 2336]; [Pub. L. 95–630, title XIX, § 1907(b)], Nov. 10, 1978, [92 Stat. 3725]; [Pub. L. 98–181, title I] [title VI, §§ 618(b), 623], Nov. 30, 1983, [97 Stat. 1259], 1262; [Pub. L. 99–472, § 20(b)], (c), Oct. 15, 1986, [100 Stat. 1209], 1210; renumbered § 8, [Pub. L. 102–429, title I, § 121(c)(2)], Oct. 21, 1992, [106 Stat. 2199]; [Pub. L. 106–569, title XI, § 1104(a)(4)], Dec. 27, 2000, [114 Stat. 3032]; [Pub. L. 107–189, § 12], June 14, 2002, [116 Stat. 704]; [Pub. L. 109–438, § 20], Dec. 20, 2006, [120 Stat. 3282]; [Pub. L. 112–122], §§ 6, 10, 20(b)(2), 21(c), May 30, 2012, [126 Stat. 353], 356, 362, 363; [Pub. L. 114–94, div. E, title LII, § 52002(a)], Dec. 4, 2015, [129 Stat. 1767]; [Pub. L. 116–94, div. I, title IV, § 402(b)], Dec. 20, 2019, [133 Stat. 3023].)