-CITE-
    12 USC CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES        01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

-HEAD-
               CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES           

-MISC1-
    Sec.                                                     
    4501.       Congressional findings.                               
    4502.       Definitions.                                          
    4503.       Protection of taxpayers against liability.            

         SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES     

             PART A - FINANCIAL SAFETY AND SOUNDNESS REGULATOR         
    4511.       Establishment of Office of Federal Housing Enterprise
                 Oversight.                                           
    4512.       Director.                                             
    4513.       Duty and authority of Director.                       
    4514.       Authority to require reports by enterprises.          
    4515.       Personnel.                                            
    4516.       Funding.                                              
    4517.       Examinations.                                         
    4518.       Prohibition of excessive compensation.                
    4519.       Authority to provide for review of enterprises by
                 rating organization.                                 
    4520.       Equal opportunity in solicitation of contracts.       
    4521.       Annual reports by Director.                           
    4522.       Public disclosure of final orders and agreements.     
    4523.       Limitation on subsequent employment.                  
    4524.       Audits by GAO.                                        
    4525.       Information, records, and meetings.                   
    4526.       Regulations and orders.                               

                      PART B - AUTHORITY OF SECRETARY                  

                       SUBPART 1 - GENERAL AUTHORITY                   
    4541.       Regulatory authority.                                 
    4542.       Prior approval authority for new programs.            
    4543.       Public access to mortgage information.                
    4544.       Annual housing report.                                
    4545.       Fair housing.                                         
    4546.       Prohibition of public disclosure of proprietary
                 information.                                         
    4547.       Authority to require reports by enterprises.          
    4548.       Reports by Secretary.                                 

                         SUBPART 2 - HOUSING GOALS                     
    4561.       Establishment.                                        
    4562.       Low- and moderate-income housing goal.                
    4563.       Special affordable housing goal.                      
    4564.       Central cities, rural areas, and other underserved
                 areas housing goal.                                  
    4565.       Other requirements.                                   
    4566.       Monitoring and enforcing compliance with housing
                 goals.                                               
    4567.       Reports during transition.                            

                 SUBPART 3 - ENFORCEMENT OF HOUSING GOALS             
    4581.       Cease-and-desist proceedings.                         
    4582.       Hearings.                                             
    4583.       Judicial review.                                      
    4584.       Enforcement and jurisdiction.                         
    4585.       Civil money penalties.                                
    4586.       Public disclosure of final orders and agreements.     
    4587.       Notice of service.                                    
    4588.       Subpoena authority.                                   
    4589.       Regulations.                                          

                     PART C - MISCELLANEOUS PROVISIONS                 
    4601.       Review of underwriting guidelines.                    
    4602.       Studies of effects of privatization of FNMA and FHLMC.
    4603.       Transition.                                           

    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                            ENFORCEMENT POWERS
    4611.       Risk-based capital levels.                            
    4612.       Minimum capital levels.                               
    4613.       Critical capital levels.                              
    4614.       Capital classifications.                              
    4615.       Supervisory actions applicable to undercapitalized
                 enterprises.                                         
    4616.       Supervisory actions applicable to significantly
                 undercapitalized enterprises.                        
    4617.       Appointment of conservators for critically
                 undercapitalized enterprises.                        
    4618.       Notice of classification and enforcement action.      
    4619.       Appointment of conservators.                          
    4620.       Powers of conservators.                               
    4621.       Liability protection for conservators.                
    4622.       Capital restoration plans.                            
    4623.       Judicial review of Director action.                   

                  SUBCHAPTER III - ENFORCEMENT PROVISIONS              
    4631.       Cease-and-desist proceedings.                         
    4632.       Temporary cease-and-desist orders.                    
    4633.       Hearings.                                             
    4634.       Judicial review.                                      
    4635.       Enforcement and jurisdiction.                         
    4636.       Civil money penalties.                                
    4637.       Notice after separation from service.                 
    4638.       Private rights of action.                             
    4639.       Public disclosure of final orders and agreements.     
    4640.       Notice of service.                                    
    4641.       Subpoena authority.                                   

-End-

-CITE-
    12 USC Sec. 4501                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

-HEAD-
    Sec. 4501. Congressional findings

-STATUTE-
      The Congress finds that - 
        (1) the Federal National Mortgage Association and the Federal
      Home Loan Mortgage Corporation (referred to in this section
      collectively as the "enterprises"), and the Federal Home Loan
      Banks (referred to in this section as the "Banks"), have
      important public missions that are reflected in the statutes and
      charter Acts establishing the Banks and the enterprises;
        (2) because the continued ability of the Federal National
      Mortgage Association and the Federal Home Loan Mortgage
      Corporation to accomplish their public missions is important to
      providing housing in the United States and the health of the
      Nation's economy, more effective Federal regulation is needed to
      reduce the risk of failure of the enterprises;
        (3) considering the current operating procedures of the Federal
      National Mortgage Association, the Federal Home Loan Mortgage
      Corporation, and the Federal Home Loan Banks, the enterprises and
      the Banks currently pose low financial risk of insolvency;
        (4) neither the enterprises nor the Banks, nor any securities
      or obligations issued by the enterprises or the Banks, are backed
      by the full faith and credit of the United States;
        (5) an entity regulating the Federal National Mortgage
      Association and the Federal Home Loan Mortgage Corporation should
      have sufficient autonomy from the enterprises and special
      interest groups;
        (6) an entity regulating such enterprises should have the
      authority to establish capital standards, require financial
      disclosure, prescribe adequate standards for books and records
      and other internal controls, conduct examinations when necessary,
      and enforce compliance with the standards and rules that it
      establishes;
        (7) the Federal National Mortgage Association and the Federal
      Home Loan Mortgage Corporation have an affirmative obligation to
      facilitate the financing of affordable housing for low- and
      moderate-income families in a manner consistent with their
      overall public purposes, while maintaining a strong financial
      condition and a reasonable economic return; and
        (8) the Federal Home Loan Bank Act [12 U.S.C. 1421 et seq.]
      should be amended to emphasize that providing for financial
      safety and soundness of the Federal Home Loan Banks is the
      primary mission of the Federal Housing Finance Board.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1302, Oct. 28, 1992, 106 Stat.
    3941.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      The Federal Home Loan Bank Act, referred to in par. (8), is act
    July 22, 1932, ch. 522, 47 Stat. 725, as amended, which is
    classified generally to chapter 11 (Sec. 1421 et seq.) of this
    title. For complete classification of this Act to the Code, see
    section 1421 of this title and Tables.

-MISC1-
                                SHORT TITLE                            
      Section 1301 of title XIII of Pub. L. 102-550 provided that:
    "This title [enacting this chapter, amending sections 1422a, 1430,
    1430b, 1451 to 1456, 1716 to 1719, 1723, 1723a, and 1723c of this
    title, sections 3132 and 5313 of Title 5, Government Organization
    and Employees, section 1905 of Title 18, Crimes and Criminal
    Procedure, and section 3534 of Title 42, The Public Health and
    Welfare, enacting provisions set out as notes under sections 1451,
    1452, 1723, and 4562 of this title, and amending provisions set out
    as a note under section 1451 of this title] may be cited as the
    'Federal Housing Enterprises Financial Safety and Soundness Act of
    1992'."

-End-

-CITE-
    12 USC Sec. 4502                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

-HEAD-
    Sec. 4502. Definitions

-STATUTE-
      For purposes of this chapter:
      (1) Affiliate
        Except as provided by the Director, the term "affiliate" means
      any entity that controls, is controlled by, or is under common
      control with, an enterprise.
      (2) Capital distribution
        (A) In general
          The term "capital distribution" means - 
            (i) any dividend or other distribution in cash or in kind
          made with respect to any shares of, or other ownership
          interest in, an enterprise, except a dividend consisting only
          of shares of the enterprise;
            (ii) any payment made by an enterprise to repurchase,
          redeem, retire, or otherwise acquire any of its shares,
          including any extension of credit made to finance an
          acquisition by the enterprise of such shares; and
            (iii) any transaction that the Director determines by
          regulation to be, in substance, the distribution of capital.
        (B) Exception
          Any payment made by an enterprise to repurchase its shares
        for the purpose of fulfilling an obligation of the enterprise
        under an employee stock ownership plan that is qualified under
        section 401 of title 26 or any substantially equivalent plan,
        as determined by the Director, shall not be considered a
        capital distribution.
      (3) Compensation
        The term "compensation" means any payment of money or the
      provision of any other thing of current or potential value in
      connection with employment.
      (4) Core capital
        The term "core capital" means, with respect to an enterprise,
      the sum of the following (as determined in accordance with
      generally accepted accounting principles):
          (A) The par or stated value of outstanding common stock.
          (B) The par or stated value of outstanding perpetual,
        noncumulative preferred stock.
          (C) Paid-in capital.
          (D) Retained earnings.

      The core capital of an enterprise shall not include any amounts
      that the enterprise could be required to pay, at the option of
      investors, to retire capital instruments.
      (5) Director
        The term "Director" means the Director of the Office of Federal
      Housing Enterprise Oversight of the Department of Housing and
      Urban Development.
      (6) Enterprise
        The term "enterprise" means - 
          (A) the Federal National Mortgage Association and any
        affiliate thereof; and
          (B) the Federal Home Loan Mortgage Corporation and any
        affiliate thereof.
      (7) Executive officer
        The term "executive officer" means, with respect to an
      enterprise, the chairman of the board of directors, chief
      executive officer, chief financial officer, president, vice
      chairman, any executive vice president, and any senior vice
      president in charge of a principal business unit, division, or
      function.
      (8) Low-income
        The term "low-income" means - 
          (A) in the case of owner-occupied units, income not in excess
        of 80 percent of area median income; and
          (B) in the case of rental units, income not in excess of 80
        percent of area median income, with adjustments for smaller and
        larger families, as determined by the Secretary.
      (9) Median income
        The term "median income" means, with respect to an area, the
      unadjusted median family income for the area, as determined and
      published annually by the Secretary.
      (10) Moderate-income
        The term "moderate-income" means - 
          (A) in the case of owner-occupied units, income not in excess
        of area median income; and
          (B) in the case of rental units, income not in excess of area
        median income, with adjustments for smaller and larger
        families, as determined by the Secretary.
      (11) Mortgage purchases
        The term "mortgage purchases" includes mortgages purchased for
      portfolio or securitization.
      (12) Multifamily housing
        The term "multifamily housing" means a residence consisting of
      more than 4 dwelling units.
      (13) New program
        The term "new program" means any program for the purchasing,
      servicing, selling, lending on the security of, or otherwise
      dealing in, conventional mortgages that - 
          (A) is significantly different from programs that have been
        approved under this Act or that were approved or engaged in by
        an enterprise before October 28, 1992; or
          (B) represents an expansion, in terms of the dollar volume or
        number of mortgages or securities involved, of programs above
        limits expressly contained in any prior approval.
      (14) Office
        The term "Office" means the Office of Federal Housing
      Enterprise Oversight of the Department of Housing and Urban
      Development.
      (15) Secretary
        The term "Secretary" means the Secretary of Housing and Urban
      Development.
      (16) Single family housing
        The term "single family housing" means a residence consisting
      of 1 to 4 dwelling units.
      (17) State
        The term "State" means the States of the United States, the
      District of Columbia, the Commonwealth of Puerto Rico, the
      Commonwealth of the Northern Mariana Islands, Guam, the Virgin
      Islands, American Samoa, the Trust Territory of the Pacific
      Islands, and any other territory or possession of the United
      States.
      (18) Total capital
        The term "total capital" means, with respect to an enterprise,
      the sum of the following:
          (A) The core capital of the enterprise; (!1)

          (B) A general allowance for foreclosure losses, which - 
            (i) shall include an allowance for portfolio mortgage
          losses, an allowance for nonreimbursable foreclosure costs on
          government claims, and an allowance for liabilities reflected
          on the balance sheet for the enterprise for estimated
          foreclosure losses on mortgage-backed securities; and
            (ii) shall not include any reserves of the enterprise made
          or held against specific assets.

          (C) Any other amounts from sources of funds available to
        absorb losses incurred by the enterprise, that the Director by
        regulation determines are appropriate to include in determining
        total capital.
      (19) Very low-income
        The term "very low-income" means - 
          (A) in the case of owner-occupied units, income not in excess
        of 60 percent of area median income; and
          (B) in the case of rental units, income not in excess of 60
        percent of area median income, with adjustments for smaller and
        larger families, as determined by the Secretary.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1303, Oct. 28, 1992, 106 Stat.
    3942.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in text, was in the original "this
    title", meaning title XIII of Pub. L. 102-550, Oct. 28, 1992, 106
    Stat. 3941, which is classified principally to this chapter. For
    complete classification of title XIII to the Code, see Short Title
    note set out under section 4501 of this title and Tables.
      This Act, referred to in par. (13)(A), is Pub. L. 102-550, Oct.
    28, 1992, 106 Stat. 3672, known as the Housing and Community
    Development Act of 1992. For complete classification of this Act to
    the Code, see Short Title of 1992 Amendment note set out under
    section 5301 of Title 42, The Public Health and Welfare, and
    Tables.

-TRANS-
           TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS       
      For termination of Trust Territory of the Pacific Islands, see
    note set out preceding section 1681 of Title 48, Territories and
    Insular Possessions.

-FOOTNOTE-               

    (!1) So in original. The semicolon probably should be a period.

-End-

-CITE-
    12 USC Sec. 4503                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

-HEAD-
    Sec. 4503. Protection of taxpayers against liability

-STATUTE-
      This chapter may not be construed as obligating the Federal
    Government, either directly or indirectly, to provide any funds to
    the Federal Home Loan Mortgage Corporation, the Federal National
    Mortgage Association, or the Federal Home Loan Banks, or to honor,
    reimburse, or otherwise guarantee any obligation or liability of
    the Federal Home Loan Mortgage Corporation, the Federal National
    Mortgage Association, or the Federal Home Loan Banks. This chapter
    may not be construed as implying that any such enterprise or Bank,
    or any obligations or securities of such an enterprise or Bank, are
    backed by the full faith and credit of the United States.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1304, Oct. 28, 1992, 106 Stat.
    3944.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in text, was in the original "This
    title and the amendments made by this title", meaning title XIII of
    Pub. L. 102-550, Oct. 28, 1992, 106 Stat. 3941, which is classified
    principally to this chapter. For complete classification of title
    XIII to the Code, see Short Title note set out under section 4501
    of this title and Tables.

-End-

-CITE-
    12 USC SUBCHAPTER I - SUPERVISION AND REGULATION OF
           ENTERPRISES                                     01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

-HEAD-
         SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES     

-End-

-CITE-
    12 USC Part A - Financial Safety and Soundness Regulator    01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
             PART A - FINANCIAL SAFETY AND SOUNDNESS REGULATOR         

-End-

-CITE-
    12 USC Sec. 4511                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4511. Establishment of Office of Federal Housing Enterprise
      Oversight

-STATUTE-
      There is hereby established an office within the Department of
    Housing and Urban Development, which shall be known as the Office
    of Federal Housing Enterprise Oversight.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1311, Oct. 28, 1992, 106 Stat.
    3944.)

-End-

-CITE-
    12 USC Sec. 4512                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4512. Director

-STATUTE-
    (a) Appointment
      The Office shall be under the management of a Director, who shall
    be appointed by the President, by and with the advice and consent
    of the Senate, from among individuals who are citizens of the
    United States, have a demonstrated understanding of financial
    management or oversight, and have a demonstrated understanding of
    mortgage security markets and housing finance. An individual may
    not be appointed as Director if the individual has served as an
    executive officer or director of an enterprise at any time during
    the 3-year period ending upon the nomination of such individual for
    appointment as Director.
    (b) Term
      The Director shall be appointed for a term of 5 years.
    (c) Vacancy
      A vacancy in the position of Director shall be filled in the
    manner in which the original appointment was made under subsection
    (a) of this section.
    (d) Service after end of term
      A Director may serve after the expiration of the term for which
    the Director was appointed until a successor Director has been
    appointed.
    (e) Deputy Director
      (1) In general
        The Office shall have a Deputy Director who shall be appointed
      by the Director from among individuals who are citizens of the
      United States, have a demonstrated understanding of financial
      management or oversight, and have a demonstrated understanding of
      mortgage security markets and housing finance. An individual may
      not be appointed as Deputy Director if the individual has served
      as an executive officer or director of an enterprise at any time
      during the 3-year period ending upon the appointment of such
      individual as Deputy Director.
      (2) Functions
        The Deputy Director shall have such functions, powers, and
      duties as the Director shall prescribe. In the event of the
      death, resignation, sickness, or absence of the Director, the
      Deputy Director shall serve as acting Director until the return
      of the Director or the appointment of a successor pursuant to
      subsection (c) of this section.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1312, Oct. 28, 1992, 106 Stat.
    3945.)

-End-

-CITE-
    12 USC Sec. 4513                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4513. Duty and authority of Director

-STATUTE-
    (a) Duty
      The duty of the Director shall be to ensure that the enterprises
    are adequately capitalized and operating safely, in accordance with
    this chapter.
    (b) Authority exclusive of Secretary
      The Director is authorized, without the review or approval of the
    Secretary, to make such determinations, take such actions, and
    perform such functions as the Director determines necessary
    regarding - 
        (1) the issuance of regulations to carry out this part,
      subchapter II of this chapter, and subchapter III of this chapter
      (including the establishment of capital standards pursuant to
      subchapter II of this chapter);
        (2) examinations of the enterprises under section 4517 of this
      title;
        (3) determining the capital levels of the enterprises and
      classification of the enterprises within capital classifications
      established under subchapter II of this chapter;
        (4) decisions to appoint conservators for the enterprises;
        (5) administrative and enforcement actions under subchapter II
      of this chapter, actions taken under subchapter III of this
      chapter with respect to enforcement of subchapter II of this
      chapter, and other matters relating to safety and soundness;
        (6) approval of payments of capital distributions by the
      enterprises under section 1718(c)(2) of this title and section
      1452(b)(2) of this title;
        (7) requiring the enterprises to submit reports under section
      4514 of this title, section 1723a(k) of this title, and section
      1456(c) of this title;
        (8) prohibiting the payment of excessive compensation by the
      enterprises to any executive officer of the enterprises under
      section 4518 of this title;
        (9) the management of the Office, including the establishment
      and implementation of annual budgets, the hiring of, and
      compensation levels for, personnel of the Office, and annual
      assessments for the costs of the Office;
        (10) conducting research and financial analysis; and
        (11) the submission of reports required by the Director under
      this chapter.
    (c) Authority subject to approval of Secretary
      Any determinations, actions, and functions of the Director not
    referred to in subsection (b) of this section shall be subject to
    the review and approval of the Secretary.
    (d) Delegation of authority
      The Director may delegate to officers and employees of the Office
    any of the functions, powers, and duties of the Director, as the
    Director considers appropriate.
    (e) Independence in providing information to Congress
      The Director shall not be required to obtain the prior approval,
    comment, or review of any officer or agency of the United States
    before submitting to the Congress, or any committee or subcommittee
    thereof, any reports, recommendations, testimony, or comments if
    such submissions include a statement indicating that the views
    expressed therein are those of the Director and do not necessarily
    represent the views of the Secretary or the President.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1313, Oct. 28, 1992, 106 Stat.
    3945; Pub. L. 105-276, title II, Sec. 202(b), Oct. 21, 1998, 112
    Stat. 2483; Pub. L. 105-277, div. A, Sec. 122, Oct. 21, 1998, 112
    Stat. 2681-546.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsecs. (a) and (b)(11), was in the
    original "this title", meaning title XIII of Pub. L. 102-550, Oct.
    28, 1992, 106 Stat. 3941, which is classified principally to this
    chapter. For complete classification of title XIII to the Code, see
    Short Title note set out under section 4501 of this title and
    Tables.

-MISC1-
                                AMENDMENTS                            
      1998 - Subsec. (b)(9) to (12). Pub. L. 105-276, which directed
    the amendment of subsec. (b) by redesignating pars. (9) to (11) as
    (10) to (12), respectively, and adding a new par. (9) which read
    "default loss protection levels under section 1454(a)(2)(D) of this
    title;" was repealed by Pub. L. 105-277, effective upon enactment
    of Pub. L. 105-276.

                     EFFECTIVE DATE OF 1998 AMENDMENT                 
      Pub. L. 105-277, div. A, Sec. 122, Oct. 21, 1998, 112 Stat. 2681-
    546, provided that the amendment made by section 122 is effective
    upon enactment of Pub. L. 105-276 (Oct. 21, 1998).

-End-

-CITE-
    12 USC Sec. 4514                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4514. Authority to require reports by enterprises

-STATUTE-
    (a) Special reports and reports of financial condition
      (1) Financial condition
        The Director may require an enterprise to submit reports of
      financial condition and operations (in addition to the annual and
      quarterly reports required under section 1723a(k) of this title
      and section 1456(c) of this title).
      (2) Special reports
        The Director may also require an enterprise to submit special
      reports whenever, in the judgment of the Director, such reports
      are necessary to carry out the purposes of this chapter.
      (3) Limitation
        The Director may not require the inclusion, in any report
      pursuant to paragraph (1) or (2), of any information that is not
      reasonably obtainable by the enterprise.
      (4) Notice and declaration
        The Director shall notify the enterprise, a reasonable period
      in advance of the date for submission of any report under this
      subsection, of any specific information to be contained in the
      report and the date for the submission of the report. Each report
      under this subsection shall contain a declaration by the
      president, vice president, treasurer, or any other officer
      designated by the board of directors of the enterprise to make
      such declaration, that the report is true and correct to the best
      of such officer's knowledge and belief.
    (b) Capital distributions
      The Director may require an enterprise to submit a report to the
    Director after the declaration of any capital distribution by the
    enterprise and before making the capital distribution. The report
    shall be made in such form and under such circumstances and shall
    contain such information as the Director shall require.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1314, Oct. 28, 1992, 106 Stat.
    3946.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsec. (a), was in the original
    "this title", meaning title XIII of Pub. L. 102-550, Oct. 28, 1992,
    106 Stat. 3941, which is classified principally to this chapter.
    For complete classification of title XIII to the Code, see Short
    Title note set out under section 4501 of this title and Tables.

-End-

-CITE-
    12 USC Sec. 4515                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4515. Personnel

-STATUTE-
    (a) Office personnel
      The Director may appoint and fix the compensation of such
    officers and employees of the Office as the Director considers
    necessary to carry out the functions of the Director and the
    Office. Officers and employees may be paid without regard to the
    provisions of chapter 51 and subchapter III of chapter 53 of title
    5 relating to classification and General Schedule pay rates.
    (b) Comparability of compensation with Federal banking agencies
      In fixing and directing compensation under subsection (a) of this
    section, the Director shall consult with, and maintain
    comparability with compensation of officers and employees of the
    Office of the Comptroller of the Currency, the Board of Governors
    of the Federal Reserve System, the Federal Deposit Insurance
    Corporation, and the Office of Thrift Supervision.
    (c) Personnel of other Federal agencies
      In carrying out the duties of the Office, the Director may use
    information, services, staff, and facilities of any executive
    agency, independent agency, or department on a reimbursable basis,
    with the consent of such agency or department.
    (d) Reimbursement of HUD
      The Director shall reimburse the Department of Housing and Urban
    Development for reasonable costs incurred by the Department that
    are directly related to the operations of the Office.
    (e) Outside experts and consultants
      Notwithstanding any provision of law limiting pay or
    compensation, the Director may appoint and compensate such outside
    experts and consultants as the Director determines necessary to
    assist the work of the Office.
    (f) Equal opportunity report
      Not later than the expiration of the 180-day period beginning
    upon the appointment of the Director under section 4512 of this
    title, the Director shall submit to the Committee on Banking,
    Finance and Urban Affairs of the House of Representatives and the
    Committee on Banking, Housing, and Urban Affairs of the Senate a
    report containing - 
        (1) a complete description of the equal opportunity,
      affirmative action, and minority business enterprise utilization
      programs of the Office; and
        (2) such recommendations for administrative and legislative
      action as the Director determines appropriate to carry out such
      programs.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1315, Oct. 28, 1992, 106 Stat.
    3947.)

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC Sec. 4516                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4516. Funding

-STATUTE-
    (a) Annual assessments
      The Director may, to the extent provided in appropriation Acts,
    establish and collect from the enterprises annual assessments in an
    amount not exceeding the amount sufficient to provide for
    reasonable costs and expenses of the Office, including the expenses
    of any examinations under section 4517 of this title. The initial
    annual assessment shall include any startup costs of the Office and
    any anticipated costs and expenses of the Office for the following
    fiscal year.
    (b) Allocation of annual assessment to enterprises
      (1) Amount of payment
        Each enterprise shall pay to the Director a proportion of the
      annual assessment made pursuant to subsection (a) of this section
      that bears the same ratio to the total annual assessment that the
      total assets of each enterprise bears (!1) to the total assets of
      both enterprises.

      (2) Timing of payment
        The annual assessment shall be payable semiannually for each
      fiscal year, on October 1 and April 1.
      (3) "Total assets" defined
        For the purpose of this section, the term "total assets" means,
      with respect to an enterprise, the sum of - 
          (A) on-balance-sheet assets of the enterprise, as determined
        in accordance with generally accepted accounting principles;
          (B) the unpaid principal balance of outstanding mortgage-
        backed securities issued or guaranteed by the enterprise that
        are not included in subparagraph (A); and
          (C) other off-balance-sheet obligations as determined by the
        Director.
    (c) Deficiencies due to increased costs of regulation
      The semiannual payments made pursuant to subsection (b) of this
    section by any enterprise that is not classified (for purposes of
    subchapter II of this chapter) as adequately capitalized may be
    increased, as necessary, in the discretion of the Director to pay
    additional estimated costs of regulation of the enterprise.
    (d) Surplus
      If any amount from any annual assessment collected from an
    enterprise remains unobligated at the end of the year for which the
    assessment was collected, such amount shall be credited to the
    assessment to be collected from the enterprise for the following
    year.
    (e) Initial special assessment
      Not later than the expiration of the 30-day period beginning on
    October 28, 1992, the enterprises shall each pay into the Federal
    Housing Enterprises Oversight Fund established under subsection (f)
    of this section an initial assessment of $1,500,000 to cover the
    startup costs of the Office, including space and modifications
    thereof, capital equipment, supplies, recruitment, and activities
    of the Office during the period preceding the first annual
    assessment under subsection (a) of this section. Any amounts
    collected from an enterprise under this subsection shall be
    credited against the first annual assessment collected pursuant to
    subsection (a) of this section, and are hereby appropriated, and
    shall be available and used, without fiscal year limitation, as
    provided in this section.
    (f) Fund
      There is established in the Treasury of the United States a fund
    to be known as the Federal Housing Enterprises Oversight Fund. Any
    assessments collected pursuant to this section shall be deposited
    in the Fund. Amounts in the Fund shall be available, to the extent
    provided in appropriation Acts and subsection (e) of this section,
    for - 
        (1) carrying out the responsibilities of the Director relating
      to the enterprises; and
        (2) necessary administrative and nonadministrative expenses of
      the Office to carry out the purposes of this chapter.
    (g) Budget and financial reports
      (1) Financial operating plans and forecasts
        Before the beginning of each fiscal year, the Director shall
      submit a copy of the financial operating plans and forecasts for
      the Office to the Secretary and the Director of the Office of
      Management and Budget.
      (2) Reports of operations
        As soon as practicable after the end of each fiscal year and
      each quarter thereof, the Director shall submit a copy of the
      report of the results of the operations of the Office during such
      period to the Secretary and the Director of the Office of
      Management and Budget.
      (3) Inclusion in President's budget
        The annual plans, forecasts, and reports required under this
      subsection shall be included (A) in the Budget of the United
      States in the appropriate form, and (B) in the congressional
      justifications of the Department of Housing and Urban Development
      for each fiscal year in a form determined by the Secretary.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1316, Oct. 28, 1992, 106 Stat.
    3947; Pub. L. 104-134, title I, Sec. 101(e) [title II, Sec. 211],
    Apr. 26, 1996, 110 Stat. 1321-257, 1321-288; renumbered title I,
    Pub. L. 104-140, Sec. 1(a), May 2, 1996, 110 Stat. 1327.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsec. (f)(2), was in the original
    "this title", meaning title XIII of Pub. L. 102-550, Oct. 28, 1992,
    106 Stat. 3941, which is classified principally to this chapter.
    For complete classification of title XIII to the Code, see Short
    Title note set out under section 4501 of this title and Tables.

-MISC1-
                                AMENDMENTS                            
      1996 - Subsec. (b)(2). Pub. L. 104-134 added par. (2) and struck
    out heading and text of former par. (2). Text read as follows: "The
    annual assessment shall be payable semiannually on September 1 and
    March 1 of the year for which the assessment is made."

                 NON-REDUCTION OF FIRST ANNUAL ASSESSMENT             
      Pub. L. 103-124, title II, Oct. 28, 1993, 107 Stat. 1290,
    provided in part: "That notwithstanding the last sentence in
    section 1316(e) of such Act [12 U.S.C. 4516(e)], the amount of this
    first annual assessment shall not be reduced by any part of the
    amount of the initial special assessment under section 1316(e)".

-FOOTNOTE-
    (!1) So in original. Probably should be "bear".

-End-

-CITE-
    12 USC Sec. 4517                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4517. Examinations

-STATUTE-
    (a) Annual examination
      The Director shall annually conduct an on-site examination under
    this section of each enterprise to determine the condition of the
    enterprise for the purpose of ensuring its financial safety and
    soundness.
    (b) Other examinations
      In addition to annual examinations under subsection (a) of this
    section, the Director may conduct an examination under this section
    whenever the Director determines that an examination is necessary
    to determine the condition of an enterprise for the purpose of
    ensuring its financial safety and soundness.
    (c) Examiners
      The Director shall appoint examiners to conduct examinations
    under this section. The Director may contract with the Comptroller
    of the Currency, the Board of Governors of the Federal Reserve
    System, the Federal Deposit Insurance Corporation, or the Director
    of the Office of Thrift Supervision for the services of examiners.
    The Director shall reimburse such agencies for any costs of
    providing examiners from amounts available in the Federal Housing
    Enterprises Oversight Fund.
    (d) Law applicable to examiners
      The Director and each examiner shall have the same authority and
    each examiner shall be subject to the same disclosures,
    prohibitions, obligations, and penalties as are applicable to
    examiners employed by the Federal Reserve banks.
    (e) Technical experts
      The Director may obtain the services of any technical experts the
    Director considers appropriate to provide temporary technical
    assistance relating to examinations to the Director, officers, and
    employees of the Office. The Director shall describe, in the record
    of each examination, the nature and extent of any such temporary
    technical assistance.
    (f) Oaths, evidence, and subpoena powers
      In connection with examinations under this section, the Director
    shall have the authority provided under section 4641 of this title.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1317, Oct. 28, 1992, 106 Stat.
    3949.)

-End-

-CITE-
    12 USC Sec. 4518                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4518. Prohibition of excessive compensation

-STATUTE-
    (a) In general
      The Director shall prohibit the enterprises from providing
    compensation to any executive officer of the enterprise that is not
    reasonable and comparable with compensation for employment in other
    similar businesses (including other publicly held financial
    institutions or major financial services companies) involving
    similar duties and responsibilities.
    (b) Prohibition of setting compensation
      In carrying out subsection (a) of this section, the Director may
    not prescribe or set a specific level or range of compensation.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1318, Oct. 28, 1992, 106 Stat.
    3949.)

-End-

-CITE-
    12 USC Sec. 4519                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4519. Authority to provide for review of enterprises by rating
      organization

-STATUTE-
      The Director may, on such terms and conditions as the Director
    deems appropriate, contract with any entity that is a nationally
    recognized statistical rating organization, as such term is defined
    in section 78c(a) of title 15, to conduct a review of the
    enterprises.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1319, Oct. 28, 1992, 106 Stat.
    3950; Pub. L. 109-291, Sec. 4(b)(4), Sept. 29, 2006, 120 Stat.
    1337.)

-MISC1-
                                AMENDMENTS                            
      2006 - Pub. L. 109-291 substituted "that is a nationally
    recognized statistical rating organization, as such term is defined
    in section 78c(a) of title 15" for "effectively recognized by the
    Division of Market Regulation of the Securities and Exchange
    Commission as a nationally recognized statistical rating
    organization for the purposes of the capital rules for broker-
    dealers".

-End-

-CITE-
    12 USC Sec. 4520                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4520. Equal opportunity in solicitation of contracts

-STATUTE-
    (a) In general
      Each enterprise shall establish a minority outreach program to
    ensure the inclusion (to the maximum extent possible) in contracts
    entered into by the enterprises of minorities and women and
    businesses owned by minorities and women, including financial
    institutions, investment banking firms, underwriters, accountants,
    brokers, and providers of legal services.
    (b) Report
      Not later than the expiration of the 180-day period beginning on
    October 28, 1992, each enterprise shall submit to the Committee on
    Banking, Finance and Urban Affairs of the House of Representatives
    and the Committee on Banking, Housing, and Urban Affairs of the
    Senate a report describing the actions taken by the enterprise
    pursuant to subsection (a) of this section.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1319A, Oct. 28, 1992, 106 Stat.
    3950.)

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC Sec. 4521                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4521. Annual reports by Director

-STATUTE-
    (a) General report
      The Director shall submit to the Committee on Banking, Finance
    and Urban Affairs of the House of Representatives and the Committee
    on Banking, Housing, and Urban Affairs of the Senate, not later
    than June 15 of each year, a written report, which shall include - 
        (1) a description of the actions taken, and being undertaken,
      by the Director to carry out this chapter;
        (2) a description of the financial safety and soundness of each
      enterprise, including the results and conclusions of the annual
      examinations of the enterprises conducted under section 4517(a)
      of this title;
        (3) any recommendations for legislation to enhance the
      financial safety and soundness of the enterprises; and
        (4) a description of - 
          (A) whether the procedures established by each enterprise
        pursuant to section 4012a(b)(3) of title 42 are adequate and
        being complied with, and
          (B) the results and conclusions of any examination, as
        determined necessary by the Director, to determine the
        compliance of the enterprises with the requirements of section
        4012a(b)(3) of title 42, which shall include a description of
        the methods used to determine compliance and the types and
        sources of deficiencies (if any), and identify any corrective
        measures that have been taken to remedy any such deficiencies,

      except that the information described in this paragraph shall be
      included only in each of the first, third, and fifth annual
      reports under this subsection required to be submitted after the
      expiration of the 1-year period beginning on September 23, 1994.
    (b) Report on enforcement actions
      Not later than March 15 of each year, the Director shall submit
    to the Committee on Banking, Finance and Urban Affairs of the House
    of Representatives and the Committee on Banking, Housing, and Urban
    Affairs of the Senate a written report describing, for the
    preceding calendar year, the requests by the Director to the
    Attorney General for enforcement actions under subchapter III of
    this chapter and describing the disposition of each request, which
    shall include statements of - 
        (1) the total number of requests made by the Director;
        (2) the number of requests that resulted in the commencement of
      litigation by the Department of Justice;
        (3) the number of requests that did not result in the
      commencement of litigation by the Department of Justice;
        (4) with respect to requests that resulted in the commencement
      of litigation - 
          (A) the number of days between the date of the request and
        the commencement of the litigation; and
          (B) the number of days between the date of the commencement
        and termination of the litigation; and

        (5) the number of litigation requests pending at the beginning
      of the calendar year, the number of requests made during the
      calendar year, the number of requests for which action was
      completed during the calendar year, and the number of requests
      pending at the end of the calendar year.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1319B, Oct. 28, 1992, 106 Stat.
    3950; Pub. L. 103-325, title V, Sec. 529(c), Sept. 23, 1994, 108
    Stat. 2267.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsec. (a)(1), was in the original
    "this title", meaning title XIII of Pub. L. 102-550, Oct. 28, 1992,
    106 Stat. 3941, which is classified principally to this chapter.
    For complete classification of title XIII to the Code, see Short
    Title note set out under section 4501 of this title and Tables.

-MISC1-
                                AMENDMENTS                            
      1994 - Subsec. (a)(4). Pub. L. 103-325 added par. (4).

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC Sec. 4522                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4522. Public disclosure of final orders and agreements

-STATUTE-
    (a) In general
      The Director shall make available to the public - 
        (1) any written agreement or other written statement for which
      a violation may be redressed by the Director or any modification
      to or termination thereof, unless the Director, in the Director's
      discretion, determines that public disclosure would be contrary
      to the public interest or determines under subsection (c) of this
      section that public disclosure would seriously threaten the
      financial health or security of the enterprise;
        (2) any order that is issued with respect to any administrative
      enforcement proceeding initiated by the Director under subchapter
      III of this chapter and that has become final; and
        (3) any modification to or termination of any final order made
      public pursuant to this subsection.
    (b) Hearings
      All hearings on the record with respect to any action of the
    Director or notice of charges issued by the Director shall be open
    to the public, unless the Director, in the Director's discretion,
    determines that holding an open hearing would be contrary to the
    public interest.
    (c) Delay of public disclosure under exceptional circumstances
      If the Director makes a determination in writing that the public
    disclosure of any final order pursuant to subsection (a) of this
    section would seriously threaten the financial health or security
    of the enterprise, the Director may delay the public disclosure of
    such order for a reasonable time.
    (d) Documents filed under seal in public enforcement hearings
      The Director may file any document or part thereof under seal in
    any hearing under subchapter III of this chapter if the Director
    determines in writing that disclosure thereof would be contrary to
    the public interest.
    (e) Retention of documents
      The Director shall keep and maintain a record, for not less than
    6 years, of all documents described in subsection (a) of this
    section and all enforcement agreements and other supervisory
    actions and supporting documents issued with respect to or in
    connection with any enforcement proceeding initiated by the
    Director under subchapter III of this chapter.
    (f) Disclosures to Congress
      This section may not be construed to authorize the withholding of
    any information from, or to prohibit the disclosure of any
    information to, the Congress or any committee or subcommittee
    thereof.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1319C, Oct. 28, 1992, 106 Stat.
    3951.)

-End-

-CITE-
    12 USC Sec. 4523                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4523. Limitation on subsequent employment

-STATUTE-
      Neither the Director nor any former officer or employee of the
    Office who, while employed by the Office, was compensated at a rate
    in excess of the lowest rate for a position classified higher than
    GS-15 of the General Schedule under section 5107 of title 5 may
    accept compensation from an enterprise during the 2-year period
    beginning on the date of separation from employment by the Office.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1319D, Oct. 28, 1992, 106 Stat.
    3951.)

-End-

-CITE-
    12 USC Sec. 4524                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4524. Audits by GAO

-STATUTE-
      The Comptroller General may audit the operations of the Office,
    and any such audit shall be conducted in accordance with generally
    accepted Government auditing standards. All books, records,
    accounts, reports, files, and property belonging to, or used by,
    the Office shall be made available to the Comptroller General.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1319E, Oct. 28, 1992, 106 Stat.
    3952; Pub. L. 104-316, title I, Sec. 106(h), Oct. 19, 1996, 110
    Stat. 3831.)

-MISC1-
                                AMENDMENTS                            
      1996 - Pub. L. 104-316, in first sentence, substituted "may
    audit" for "shall audit" and inserted ", and any such audit shall
    be conducted" after "Office", and struck out at end "Audits under
    this section shall be conducted annually for the first 2 fiscal
    years following October 28, 1992, and as appropriate thereafter."

-End-

-CITE-
    12 USC Sec. 4525                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4525. Information, records, and meetings

-STATUTE-
      For purposes of subchapter II of chapter 5 of title 5 - 
        (1) the Office, and
        (2) the Department of Housing and Urban Development, with
      respect to activities under this chapter,

    shall be considered agencies responsible for the regulation or
    supervision of financial institutions.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1319F, Oct. 28, 1992, 106 Stat.
    3952.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in cl. (2), was in the original "this
    title", meaning title XIII of Pub. L. 102-550, Oct. 28, 1992, 106
    Stat. 3941, which is classified principally to this chapter. For
    complete classification of title XIII to the Code, see Short Title
    note set out under section 4501 of this title and Tables.

-End-

-CITE-
    12 USC Sec. 4526                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part A - Financial Safety and Soundness Regulator

-HEAD-
    Sec. 4526. Regulations and orders

-STATUTE-
    (a) Authority
      The Director shall issue any regulations and orders necessary to
    carry out the duties of the Director and to carry out this chapter
    before the expiration of the 18-month period beginning on the
    appointment of the Director under section 4512 of this title. Such
    regulations and orders shall be subject to the approval of the
    Secretary only to the extent provided in subsections (b) and (c) of
    section 4513 of this title.
    (b) Notice and comment
      Any regulations issued by the Director under this section shall
    be issued after notice and opportunity for public comment pursuant
    to the provisions of section 553 of title 5.
    (c) Congressional review
      The Director may not publish any regulation for comment under
    subsection (b) of this section unless, not less than 15 days before
    it is published for comment, the Director has submitted a copy of
    the regulation, in the form it is intended to be proposed, to the
    Committee on Banking, Finance and Urban Affairs of the House of
    Representatives and the Committee on Banking, Housing, and Urban
    Affairs of the Senate.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1319G, Oct. 28, 1992, 106 Stat.
    3952.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsec. (a), was in the original
    "this title", meaning title XIII of Pub. L. 102-550, Oct. 28, 1992,
    106 Stat. 3941, which is classified principally to this chapter.
    For complete classification of title XIII to the Code, see Short
    Title note set out under section 4501 of this title and Tables.

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC Part B - Authority of Secretary                      01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary

-HEAD-
                      PART B - AUTHORITY OF SECRETARY                  

-End-

-CITE-
    12 USC subpart 1 - general authority                        01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 1 - general authority

-HEAD-
                       SUBPART 1 - GENERAL AUTHORITY                   

-End-

-CITE-
    12 USC Sec. 4541                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 1 - general authority

-HEAD-
    Sec. 4541. Regulatory authority

-STATUTE-
      Except for the authority of the Director of the Office of Federal
    Housing Enterprise Oversight described in section 4513(b) of this
    title and all other matters relating to the safety and soundness of
    the enterprises, the Secretary of Housing and Urban Development
    shall have general regulatory power over each enterprise and shall
    make such rules and regulations as shall be necessary and proper to
    ensure that this part and the purposes of the Federal National
    Mortgage Association Charter Act [12 U.S.C. 1716 et seq.] and the
    Federal Home Loan Mortgage Corporation Act [12 U.S.C. 1451 et seq.]
    are accomplished.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1321, Oct. 28, 1992, 106 Stat.
    3952.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      The Federal National Mortgage Association Charter Act, referred
    to in text, is title III of act June 27, 1934, ch. 847, 48 Stat.
    1252, as amended, which is classified generally to subchapter III
    (Sec. 1716 et seq.) of chapter 13 of this title. For complete
    classification of this Act to the Code, see Short Title note set
    out under section 1716 of this title and Tables.
      The Federal Home Loan Mortgage Corporation Act, referred to in
    text, is title III of Pub. L. 91-351, July 24, 1970, 84 Stat. 451,
    as amended, which is classified generally to chapter 11A (Sec. 1451
    et seq.) of this title. For complete classification of this Act to
    the Code, see Short Title and Statement of Purpose note set out
    under section 1451 of this title and Tables.

-End-

-CITE-
    12 USC Sec. 4542                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 1 - general authority

-HEAD-
    Sec. 4542. Prior approval authority for new programs

-STATUTE-
    (a) Authority
      The Secretary shall require each enterprise to obtain the
    approval of the Secretary for any new program of the enterprise
    before implementing the program.
    (b) Standard for approval
      (1) Permanent standard
        Except as provided in paragraph (2), the Secretary shall
      approve any new program of an enterprise for purposes of
      subsection (a) of this section unless - 
          (A) for a new program of the Federal National Mortgage
        Association, the Secretary determines that the program is not
        authorized under paragraph (2), (3), (4), or (5) of section
        1717(b) of this title, or under section 1719 of this title;
          (B) for a new program of the Federal Home Loan Mortgage
        Corporation, the Secretary determines that the program is not
        authorized under section 1454(a)(1), (4), or (5) of this title;
        or
          (C) the Secretary determines that the new program is not in
        the public interest.
      (2) Transition standard
        Before the date occurring 12 months after the date of the
      effectiveness of the regulations under section 4611(e) of this
      title establishing the risk-based capital test, the Secretary
      shall approve any new program of an enterprise for purposes of
      subsection (a) of this section unless - 
          (A) The (!1) Secretary makes a determination as described in
        paragraph (1)(A), (B), or (C); or

          (B) the Director determines that the new program would risk
        significant deterioration of the financial condition of the
        enterprise.
    (c) Procedure for approval
      (1) Submission of request
        To obtain the approval of the Secretary for purposes of
      subsection (a) of this section, an enterprise shall submit to the
      Secretary a written request for approval of the new program that
      describes the program.
      (2) Response
        The Secretary shall, not later than the expiration of the 45-
      day period beginning upon the submission of a request for
      approval, approve the request or submit to the Committee on
      Banking, Finance and Urban Affairs of the House of
      Representatives and the Committee on Banking, Housing, and Urban
      Affairs of the Senate a report explaining the reasons for not
      approving the request. The Secretary may extend such period for a
      single additional 15-day period only if the Secretary requests
      additional information from the enterprise.
      (3) Failure to respond
        If the Secretary fails to approve the request or fails to
      submit a report under paragraph (2) during the period under such
      paragraph, the request shall be considered to have been approved.
      (4) Review of disapproval
        (A) Unauthorized new programs
          If the Secretary submits a report under paragraph (2) of this
        subsection disapproving a request for approval on the grounds
        under subparagraph (A) or (B) of subsection (b)(1) of this
        section, the Secretary shall provide the enterprise submitting
        the request with a timely opportunity to review and supplement
        the administrative record.
        (B) New programs not in public interest
          If the Secretary submits a report under paragraph (2) of this
        subsection disapproving a request for approval on the grounds
        under subsection (b)(1)(C) or (b)(2)(B) of this section, the
        Secretary shall provide the enterprise submitting the request
        notice of, and opportunity for, a hearing on the record
        regarding such disapproval.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1322, Oct. 28, 1992, 106 Stat.
    3953.)

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-FOOTNOTE-
    (!1) So in original. Probably should not be capitalized.

-End-

-CITE-
    12 USC Sec. 4543                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 1 - general authority

-HEAD-
    Sec. 4543. Public access to mortgage information

-STATUTE-
    (a) In general
      The Secretary shall make available to the public, in forms useful
    to the public (including forms accessible by computers), the data
    submitted by the enterprises in the reports required under section
    1723a(m) of this title or section 1456(e) of this title.
    (b) Access
      (1) Proprietary data
        Except as provided in paragraph (2), the Secretary may not make
      available to the public data that the Secretary determines
      pursuant to section 4546 of this title are proprietary
      information.
      (2) Exception
        The Secretary shall not restrict access to the data provided in
      accordance with section 1723a(m)(1)(A) of this title or section
      1456(e)(1)(A) of this title.
    (c) Fees
      The Secretary may charge reasonable fees to cover the cost of
    making data available under this section to the public.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1323, Oct. 28, 1992, 106 Stat.
    3954.)

-End-

-CITE-
    12 USC Sec. 4544                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 1 - general authority

-HEAD-
    Sec. 4544. Annual housing report

-STATUTE-
    (a) In general
      After reviewing and analyzing the reports submitted under section
    1723a(n) of this title and section 1456(f) of this title, the
    Secretary shall submit a report, as part of the annual report under
    section 4548(a) of this title, on the extent to which each
    enterprise is achieving the annual housing goals established under
    subpart 2 of this part and the purposes of the enterprise
    established by law.
    (b) Contents
      The report shall - 
        (1) aggregate and analyze census tract data to assess the
      compliance of each enterprise with the central cities, rural
      areas, and other underserved areas housing goal and to determine
      levels of business in central cities, rural areas, underserved
      areas, low- and moderate-income census tracts, minority census
      tracts, and other geographical areas deemed appropriate by the
      Secretary;
        (2) aggregate and analyze data on income to assess the
      compliance of each enterprise with the low- and moderate-income
      and special affordable housing goals;
        (3) aggregate and analyze data on income, race, and gender by
      census tract and compare such data with larger demographic,
      housing, and economic trends;
        (4) examine actions that each enterprise has undertaken or
      could undertake to promote and expand the annual goals
      established under sections 4562, 4563, and 4564 of this title,
      and the purposes of the enterprise established by law;
        (5) examine the primary and secondary multifamily housing
      mortgage markets and describe - 
          (A) the availability and liquidity of mortgage credit;
          (B) the status of efforts to provide standard credit terms
        and underwriting guidelines for multifamily housing and to
        securitize such mortgage products; and
          (C) any factors inhibiting such standardization and
        securitization;

        (6) examine actions each enterprise has undertaken and could
      undertake to promote and expand opportunities for first-time
      homebuyers; and
        (7) describe any actions taken under section 4545(5) of this
      title with respect to originators found to violate fair lending
      procedures.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1324, Oct. 28, 1992, 106 Stat.
    3954.)

-End-

-CITE-
    12 USC Sec. 4545                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 1 - general authority

-HEAD-
    Sec. 4545. Fair housing

-STATUTE-
      The Secretary shall - 
        (1) by regulation, prohibit each enterprise from discriminating
      in any manner in the purchase of any mortgage because of race,
      color, religion, sex, handicap, familial status, age, or national
      origin, including any consideration of the age or location of the
      dwelling or the age of the neighborhood or census tract where the
      dwelling is located in a manner that has a discriminatory effect;
        (2) by regulation, require each enterprise to submit data to
      the Secretary to assist the Secretary in investigating whether a
      mortgage lender with which the enterprise does business has
      failed to comply with the Fair Housing Act [42 U.S.C. 3601 et
      seq.];
        (3) by regulation, require each enterprise to submit data to
      the Secretary to assist in investigating whether a mortgage
      lender with which the enterprise does business has failed to
      comply with the Equal Credit Opportunity Act [15 U.S.C. 1691 et
      seq.], and shall submit any such information received to the
      appropriate Federal agencies, as provided in section 704 of the
      Equal Credit Opportunity Act [15 U.S.C. 1691c], for appropriate
      action;
        (4) obtain information from other regulatory and enforcement
      agencies of the Federal Government and State and local
      governments regarding violations by lenders of the Fair Housing
      Act and the Equal Credit Opportunity Act and make such
      information available to the enterprises;
        (5) direct the enterprises to undertake various remedial
      actions, including suspension, probation, reprimand, or
      settlement, against lenders that have been found to have engaged
      in discriminatory lending practices in violation of the Fair
      Housing Act or the Equal Credit Opportunity Act, pursuant to a
      final adjudication on the record, and after opportunity for an
      administrative hearing, in accordance with subchapter II of
      chapter 5 of title 5; and
        (6) periodically review and comment on the underwriting and
      appraisal guidelines of each enterprise to ensure that such
      guidelines are consistent with the Fair Housing Act and this
      section.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1325, Oct. 28, 1992, 106 Stat.
    3955.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      The Fair Housing Act, referred to in pars. (2) and (4) to (6), is
    title VIII of Pub. L. 90-284, Apr. 11, 1968, 82 Stat. 81, as
    amended, which is classified principally to subchapter I (Sec. 3601
    et seq.) of chapter 45 of Title 42, The Public Health and Welfare.
    For complete classification of this Act to the Code, see Short
    Title note set out under section 3601 of Title 42 and Tables.
      The Equal Credit Opportunity Act, referred to in pars. (3) to
    (5), is title VII of Pub. L. 90-321, as added by Pub. L. 93-495,
    title V, Sec. 503, Oct. 28, 1974, 88 Stat. 1521, as amended, which
    is classified generally to subchapter IV (Sec. 1691 et seq.) of
    chapter 41 of Title 15, Commerce and Trade. For complete
    classification of this Act to the Code, see Short Title note set
    out under section 1601 of Title 15 and Tables.

-End-

-CITE-
    12 USC Sec. 4546                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 1 - general authority

-HEAD-
    Sec. 4546. Prohibition of public disclosure of proprietary
      information

-STATUTE-
    (a) In general
      The Secretary may, by regulation or order, provide that certain
    information shall be treated as proprietary information and not
    subject to disclosure under section 4543 of this title, section
    1723a(n)(3) of this title, or section 1456(f)(3) of this title.
    (b) Protection of information on housing activities
      The Secretary shall not provide public access to, or disclose to
    the public, any information required to be submitted by an
    enterprise under section 1723a(n) of this title or section 1456(f)
    of this title that the Secretary determines is proprietary.
    (c) Nondisclosure pending consideration
      This section may not be construed to authorize the disclosure of
    information to, or examination of data by, the public or a
    representative of any person or agency pending the issuance of a
    final decision under this section.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1326, Oct. 28, 1992, 106 Stat.
    3955.)

-End-

-CITE-
    12 USC Sec. 4547                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 1 - general authority

-HEAD-
    Sec. 4547. Authority to require reports by enterprises

-STATUTE-
      The Secretary shall require each enterprise to submit reports on
    its activities to the Secretary as the Secretary considers
    appropriate.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1327, Oct. 28, 1992, 106 Stat.
    3956.)

-End-

-CITE-
    12 USC Sec. 4548                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 1 - general authority

-HEAD-
    Sec. 4548. Reports by Secretary

-STATUTE-
    (a) Annual report
      The Secretary shall, not later than June 30 of each year, submit
    a report to the Committee on Banking, Finance and Urban Affairs of
    the House of Representatives and the Committee on Banking, Housing,
    and Urban Affairs of the Senate on the activities of each
    enterprise.
    (b) Views on budget and financial plans of enterprises
      On an annual basis, the Secretary shall provide the Committees
    referred to in subsection (a) of this section with comments on the
    plans, forecasts, and reports required under section 4516(g) of
    this title.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1328, Oct. 28, 1992, 106 Stat.
    3956.)

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC subpart 2 - housing goals                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 2 - housing goals

-HEAD-
                         SUBPART 2 - HOUSING GOALS                     

-End-

-CITE-
    12 USC Sec. 4561                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 2 - housing goals

-HEAD-
    Sec. 4561. Establishment

-STATUTE-
    (a) In general
      The Secretary shall establish, by regulation, housing goals under
    this subpart for each enterprise. The housing goals shall include a
    low- and moderate-income housing goal pursuant to section 4562 of
    this title, a special affordable housing goal pursuant to section
    4563 of this title, and a central cities, rural areas, and other
    underserved areas housing goal pursuant to section 4564 of this
    title. The Secretary shall implement this subpart in a manner
    consistent with section 1716(3) of this title and section 301(b)(3)
    of the Federal Home Loan Mortgage Corporation Act.
    (b) Consideration of units in multifamily housing
      In establishing any goal under this subpart, the Secretary may
    take into consideration the number of housing units financed by any
    mortgage on multifamily housing purchased by an enterprise.
    (c) Adjustment of housing goals
      Except as otherwise provided in this chapter, from year to year
    the Secretary may, by regulation, adjust any housing goal
    established under this subpart.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1331, Oct. 28, 1992, 106 Stat.
    3956.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      Section 301(b)(3) of the Federal Home Loan Mortgage Corporation
    Act, referred to in subsec. (a), is section 301(b)(3) of Pub. L. 91-
    351, as amended, which is set out as a Short Title and Statement
    of Purpose note under section 1451 of this title.
      This chapter, referred to in subsec. (c), was in the original
    "this title", meaning title XIII of Pub. L. 102-550, Oct. 28, 1992,
    106 Stat. 3941, which is classified principally to this chapter.
    For complete classification of title XIII to the Code, see Short
    Title note set out under section 4501 of this title and Tables.

-End-

-CITE-
    12 USC Sec. 4562                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 2 - housing goals

-HEAD-
    Sec. 4562. Low- and moderate-income housing goal

-STATUTE-
    (a) In general
      The Secretary shall establish an annual goal for the purchase by
    each enterprise of mortgages on housing for low- and moderate-
    income families. The Secretary may establish separate specific
    subgoals within the goal under this section and such subgoals shall
    not be enforceable under the provisions of section 4566 of this
    title, any other provision of this chapter, or any provision of the
    Federal National Mortgage Association Charter Act [12 U.S.C. 1716
    et seq.] or the Federal Home Loan Mortgage Corporation Act [12
    U.S.C. 1451 et seq.].
    (b) Factors to be applied
      In establishing the goal under this section, the Secretary shall
    consider - 
        (1) national housing needs;
        (2) economic, housing, and demographic conditions;
        (3) the performance and effort of the enterprises toward
      achieving the low- and moderate-income housing goal in previous
      years;
        (4) the size of the conventional mortgage market serving low-
      and moderate-income families relative to the size of the overall
      conventional mortgage market;
        (5) the ability of the enterprises to lead the industry in
      making mortgage credit available for low- and moderate-income
      families; and
        (6) the need to maintain the sound financial condition of the
      enterprises.
    (c) Use of borrower and tenant income
      (1) In general
        The Secretary shall monitor the performance of each enterprise
      in carrying out this section and shall evaluate such performance
      (for purposes of section 4566 of this title) based on - 
          (A) in the case of an owner-occupied dwelling, the
        mortgagor's income at the time of origination of the mortgage;
        or
          (B) in the case of a rental dwelling - 
            (i) the income of the prospective or actual tenants of the
          property, where such data are available; or
            (ii) the rent levels affordable to low- and moderate-income
          families, where the data referred to in clause (i) are not
          available.
      (2) Affordability
        For the purpose of paragraph (1)(B)(ii), a rent level shall be
      considered affordable if it does not exceed 30 percent of the
      maximum income level of the income categories referred to in this
      section, with appropriate adjustments for unit size as measured
      by the number of bedrooms.
    (d) Transition
      (1) Interim target
        Notwithstanding any other provision of this section, during the
      2-year period beginning on January 1, 1993, the annual target
      under this section for low- and moderate-income mortgage
      purchases for each enterprise shall be 30 percent of the total
      number of dwelling units financed by mortgage purchases of the
      enterprise.
      (2) Interim goal
        During such 2-year period, the Secretary shall establish a
      separate annual goal for each enterprise, the achievement of
      which shall require - 
          (A) an enterprise that is not meeting the target under
        paragraph (1) upon January 1, 1993, to improve its performance
        relative to such target annually and, to the maximum extent
        feasible, to meet such target at the conclusion of such 2-year
        period; and
          (B) an enterprise that is meeting the target under paragraph
        (1) upon January 1, 1993, to improve its performance relative
        to the target.
      (3) Implementation
        The Secretary shall establish any requirements necessary to
      implement the transition provisions under this subsection by
      notice, after providing the enterprises with an opportunity to
      review and comment not less than 30 days before the issuance of
      such notice. Such notice shall be issued not later than the
      expiration of the 90-day period beginning upon October 28, 1992,
      and shall be effective upon issuance.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1332, Oct. 28, 1992, 106 Stat.
    3956.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsec. (a), was in the original
    "this title", meaning title XIII of Pub. L. 102-550, Oct. 28, 1992,
    106 Stat. 3941, which is classified principally to this chapter.
    For complete classification of title XIII to the Code, see Short
    Title note set out under section 4501 of this title and Tables.
      The Federal National Mortgage Association Charter Act, referred
    to in subsec. (a), is title III of act June 27, 1934, ch. 847, 48
    Stat. 1252, as amended, which is classified generally to subchapter
    III (Sec. 1716 et seq.) of chapter 13 of this title. For complete
    classification of this Act to the Code, see Short Title note set
    out under section 1716 of this title and Tables.
      The Federal Home Loan Mortgage Corporation Act, referred to in
    subsec. (a), is title III of Pub. L. 91-351, July 24, 1970, 84
    Stat. 451, as amended, which is classified generally to chapter 11A
    (Sec. 1451 et seq.) of this title. For complete classification of
    this Act to the Code, see Short Title and Statement of Purpose note
    set out under section 1451 of this title and Tables.

-MISC1-
                              EFFECTIVE DATE                          
      Section 1338 of Pub. L. 102-550 provided that: "The housing goals
    established under sections 1332(d), 1333(d), and 1334(d) [12 U.S.C.
    4562(d), 4563(d), 4564(d)] shall not become effective until January
    1, 1993."

-End-

-CITE-
    12 USC Sec. 4563                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 2 - housing goals

-HEAD-
    Sec. 4563. Special affordable housing goal

-STATUTE-
    (a) Establishment
      (1) In general
        The Secretary shall establish a special annual goal designed to
      adjust the purchase by each enterprise of mortgages on rental and
      owner-occupied housing to meet the then-existing unaddressed
      needs of, and affordable to, low-income families in low-income
      areas and very low-income families. The special affordable
      housing goal established under this section for an enterprise
      shall not be less than 1 percent of the dollar amount of the
      mortgage purchases by the enterprise for the previous year.
      (2) Standards
        In establishing the special affordable housing goal for an
      enterprise, the Secretary shall consider - 
          (A) data submitted to the Secretary in connection with the
        special affordable housing goal for previous years;
          (B) the performance and efforts of the enterprise toward
        achieving the special affordable housing goal in previous
        years;
          (C) national housing needs within the categories set forth in
        this section;
          (D) the ability of the enterprise to lead the industry in
        making mortgage credit available for low-income and very low-
        income families; and
          (E) the need to maintain the sound financial condition of the
        enterprise.
    (b) Full credit activities
      (1) In general
        The Secretary shall give full credit toward achievement of the
      special affordable housing goal under this section (for purposes
      of section 4566 of this title) to the following activities:
        (A) Federally related mortgages
          The purchase or securitization of federally insured or
        guaranteed mortgages, if - 
            (i) such mortgages cannot be readily securitized through
          the Government National Mortgage Association or any other
          Federal agency;
            (ii) participation of the enterprise substantially enhances
          the affordability of the housing subject to such mortgages;
          and
            (iii) the mortgages involved are on housing that otherwise
          qualifies under such goal to be considered for purposes of
          such goal.
        (B) Portfolios
          The purchase or refinancing of existing, seasoned portfolios
        of loans, if - 
            (i) the seller is engaged in a specific program to use the
          proceeds of such sales to originate additional loans that
          meet such goal; and
            (ii) such purchases or refinancings support additional
          lending for housing that otherwise qualifies under such goal
          to be considered for purposes of such goal.
        (C) RTC and FDIC loans
          The purchase of direct loans made by the Resolution Trust
        Corporation or the Federal Deposit Insurance Corporation, if
        such loans - 
            (i) are not guaranteed by such agencies themselves or other
          Federal agencies;
            (ii) are made with recourse provisions similar to those
          offered through private mortgage insurance or other
          conventional sellers; and
            (iii) are made for the purchase of housing that otherwise
          qualifies under such goal to be considered for purposes of
          such goal.
      (2) Exclusion
        No credit toward the achievement of the special affordable
      housing goal may be given to the purchase or securitization of
      mortgages associated with the refinancing of the existing
      enterprise portfolios.
    (c) Use of borrower and tenant income
      (1) In general
        The Secretary shall monitor the performance of each enterprise
      in carrying out this section and shall evaluate such performance
      (for purposes of section 4566 of this title) based on - 
          (A) in the case of an owner-occupied dwelling, the
        mortgagor's income at the time of origination of the mortgage;
        or
          (B) in the case of a rental dwelling - 
            (i) the income of the prospective or actual tenants of the
          property, where such data are available; or
            (ii) the rent levels affordable to low-income and very low-
          income families, where the data referred to in clause (i)
          are not available.
      (2) Affordability
        For the purpose of paragraph (1)(B)(ii), a rent level shall be
      considered affordable if it does not exceed 30 percent of the
      maximum income level of the income categories referred to in this
      section, with appropriate adjustments for unit size as measured
      by the number of bedrooms.
    (d) Transition
      (1) FNMA mortgage purchases
        Notwithstanding any other provision of this section, during the
      2-year period beginning on January 1, 1993, the special
      affordable housing goal for the Federal National Mortgage
      Association shall include mortgage purchases of not less than
      $2,000,000,000 (for such 2-year period), with one-half of such
      purchases consisting of mortgages on single family housing and
      one-half consisting of mortgages on multifamily housing.
      (2) FHLMC mortgage purchases
        Notwithstanding any other provision of this section, during the
      2-year period beginning on January 1, 1993, the special
      affordable housing goal for the Federal Home Loan Mortgage
      Corporation shall include mortgage purchases of not less than
      $1,500,000,000 (for such 2-year period), with one-half of such
      purchases consisting of mortgages on single family housing and
      one-half consisting of mortgages on multifamily housing.
      (3) Income characteristics for mortgage purchases
        (A) Multifamily mortgages
          The special affordable housing goals established under
        paragraphs (1) and (2) shall provide that, of mortgages on
        multifamily housing that are purchased and contribute to the
        achievement of such goals - 
            (i) 45 percent shall be mortgages on multifamily housing
          affordable to low-income families; and
            (ii) 55 percent shall be mortgages on multifamily housing
          in which - 
              (I) at least 20 percent of the units are affordable to
            families whose incomes do not exceed 50 percent of the
            median income for the area; or
              (II) at least 40 percent of the units are affordable to
            very low-income families.
        (B) Single family mortgages
          The special affordable housing goals established under
        paragraphs (1) and (2) shall provide that, of mortgages on
        single family housing that are purchased and contribute to the
        achievement of such goals - 
            (i) 45 percent shall be mortgages of low-income families
          who live in census tracts in which the median income does not
          exceed 80 percent of the area median income; and
            (ii) 55 percent shall be mortgages of very low-income
          families.
        (C) Compliance with special affordable housing goals
          Only the portion of mortgages on multifamily housing
        purchased by an enterprise that are attributable to units
        affordable to low-income families shall contribute to the
        achievement of the special affordable housing goals under
        subparagraph (A)(ii).
      (4) Implementation
        The Secretary shall establish any requirements necessary to
      implement the transition provisions under this subsection by
      notice, after providing the enterprises with an opportunity to
      review and comment not less than 30 days before the issuance of
      such notice. Such notice shall be issued not later than the
      expiration of the 90-day period beginning upon October 28, 1992,
      and shall be effective upon issuance.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1333, Oct. 28, 1992, 106 Stat.
    3958.)

-MISC1-
                              EFFECTIVE DATE                          
      Housing goals established under subsec. (d) of this section
    effective Jan. 1, 1993, see section 1338 of Pub. L. 102-550, set
    out as a note under section 4562 of this title.

-End-

-CITE-
    12 USC Sec. 4564                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 2 - housing goals

-HEAD-
    Sec. 4564. Central cities, rural areas, and other underserved areas
      housing goal

-STATUTE-
    (a) In general
      The Secretary shall establish an annual goal for the purchase by
    each enterprise of mortgages on housing located in central cities,
    rural areas, and other underserved areas. The Secretary may
    establish separate subgoals within the goal under this section and
    such subgoals shall not be enforceable under the provisions of
    section 4566 of this title, any other provision of this chapter, or
    any provision of the Federal National Mortgage Association Charter
    Act [12 U.S.C. 1716 et seq.] or the Federal Home Loan Mortgage
    Corporation Act [12 U.S.C. 1451 et seq.].
    (b) Factors to be applied
      In establishing the housing goal under this section, the
    Secretary shall consider - 
        (1) urban and rural housing needs and the housing needs of
      underserved areas;
        (2) economic, housing, and demographic conditions;
        (3) the performance and efforts of the enterprises toward
      achieving the central cities, rural areas, and other underserved
      areas housing goal in previous years;
        (4) the size of the conventional mortgage market for central
      cities, rural areas, and other underserved areas relative to the
      size of the overall conventional mortgage market;
        (5) the ability of the enterprises to lead the industry in
      making mortgage credit available throughout the United States,
      including central cities, rural areas, and other underserved
      areas; and
        (6) the need to maintain the sound financial condition of the
      enterprises.
    (c) Location of properties
      The Secretary shall monitor the performance of each enterprise in
    carrying out this section and shall evaluate such performance (for
    purposes of section 4566 of this title) based on the location of
    the properties subject to mortgages purchased by each enterprise.
    (d) Transition
      (1) Interim target
        Notwithstanding any other provision of this section, during the
      2-year period beginning on January 1, 1993, the annual target
      under this section for purchases by each enterprise of mortgages
      on housing located in central cities shall be 30 percent of the
      total number of dwelling units financed by mortgage purchases of
      the enterprise.
      (2) Interim goal
        During such 2-year period, the Secretary shall establish a
      separate annual goal for each enterprise, the achievement of
      which shall require - 
          (A) an enterprise that is not meeting the target under
        paragraph (1) upon January 1, 1993, to improve its performance
        relative to such target annually and, to the maximum extent
        feasible, to meet such target at the conclusion of such 2-year
        period; and
          (B) an enterprise that is meeting the target under paragraph
        (1) upon January 1, 1993, to improve its performance relative
        to the target.
      (3) "Central city" defined
        For purposes of this subsection, the term "central city" means
      any political subdivision designated as a central city by the
      Office of Management and Budget.
      (4) Implementation
        The Secretary shall establish any requirements necessary to
      implement the transition provisions under this subsection by
      notice, after providing the enterprises with an opportunity to
      review and comment not less than 30 days before the issuance of
      such notice. Such notice shall be issued not later than the
      expiration of the 90-day period beginning upon October 28, 1992,
      and shall be effective upon issuance.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1334, Oct. 28, 1992, 106 Stat.
    3960.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsec. (a), was in the original
    "this title", meaning title XIII of Pub. L. 102-550, Oct. 28, 1992,
    106 Stat. 3941, which is classified principally to this chapter.
    For complete classification of title XIII to the Code, see Short
    Title note set out under section 4501 of this title and Tables.
      The Federal National Mortgage Association Charter Act, referred
    to in subsec. (a), is title III of act June 27, 1934, ch. 847, 48
    Stat. 1252, as amended, which is classified generally to subchapter
    III (Sec. 1716 et seq.) of chapter 13 of this title. For complete
    classification of this Act to the Code, see Short Title note set
    out under section 1716 of this title and Tables.
      The Federal Home Loan Mortgage Corporation Act, referred to in
    subsec. (a), is title III of Pub. L. 91-351, July 24, 1970, 84
    Stat. 451, as amended, which is classified generally to chapter 11A
    (Sec. 1451 et seq.) of this title. For complete classification of
    this Act to the Code, see Short Title and Statement of Purpose note
    set out under section 1451 of this title and Tables.

-MISC1-
                              EFFECTIVE DATE                          
      Housing goals established under subsec. (d) of this section
    effective Jan. 1, 1993, see section 1338 of Pub. L. 102-550, set
    out as a note under section 4562 of this title.

-End-

-CITE-
    12 USC Sec. 4565                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 2 - housing goals

-HEAD-
    Sec. 4565. Other requirements

-STATUTE-
    (a) In general
      To meet the low- and moderate-income housing goal under section
    4562 of this title, the special affordable housing goal under
    section 4563 of this title, and the central cities, rural areas,
    and other underserved areas housing goal under section 4564 of this
    title, each enterprise shall - 
        (1) design programs and products that facilitate the use of
      assistance provided by the Federal Government and State and local
      governments;
        (2) develop relationships with nonprofit and for-profit
      organizations that develop and finance housing and with State and
      local governments, including housing finance agencies;
        (3) take affirmative steps to - 
          (A) assist primary lenders to make housing credit available
        in areas with concentrations of low-income and minority
        families, and
          (B) assist insured depository institutions to meet their
        obligations under the Community Reinvestment Act of 1977 [12
        U.S.C. 2901 et seq.],

      which shall include developing appropriate and prudent
      underwriting standards, business practices, repurchase
      requirements, pricing, fees, and procedures;
        (4) develop the institutional capacity to help finance low- and
      moderate-income housing, including housing for first-time
      homebuyers; and
        (5) assist in maintaining the affordability of assisted units
      in eligible multifamily housing projects with expiring contracts,
      as defined under the Multifamily Assisted Housing Reform and
      Affordability Act of 1997.
    (b) Affordable housing goals
      Actions taken under subsection (a)(5) of this section shall
    constitute part of the contribution of each entity in meeting its
    affordable housing goals under sections 4562, 4563, and 4564 of
    this title for any fiscal year, as determined by the Secretary.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1335, Oct. 28, 1992, 106 Stat.
    3961; Pub. L. 105-65, title V, Sec. 517(c), Oct. 27, 1997, 111
    Stat. 1403.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      The Community Reinvestment Act of 1977, referred to in subsec.
    (a)(3)(B), is title VIII of Pub. L. 95-128, Oct. 12, 1977, 91 Stat.
    1147, as amended, which is classified generally to chapter 30 (Sec.
    2901 et seq.) of this title. For complete classification of this
    Act to the Code, see Short Title note set out under section 2901 of
    this title and Tables.
      The Multifamily Assisted Housing Reform and Affordability Act of
    1997, referred to in subsec. (a)(5), is title V of Pub. L. 105-65,
    Oct. 27, 1997, 111 Stat. 1384. For complete classification of this
    Act to the Code, see Short Title of 1997 Amendment note set out
    under section 1701 of this title and Tables.

-MISC1-
                                AMENDMENTS                            
      1997 - Subsec. (a). Pub. L. 105-65, Sec. 517(c)(3), designated
    existing provisions as subsec. (a) and inserted heading.
      Subsec. (a)(5). Pub. L. 105-65, Sec. 517(c)(1), (2), (4), added
    par. (5).
      Subsec. (b). Pub. L. 105-65, Sec. 517(c)(4), added subsec. (b).

-End-

-CITE-
    12 USC Sec. 4566                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 2 - housing goals

-HEAD-
    Sec. 4566. Monitoring and enforcing compliance with housing goals

-STATUTE-
    (a) In general
      (1) Authority
        The Secretary shall monitor and enforce compliance with the
      housing goals established under sections 4562, 4563, and 4564 of
      this title, as provided in this section.
      (2) Guidelines
        The Secretary shall establish guidelines to measure the extent
      of compliance with the housing goals, which may assign full
      credit, partial credit, or no credit toward achievement of the
      housing goals to different categories of mortgage purchase
      activities of the enterprises, based on such criteria as the
      Secretary deems appropriate.
      (3) Extent of compliance
        In determining compliance with the housing goals established
      under this subpart, the Secretary - 
          (A) shall consider any single mortgage purchased by an
        enterprise as contributing to the achievement of each housing
        goal for which such mortgage purchase qualifies; and
          (B) may take into consideration the number of housing units
        financed by any mortgage on housing purchased by an enterprise.
    (b) Notice and determination of failure to meet goals
      (1) Notice
        If the Secretary determines that an enterprise has failed, or
      that there is a substantial probability that an enterprise will
      fail, to meet any housing goal established under section 4562,
      4563, or 4564 of this title, the Secretary shall provide written
      notice to the enterprise of such a determination, the reasons for
      such determination, the requirement to submit a housing plan
      under subsection (c) of this section, and the information on
      which the Secretary based the determination or imposed such
      requirement.
      (2) Response period
        (A) In general
          During the 30-day period beginning on the date that an
        enterprise is provided notice under paragraph (1), the
        enterprise may submit to the Secretary any written information
        that the enterprise considers appropriate for consideration by
        the Secretary in determining whether such failure has occurred
        or whether the achievement of such goal was or is feasible.
        (B) Extended period
          The Secretary may extend the period under subparagraph (A)
        for good cause for not more than 30 additional days.
        (C) Shortened period
          The Secretary may shorten the period under subparagraph (A)
        for good cause.
        (D) Failure to respond
          The failure of an enterprise to provide information during
        the 30-day period under this paragraph (as extended or
        shortened) shall waive any right of the enterprise to comment
        on the proposed determination or action of the Secretary.
      (3) Consideration of information and determination
        (A) In general
          After the expiration of the response period under paragraph
        (2) or upon receipt of information provided during such period
        by the enterprise, whichever occurs earlier, the Secretary
        shall determine (i) whether the enterprise has failed, or there
        is a substantial probability that the enterprise will fail, to
        meet the housing goal, and (ii) whether (taking into
        consideration market and economic conditions and the financial
        condition of the enterprise) the achievement of the housing
        goal was or is feasible.
        (B) Considerations
          In making such determinations, the Secretary shall take into
        consideration any relevant information submitted by the
        enterprise during the response period.
        (C) Notice
          The Secretary shall provide written notice to the enterprise,
        the Committee on Banking, Finance and Urban Affairs of the
        House of Representatives, and the Committee on Banking,
        Housing, and Urban Affairs of the Senate, of - 
            (i) each determination that an enterprise has failed, or
          that there is a substantial probability that the enterprise
          will fail, to meet a housing goal;
            (ii) each determination that the achievement of a housing
          goal was or is feasible; and
            (iii) the reasons for each such determination.

        Such notice shall respond to any information submitted during
        the response period.
    (c) Housing plans
      (1) Requirement
        If the Secretary finds pursuant to subsection (b) of this
      section, that an enterprise has failed, or that there is a
      substantial probability that an enterprise will fail, to meet any
      housing goal established under section 4562, 4563, or 4564 of
      this title, and that the achievement of the housing goal was or
      is feasible, the Secretary shall require the enterprise to submit
      a housing plan under this subsection for approval by the
      Secretary.
      (2) Contents
        Each housing plan shall be a feasible plan describing the
      specific actions the enterprise will take - 
          (A) to achieve the goal for the next calendar year; or
          (B) if the Secretary determines that there is a substantial
        probability that the enterprise will fail to meet a goal in the
        current year, to make such improvements as are reasonable in
        the remainder of such year.

      The plan shall be sufficiently specific to enable the Secretary
      to monitor compliance periodically.
      (3) Deadline for submission
        The Secretary shall, by regulation, establish a deadline for an
      enterprise to submit a housing plan to the Secretary, which may
      not be more than 45 days after the enterprise is provided notice
      under subsection (b)(3) of this section that a housing plan is
      required. The regulations shall provide that the Secretary may
      extend the deadline to the extent that the Secretary determines
      necessary. Any extension of the deadline shall be in writing and
      for a time certain.
      (4) Approval
        The Secretary shall review each housing plan submitted under
      this subsection and, not later than 30 days after submission of
      the plan, approve or disapprove the plan. The Secretary may
      extend the period for approval or disapproval for a single
      additional 30-day period if the Secretary determines it
      necessary. The Secretary shall approve any plan that the
      Secretary determines is likely to succeed, and conforms with the
      Federal National Mortgage Association Charter Act [12 U.S.C. 1716
      et seq.] or the Federal Home Loan Mortgage Corporation Act [12
      U.S.C. 1451 et seq.] (as applicable), this chapter, and any other
      applicable laws and regulations.
      (5) Notice of approval and disapproval
        The Secretary shall provide written notice to any enterprise
      submitting a housing plan of the approval or disapproval of the
      plan (which shall include the reasons for any disapproval of the
      plan) and of any extension of the period for approval or
      disapproval.
      (6) Resubmission
        If the initial housing plan submitted by an enterprise is
      disapproved, the enterprise shall submit an amended plan
      acceptable to the Secretary within 30 days or such longer period
      that the Secretary determines is in the public interest.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1336, Oct. 28, 1992, 106 Stat.
    3962.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      The Federal National Mortgage Association Charter Act, referred
    to in subsec. (c)(4), is title III of act June 27, 1934, ch. 847,
    48 Stat. 1252, as amended, which is classified generally to
    subchapter III (Sec. 1716 et seq.) of chapter 13 of this title. For
    complete classification of this Act to the Code, see Short Title
    note set out under section 1716 of this title and Tables.
      The Federal Home Loan Mortgage Corporation Act, referred to in
    subsec. (c)(4), is title III of Pub. L. 91-351, July 24, 1970, 84
    Stat. 451, as amended, which is classified generally to chapter 11A
    (Sec. 1451 et seq.) of this title. For complete classification of
    this Act to the Code, see Short Title and Statement of Purpose note
    set out under section 1451 of this title and Tables.
      This chapter, referred to in subsec. (c)(4), was in the original
    "this title", meaning title XIII of Pub. L. 102-550, Oct. 28, 1992,
    106 Stat. 3941, which is classified principally to this chapter.
    For complete classification of title XIII to the Code, see Short
    Title note set out under section 4501 of this title and Tables.

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC Sec. 4567                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 2 - housing goals

-HEAD-
    Sec. 4567. Reports during transition

-STATUTE-
      Each enterprise shall submit to the Secretary, the Committee on
    Banking, Finance and Urban Affairs of the House of Representatives,
    and the Committee on Banking, Housing, and Urban Affairs of the
    Senate, a report for each transitional housing goal for the
    enterprise under section 4562(d), 4563(d), or 4564(d) of this
    title, describing the actions the enterprise plans to take to meet
    such goal. Each such report shall be submitted within 45 days after
    the establishment of the goal for which the report is submitted.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1337, Oct. 28, 1992, 106 Stat.
    3964.)

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC subpart 3 - enforcement of housing goals             01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 3 - enforcement of housing goals

-HEAD-
                 SUBPART 3 - ENFORCEMENT OF HOUSING GOALS             

-End-

-CITE-
    12 USC Sec. 4581                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 3 - enforcement of housing goals

-HEAD-
    Sec. 4581. Cease-and-desist proceedings

-STATUTE-
    (a) Grounds for issuance
      The Secretary may issue and serve a notice of charges under this
    section upon an enterprise if, in the determination of the
    Secretary - 
        (1) the enterprise has failed to submit a housing plan that
      substantially complies with section 4566(c) of this title within
      the applicable period;
        (2) the enterprise is engaging or has engaged, or the Secretary
      has reasonable cause to believe that the enterprise is about to
      engage, in any failure to make a good faith effort to comply with
      a housing plan for the enterprise submitted and approved under
      section 4566(c) of this title; or
        (3) the enterprise has failed to submit the information
      required under subsection (m) or (n) of section 1723a of this
      title, subsection (e) or (f) of section 1456 of this title, or
      section 4567 of this title.
    (b) Procedure
      (1) Notice of charges
        Each notice of charges shall contain a statement of the facts
      constituting the alleged conduct and shall fix a time and place
      at which a hearing will be held to determine on the record
      whether an order to cease and desist from such conduct should
      issue.
      (2) Issuance of order
        If the Secretary finds on the record made at such hearing that
      any conduct specified in the notice of charges has been
      established (or the enterprise consents pursuant to section
      4582(a)(4) of this title), the Secretary may issue and serve upon
      the enterprise an order requiring the enterprise to (A) submit a
      housing plan in compliance with section 4566(c) of this title,
      (B) comply with the housing plan, or (C) provide the information
      required under subsection (m) or (n) of section 1723a of this
      title, subsection (e) or (f) of section 1456 of this title, or
      section 4567 of this title.
    (c) Effective date
      An order under this section shall become effective upon the
    expiration of the 30-day period beginning on the service of the
    order upon the enterprise (except in the case of an order issued
    upon consent, which shall become effective at the time specified
    therein), and shall remain effective and enforceable as provided in
    the order, except to the extent that the order is stayed, modified,
    terminated, or set aside by action of the Secretary or otherwise,
    as provided in this subpart.
    (d) Transition period limitation
      The Secretary may not impose any cease-and-desist order under
    this section for any failure by an enterprise, during the 2-year
    period beginning on the (!1) January 1, 1993, to comply with an
    approved housing plan, unless the Secretary determines that the
    enterprise has intentionally failed to make a good faith effort to
    comply with the approved plan.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1341, Oct. 28, 1992, 106 Stat.
    3964.)

-FOOTNOTE-
    (!1) So in original.

-End-

-CITE-
    12 USC Sec. 4582                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 3 - enforcement of housing goals

-HEAD-
    Sec. 4582. Hearings

-STATUTE-
    (a) Requirements
      (1) Venue and record
        Any hearing under section 4581 or 4585 of this title shall be
      held on the record and in the District of Columbia.
      (2) Timing
        Any such hearing shall be fixed for a date not earlier than 30
      days nor later than 60 days after service of the notice of
      charges under section 4581(b)(1) of this title or determination
      to impose a penalty under section 4585(c)(1) of this title,
      unless an earlier or a later date is set by the hearing officer
      at the request of the enterprise served.
      (3) Procedure
        Any such hearing shall be conducted in accordance with chapter
      5 of title 5.
      (4) Failure to appear
        If the enterprise served fails to appear at the hearing through
      a duly authorized representative, such enterprise shall be deemed
      to have consented to the issuance of the cease-and-desist order
      or the imposition of the penalty for which the hearing is held.
    (b) Issuance of order
      (1) In general
        After any such hearing, and within 90 days after the enterprise
      has been notified that the case has been submitted to the
      Secretary for final decision, the Secretary shall render the
      decision (which shall include findings of fact upon which the
      decision is predicated) and shall issue and serve upon the
      enterprise an order or orders consistent with the provisions of
      this subpart.
      (2) Modification
        Judicial review of any such order shall be exclusively as
      provided in section 4583 of this title. Unless such a petition
      for review is timely filed as provided in section 4583 of this
      title, and thereafter until the record in the proceeding has been
      filed as so provided, the Secretary may at any time, modify,
      terminate, or set aside any such order, upon such notice and in
      such manner as the Secretary considers proper. Upon such filing
      of the record, the Secretary may modify, terminate, or set aside
      any such order with permission of the court.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1342, Oct. 28, 1992, 106 Stat.
    3965.)

-End-

-CITE-
    12 USC Sec. 4583                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 3 - enforcement of housing goals

-HEAD-
    Sec. 4583. Judicial review

-STATUTE-
    (a) Commencement
      An enterprise that is a party to a proceeding under section 4581
    or 4585 of this title may obtain review of any final order issued
    under such section by filing in the United States Court of Appeals
    for the District of Columbia Circuit, within 30 days after the date
    of service of such order, a written petition praying that the order
    of the Secretary be modified, terminated, or set aside. The clerk
    of the court shall transmit a copy of the petition to the
    Secretary.
    (b) Filing of record
      Upon receiving a copy of a petition, the Secretary shall file in
    the court the record in the proceeding, as provided in section 2112
    of title 28.
    (c) Jurisdiction
      Upon the filing of a petition, such court shall have
    jurisdiction, which upon the filing of the record by the Secretary
    shall (except as provided in the last sentence of section
    4582(b)(2) of this title) be exclusive, to affirm, modify,
    terminate, or set aside, in whole or in part, the order of the
    Secretary.
    (d) Review
      Review of such proceedings shall be governed by chapter 7 of
    title 5.
    (e) Order to pay penalty
      Such court shall have the authority in any such review to order
    payment of any penalty imposed by the Secretary under this subpart.
    (f) No automatic stay
      The commencement of proceedings for judicial review under this
    section shall not, unless specifically ordered by the court,
    operate as a stay of any order issued by the Secretary.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1343, Oct. 28, 1992, 106 Stat.
    3966.)

-End-

-CITE-
    12 USC Sec. 4584                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 3 - enforcement of housing goals

-HEAD-
    Sec. 4584. Enforcement and jurisdiction

-STATUTE-
    (a) Enforcement
      The Secretary may request the Attorney General of the United
    States to bring an action in the United States District Court for
    the District of Columbia for the enforcement of any effective
    notice or order issued under section 4581 or 4585 of this title.
    Such court shall have jurisdiction and power to order and require
    compliance herewith.
    (b) Limitation on jurisdiction
      Except as otherwise provided in this subpart, no court shall have
    jurisdiction to affect, by injunction or otherwise, the issuance or
    enforcement of any notice or order under section 4581 or 4585 of
    this title, or to review, modify, suspend, terminate, or set aside
    any such notice or order.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1344, Oct. 28, 1992, 106 Stat.
    3966.)

-End-

-CITE-
    12 USC Sec. 4585                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 3 - enforcement of housing goals

-HEAD-
    Sec. 4585. Civil money penalties

-STATUTE-
    (a) Authority
      The Secretary may impose a civil money penalty, in accordance
    with the provisions of this section, on any enterprise that has
    failed - 
        (1) to submit a housing plan that substantially complies with
      section 4566(c) of this title within the applicable period;
        (2) to make a good faith effort to comply with a housing plan
      for the enterprise submitted and approved under section 4566(c)
      of this title; or
        (3) to submit the information required under subsection (m) or
      (n) of section 1723a of this title, subsection (e) or (f) of
      section 1456 of this title, or section 4567 of this title.
    (b) Amount of penalty
      The amount of the penalty, as determined by the Secretary, may
    not exceed - 
        (1) for any failure described in subsection (a)(1) of this
      section, $25,000 for each day that the failure occurs; and
        (2) for any failure described in subsection (a)(2) or (3) of
      this section, $10,000 for each day that the failure occurs.
    (c) Procedures
      (1) Establishment
        The Secretary shall establish standards and procedures
      governing the imposition of civil money penalties under this
      section. Such standards and procedures - 
          (A) shall provide for the Secretary to notify the enterprise
        in writing of the Secretary's determination to impose the
        penalty, which shall be made on the record;
          (B) shall provide for the imposition of a penalty only after
        the enterprise has been given an opportunity for a hearing on
        the record pursuant to section 4582 of this title; and
          (C) may provide for review by the Director for any
        determination or order, or interlocutory ruling, arising from a
        hearing.
      (2) Factors in determining amount of penalty
        In determining the amount of a penalty under this section, the
      Secretary shall give consideration to such factors as the gravity
      of the offense, any history of prior offenses, ability to pay the
      penalty, injury to the public, benefits received, deterrence of
      future violations, and such other factors as the Secretary may
      determine, by regulation, to be appropriate.
    (d) Action to collect penalty
      If an enterprise fails to comply with an order by the Secretary
    imposing a civil money penalty under this section, after the order
    is no longer subject to review as provided by sections 4582 and
    4583 of this title, the Secretary may request the Attorney General
    of the United States to bring an action in the United States
    District Court for the District of Columbia to obtain a monetary
    judgment against the enterprise and such other relief as may be
    available. The monetary judgment may, in the court's discretion,
    include the attorneys fees and other expenses incurred by the
    United States in connection with the action. In an action under
    this subsection, the validity and appropriateness of the order
    imposing the penalty shall not be subject to review.
    (e) Settlement by Secretary
      The Secretary may compromise, modify, or remit any civil money
    penalty which may be, or has been, imposed under this section.
    (f) Transition period limitation
      The Secretary may not impose any civil money penalty under this
    section for any failure by an enterprise, during the 2-year period
    beginning on January 1, 1993, to comply with an approved housing
    plan, unless the Secretary determines that the enterprise has
    intentionally failed to make a good faith effort to comply with an
    approved plan.
    (g) Deposit of penalties
      The Secretary shall deposit any civil money penalties collected
    under this section into the general fund of the Treasury.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1345, Oct. 28, 1992, 106 Stat.
    3966.)

-End-

-CITE-
    12 USC Sec. 4586                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 3 - enforcement of housing goals

-HEAD-
    Sec. 4586. Public disclosure of final orders and agreements

-STATUTE-
    (a) In general
      The Secretary shall make available to the public - 
        (1) any written agreement or other written statement for which
      a violation may be redressed by the Secretary or any modification
      to or termination thereof, unless the Secretary, in the
      Secretary's discretion, determines that public disclosure would
      be contrary to the public interest or determines under subsection
      (c) of this section that public disclosure would seriously
      threaten the financial health or security of the enterprise;
        (2) any order that is issued with respect to any administrative
      enforcement proceeding initiated by the Secretary under this
      subpart and that has become final in accordance with sections
      4582 and 4583 of this title; and
        (3) any modification to or termination of any final order made
      public pursuant to this subsection.
    (b) Hearings
      All hearings with respect to any notice of charges issued by the
    Secretary shall be open to the public, unless the Secretary, in the
    Secretary's discretion, determines that holding an open hearing
    would be contrary to the public interest.
    (c) Delay of public disclosure under exceptional circumstances
      If the Secretary makes a determination in writing that the public
    disclosure of any final order pursuant to subsection (a) of this
    section would seriously threaten the financial soundness of the
    enterprise, the Secretary may delay the public disclosure of such
    order for a reasonable time.
    (d) Documents filed under seal in public enforcement hearings
      The Secretary may file any document or part thereof under seal in
    any hearing under this subpart if the Secretary determines in
    writing that disclosure thereof would be contrary to the public
    interest.
    (e) Retention of documents
      The Secretary shall keep and maintain a record, for not less than
    6 years, of all documents described in subsection (a) of this
    section and all enforcement agreements and other supervisory
    actions and supporting documents issued with respect to or in
    connection with any enforcement proceeding initiated by the
    Secretary under this subpart.
    (f) Disclosures to Congress
      This section may not be construed to authorize the withholding,
    or to prohibit the disclosure, of any information to the Congress
    or any committee or subcommittee thereof.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1346, Oct. 28, 1992, 106 Stat.
    3968.)

-End-

-CITE-
    12 USC Sec. 4587                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 3 - enforcement of housing goals

-HEAD-
    Sec. 4587. Notice of service

-STATUTE-
      Any service required or authorized to be made by the Secretary
    under this subpart may be made by registered mail or in such other
    manner reasonably calculated to give actual notice, as the
    Secretary may by regulation or otherwise provide.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1347, Oct. 28, 1992, 106 Stat.
    3968.)

-End-

-CITE-
    12 USC Sec. 4588                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 3 - enforcement of housing goals

-HEAD-
    Sec. 4588. Subpoena authority

-STATUTE-
    (a) In general
      In the course of or in connection with any administrative
    proceeding under this subpart, the Secretary shall have the
    authority - 
        (1) to administer oaths and affirmations;
        (2) to take and preserve testimony under oath;
        (3) to issue subpoenas and subpoenas duces tecum; and
        (4) to revoke, quash, or modify subpoenas and subpoenas duces
      tecum issued by the Secretary.
    (b) Witnesses and documents
      The attendance of witnesses and the production of documents
    provided for in this section may be required from any place in any
    State at any designated place where such proceeding is being
    conducted.
    (c) Enforcement
      The Secretary may request the Attorney General of the United
    States to bring an action in the United States district court for
    the judicial district in which such proceeding is being conducted,
    or where the witness resides or conducts business, or the United
    States District Court for the District of Columbia, for enforcement
    of any subpoena or subpoena duces tecum issued pursuant to this
    section. Such courts shall have jurisdiction and power to order and
    require compliance therewith.
    (d) Fees and expenses
      Witnesses subpoenaed under this section shall be paid the same
    fees and mileage that are paid witnesses in the district courts of
    the United States. Any court having jurisdiction of any proceeding
    instituted under this section by an enterprise may allow to any
    such party such reasonable expenses and attorneys fees as the court
    deems just and proper. Such expenses and fees shall be paid by the
    enterprise or from its assets.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1348, Oct. 28, 1992, 106 Stat.
    3968.)

-End-

-CITE-
    12 USC Sec. 4589                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part B - Authority of Secretary
    subpart 3 - enforcement of housing goals

-HEAD-
    Sec. 4589. Regulations

-STATUTE-
      The Secretary shall issue any final regulations necessary to
    implement the provisions of this part (not including the provisions
    of sections 4562(d), 4563(d), and 4564(d) of this title, relating
    to transition housing goals) not later than the expiration of the
    18-month period beginning on October 28, 1992. Such regulations
    shall be issued after notice and opportunity for public comment
    pursuant to the provisions of section 553 of title 5.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1349, Oct. 28, 1992, 106 Stat.
    3969.)

-End-

-CITE-
    12 USC Part C - Miscellaneous Provisions                    01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part C - Miscellaneous Provisions

-HEAD-
                     PART C - MISCELLANEOUS PROVISIONS                 

-End-

-CITE-
    12 USC Sec. 4601                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part C - Miscellaneous Provisions

-HEAD-
    Sec. 4601. Review of underwriting guidelines

-STATUTE-
    (a) Study
      Each of the enterprises shall conduct a study to review the
    underwriting guidelines of the enterprise. The studies shall
    examine - 
        (1) the extent to which the underwriting guidelines prevent or
      inhibit the purchase or securitization of mortgages for housing
      located in mixed-use, urban center, and predominantly minority
      neighborhoods and for housing for low- and moderate-income
      families;
        (2) the standards employed by private mortgage insurers and the
      extent to which such standards inhibit the purchase and
      securitization by the enterprises of mortgages described in
      paragraph (1); and
        (3) the implications of implementing underwriting standards
      that - 
          (A) establish a downpayment requirement for mortgagors of 5
        percent or less;
          (B) allow the use of cash on hand as a source for
        downpayments; and
          (C) approve borrowers who have a credit history of
        delinquencies if the borrower can demonstrate a satisfactory
        credit history for at least the 12-month period ending on the
        date of the application for the mortgage.
    (b) Report
      Not later than the expiration of the 1-year period beginning on
    October 28, 1992, each enterprise shall submit to the Secretary,
    the Committee on Banking, Finance and Urban Affairs of the House of
    Representatives, and the Committee on Banking, Housing, and Urban
    Affairs of the Senate a report regarding the study conducted by the
    enterprise under subsection (a) of this section. Each report shall
    include any recommendations of the enterprise for better meeting
    the housing needs of low- and moderate-income families.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1354, Oct. 28, 1992, 106 Stat.
    3970.)

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC Sec. 4602                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part C - Miscellaneous Provisions

-HEAD-
    Sec. 4602. Studies of effects of privatization of FNMA and FHLMC

-STATUTE-
    (a) In general
      The Comptroller General of the United States, the Secretary of
    Housing and Urban Development, the Secretary of the Treasury, and
    the Director of the Congressional Budget Office shall each conduct
    and submit to the Committee on Banking, Finance and Urban Affairs
    of the House of Representatives and the Committee on Banking,
    Housing, and Urban Affairs of the Senate, not later than the
    expiration of the 2-year period beginning on October 28, 1992, a
    study regarding the desirability and feasibility of repealing the
    Federal charters of the Federal National Mortgage Association and
    the Federal Home Loan Mortgage Corporation, eliminating any Federal
    sponsorship of the enterprises, and allowing the enterprises to
    continue to operate as fully private entities.
    (b) Requirements
      Each study shall particularly examine the effects of such
    privatization on - 
        (1) the requirements applicable to the Federal National
      Mortgage Association and the Federal Home Loan Mortgage
      Corporation under Federal law and the costs to the enterprises;
        (2) the cost of capital to the enterprises;
        (3) housing affordability and availability and the cost of
      homeownership;
        (4) the level of secondary mortgage market competition
      subsequently available in the private sector;
        (5) whether increased amounts of capital would be necessary for
      the enterprises to continue operation;
        (6) the secondary market for residential loans and the
      liquidity of such loans; and
        (7) any other factors that the Comptroller General, the
      Secretary of Housing and Urban Development, the Secretary of the
      Treasury, or the Director of the Congressional Budget Office
      deems appropriate to enable the Congress to evaluate the
      desirability and feasibility of privatization of the enterprises.
    (c) Information
      The Federal National Mortgage Association and the Federal Home
    Loan Mortgage Corporation shall provide full and prompt access to
    the Comptroller General, the Secretary of Housing and Urban
    Development, the Secretary of the Treasury, and the Director of the
    Congressional Budget Office to any books, records, and other
    information requested for the purposes of conducting the studies
    under this section.
    (d) Views of FNMA and FHLMC
      (1) Consideration in studies
        In conducting the studies under this section, the Comptroller
      General, the Secretary of Housing and Urban Development, the
      Secretary of the Treasury, and the Director of the Congressional
      Budget Office shall each consider the views of the Federal
      National Mortgage Association and the Federal Home Loan Mortgage
      Corporation.
      (2) Direct report
        The Federal National Mortgage Association and the Federal Home
      Loan Mortgage Corporation may each report directly to the
      Committee on Banking, Finance and Urban Affairs of the House of
      Representatives and the Committee on Banking, Housing, and Urban
      Affairs of the Senate on its own analysis of the desirability and
      feasibility of repealing the Federal charters of the enterprises,
      eliminating any Federal sponsorship, and allowing the enterprises
      to continue to operate as fully private entities.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1355, Oct. 28, 1992, 106 Stat.
    3970.)

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC Sec. 4603                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES
    Part C - Miscellaneous Provisions

-HEAD-
    Sec. 4603. Transition

-STATUTE-
      Before the expiration of the period ending 18 months after the
    appointment of the Director under section 4512 of this title, any
    rules and regulations promulgated before October 28, 1992, by the
    Secretary pursuant to the Federal National Mortgage Association
    Charter Act [12 U.S.C. 1716 et seq.] or the Federal Home Loan
    Mortgage Corporation Act [12 U.S.C. 1451 et seq.] shall remain in
    effect unless modified, terminated, superseded, or revoked by
    operation of law or in accordance with law. Such rules and
    regulations shall terminate, effective upon the expiration of such
    period.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1356, Oct. 28, 1992, 106 Stat.
    3971.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      The Federal National Mortgage Association Charter Act, referred
    to in text, is title III of act June 27, 1934, ch. 847, 48 Stat.
    1252, as amended, which is classified generally to subchapter III
    (Sec. 1716 et seq.) of chapter 13 of this title. For complete
    classification of this Act to the Code, see Short Title note set
    out under section 1716 of this title and Tables.
      The Federal Home Loan Mortgage Corporation Act, referred to in
    text, is title III of Pub. L. 91-351, July 24, 1970, 84 Stat. 451,
    as amended, which is classified generally to chapter 11A (Sec. 1451
    et seq.) of this title. For complete classification of this Act to
    the Code, see Short Title and Statement of Purpose note set out
    under section 1451 of this title and Tables.

-End-

-CITE-
    12 USC SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR
           ENTERPRISES AND SPECIAL ENFORCEMENT POWERS      01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                            ENFORCEMENT POWERS

-End-

-CITE-
    12 USC Sec. 4611                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4611. Risk-based capital levels

-STATUTE-
    (a) Risk-based capital test
      The Director shall, by regulation, establish a risk-based capital
    test under this section for the enterprises. When applied to an
    enterprise, the risk-based capital test shall determine the amount
    of total capital for the enterprise that is sufficient for the
    enterprise to maintain positive capital during a 10-year period in
    which the following circumstances occur (in this section referred
    to as the "stress period"):
      (1) Credit risk
        With respect to mortgages owned or guaranteed by the enterprise
      and other obligations of the enterprise, losses occur throughout
      the United States at a rate of default and severity (based on any
      measurements of default reasonably related to prevailing practice
      for that industry in determining capital adequacy) reasonably
      related to the rate and severity that occurred in contiguous
      areas of the United States containing an aggregate of not less
      than 5 percent of the total population of the United States that,
      for a period of not less than 2 years, experienced the highest
      rates of default and severity of mortgage losses, in comparison
      with such rates of default and severity of mortgage losses in
      other such areas for any period of such duration.
      (2) Interest rate risk
        (A) In general
          Interest rates decrease as described in subparagraph (B) or
        increase as described in subparagraph (C), whichever would
        require more capital for the enterprise.
        (B) Decreases
          The 10-year constant maturity Treasury yield decreases during
        the first year of the stress period and will remain at the new
        level for the remainder of the stress period. The yield
        decreases to the lesser of - 
            (i) 600 basis points below the average yield during the
          preceding 9 months, or
            (ii) 60 percent of the average yield during the preceding 3
          years,

        but in no case to a yield less than 50 percent of the average
        yield during the preceding 9 months.
        (C) Increases
          The 10-year constant maturity Treasury yield increases during
        the first year of the stress period and will remain at the new
        level for the remainder of the stress period. The yield
        increases to the greater of - 
            (i) 600 basis points above the average yield during the
          preceding 9 months, or
            (ii) 160 percent of the average yield during the preceding
          3 years,

        but in no case to a yield greater than 175 percent of the
        average yield during the preceding 9 months.
        (D) Different terms to maturity
          Yields of Treasury instruments with other terms to maturity
        will change relative to the 10-year constant maturity Treasury
        yield in patterns and for durations that are reasonably related
        to historical experience and are judged reasonable by the
        Director.
        (E) Large increases in yields
          If the 10-year constant maturity Treasury yield is assumed to
        increase by more than 50 percent over the average yield during
        the preceding 9 months, the Director shall adjust the losses in
        paragraphs (1) and (3) to reflect a correspondingly higher rate
        of general price inflation.
      (3) New business
        (A) In general
          Any contractual commitments of the enterprise to purchase
        mortgages or issue securities will be fulfilled. The
        characteristics of resulting mortgage purchases, securities
        issued, and other financing will be consistent with the
        contractual terms of such commitments, recent experience, and
        the economic characteristics of the stress period. No other
        purchases of mortgages shall be assumed, except as provided in
        subparagraph (B).
        (B) Additional new business
          The Director may, after consideration of each of the studies
        required by subparagraph (C), assume that the enterprise
        conducts additional new business during the stress period
        consistent with the following - 
          (i) Amount and product types
            The amount and types of mortgages purchased and their
          financing will be reasonably related to recent experience and
          the economic characteristics of the stress period.
          (ii) Losses
            Default and loss severity characteristics of mortgages
          purchased will be reasonably related to historical
          experience.
          (iii) Pricing
            Prices charged by the enterprise in purchasing new
          mortgages will be reasonably related to recent experience and
          the economic characteristics of the stress period. The
          Director may assume that a reasonable period of time would
          lapse before the enterprise would recognize and react to the
          characteristics of the stress period.
          (iv) Interest rate risk
            Interest rate risk on new mortgages purchased will occur to
          an extent reasonably related to historical experience.
          (v) Reserves
            The enterprise must maintain reserves during and at the end
          of the stress period on new business conducted during the
          first 5 years of the stress period reasonably related to the
          expected future losses on such business, consistent with
          generally accepted accounting principles and industry
          accounting practice.
        (C) Studies
          Within 1 year after regulations are first issued under
        subsection (e) of this section, the Director of the
        Congressional Budget Office, and the Comptroller General of the
        United States shall each submit to the Committee on Banking,
        Housing, and Urban Affairs of the Senate and the Committee on
        Banking, Finance and Urban Affairs of the House of
        Representatives a study of the advisability and appropriate
        form of any new business assumptions under subparagraph (B).
        (D) Effective date
          The provisions of subparagraph (B) shall become effective 4
        years after regulations are first issued under subsection (e)
        of this section.
      (4) Other activities
        Losses or gains on other activities, including interest rate
      and foreign exchange hedging activities, shall be determined by
      the Director, on the basis of available information, to be
      consistent with the stress period.
    (b) Considerations
      (1) In general
        In establishing the risk-based capital test under subsection
      (a) of this section, the Director shall take into account
      appropriate distinctions among types of mortgage products,
      differences in seasoning of mortgages, and any other factors the
      Director considers appropriate.
      (2) Consistency
        Characteristics of the stress period other than those
      specifically set forth in subsection (a) of this section, such as
      prepayment experience and dividend policies, will be those
      determined by the Director, on the basis of available
      information, to be most consistent with the stress period.
    (c) Risk-based capital level
      For purposes of this subchapter, the risk-based capital level for
    an enterprise shall be equal to the sum of the following amounts:
      (1) Credit and interest rate risk
        The amount of total capital determined by applying the risk-
      based capital test under subsection (a) of this section to the
      enterprise.
      (2) Management and operations risk
        To provide for management and operations risk, 30 percent of
      the amount of total capital determined by applying the risk-based
      capital test under subsection (a) of this section to the
      enterprise.
    (d) Definitions
      For purposes of this section:
      (1) Seasoning
        The term "seasoning" means the change over time in the ratio of
      the unpaid principal balance of a mortgage to the value of the
      property by which such mortgage loan is secured, determined on an
      annual basis by region, in accordance with the Constant Quality
      Home Price Index published by the Secretary of Commerce (or any
      index of similar quality, authority, and public availability that
      is regularly used by the Federal Government).
      (2) Type of mortgage product
        The term "type of mortgage product" means a classification of
      one or more mortgage products, as established by the Director,
      which have similar characteristics from each set of
      characteristics under the following subparagraphs:
          (A) The property securing the mortgage is - 
            (i) a residential property consisting of 1 to 4 dwelling
          units; or
            (ii) a residential property consisting of more than 4
          dwelling units.

          (B) The interest rate on the mortgage is - 
            (i) fixed; or
            (ii) adjustable.

          (C) The priority of the lien securing the mortgage is - 
            (i) first; or
            (ii) second or other.

          (D) The term of the mortgage is - 
            (i) 1 to 15 years;
            (ii) 16 to 30 years; or
            (iii) more than 30 years.

          (E) The owner of the property is - 
            (i) an owner-occupant; or
            (ii) an investor.

          (F) The unpaid principal balance of the mortgage - 
            (i) will amortize completely over the term of the mortgage
          and will not increase significantly at any time during the
          term of the mortgage;
            (ii) will not amortize completely over the term of the
          mortgage and will not increase significantly at any time
          during the term of the mortgage; or
            (iii) may increase significantly at some time during the
          term of the mortgage.

          (G) Any other characteristics of the mortgage, as the
        Director may determine.
    (e) Regulations
      (1) Issuance
        The Director shall issue final regulations establishing the
      risk-based capital test under this section not later than the
      expiration of the 18-month period beginning on the date of the
      appointment of the Director. Such regulations shall be issued
      after notice and opportunity for public comment pursuant to the
      provisions of section 553 of title 5 and shall take effect upon
      issuance.
      (2) Contents
        The regulations under this subsection shall contain specific
      requirements, definitions, methods, variables, and parameters
      used under the risk-based capital test and in implementing the
      test (such as loan loss severity, float income, loan-to-value
      ratios, taxes, yield curve slopes, default experience, and
      prepayment rates). The regulations shall be sufficiently specific
      to permit an individual other than the Director to apply the test
      in the same manner as the Director.
      (3) Confidentiality of information
        Any person that receives any book, record, or information from
      the Director or an enterprise to enable the risk-based capital
      test to be applied shall - 
          (A) maintain the confidentiality of the book, record, or
        information in a manner that is generally consistent with the
        level of confidentiality established for the material by the
        Director or the enterprise; and
          (B) be exempt from section 552 of title 5 with respect to the
        book, record, or information.
    (f) Availability of model
      The Director shall provide copies of the statistical model or
    models used to implement the risk-based capital test under this
    section to the Secretary, the Board of Governors of the Federal
    Reserve System, the Director of the Office of Management and
    Budget, the Comptroller General of the United States, and the
    Director of the Congressional Budget Office. The Director shall
    make copies of such model or models available for public
    acquisition and may charge a reasonable fee for such copies.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1361, Oct. 28, 1992, 106 Stat.
    3972.)

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC Sec. 4612                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4612. Minimum capital levels

-STATUTE-
    (a) In general
      For purposes of this subchapter, the minimum capital level for
    each enterprise shall be the sum of - 
        (1) 2.50 percent of the aggregate on-balance sheet assets of
      the enterprise, as determined in accordance with generally
      accepted accounting principles;
        (2) 0.45 percent of the unpaid principal balance of outstanding
      mortgage-backed securities and substantially equivalent
      instruments issued or guaranteed by the enterprise that are not
      included in paragraph (1); and
        (3) 0.45 percent of other off-balance sheet obligations of the
      enterprise not included in paragraph (2) (excluding commitments
      in excess of 50 percent of the average dollar amount of the
      commitments outstanding each quarter over the preceding 4
      quarters), except that the Director shall adjust such percentage
      to reflect differences in the credit risk of such obligations in
      relation to the instruments included in paragraph (2).
    (b) Transition
      Notwithstanding subsection (a) of this section, during the 18-
    month period beginning upon October 28, 1992, the minimum capital
    level for each enterprise shall be the sum of - 
        (1) 2.25 percent of the aggregate on-balance sheet assets of
      the enterprise, as determined in accordance with generally
      accepted accounting principles;
        (2) 0.40 percent of the unpaid principal balance of outstanding
      mortgage-backed securities and substantially equivalent
      instruments issued or guaranteed by the enterprise that are not
      included in paragraph (1); and
        (3) 0.40 percent of other off-balance sheet obligations of the
      enterprise not included in paragraph (2) (excluding commitments
      in excess of 50 percent of the average dollar amount of the
      commitments outstanding each quarter over the preceding 4
      quarters), except that the Director shall adjust such percentage
      to reflect differences in the credit risk of such obligations in
      relation to the instruments included in paragraph (2).

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1362, Oct. 28, 1992, 106 Stat.
    3975.)

-End-

-CITE-
    12 USC Sec. 4613                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4613. Critical capital levels

-STATUTE-
      For purposes of this subchapter, the critical capital level for
    each enterprise shall be the sum of - 
        (1) 1.25 percent of the aggregate on-balance sheet assets of
      the enterprise, as determined in accordance with generally
      accepted accounting principles;
        (2) 0.25 percent of the unpaid principal balance of outstanding
      mortgage-backed securities and substantially equivalent
      instruments issued or guaranteed by the enterprise that are not
      included in paragraph (1); and
        (3) 0.25 percent of other off-balance sheet obligations of the
      enterprise not included in paragraph (2) (excluding commitments
      in excess of 50 percent of the average dollar amount of the
      commitments outstanding each quarter over the preceding 4
      quarters), except that the Director shall adjust such percentage
      to reflect differences in the credit risk of such obligations in
      relation to the instruments included in paragraph (2).

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1363, Oct. 28, 1992, 106 Stat.
    3976.)

-End-

-CITE-
    12 USC Sec. 4614                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4614. Capital classifications

-STATUTE-
    (a) In general
      For purposes of this subchapter, the Director shall classify the
    enterprises according to the following capital classifications:
      (1) Adequately capitalized
        An enterprise shall be classified as adequately capitalized if
      the enterprise - 
          (A) maintains an amount of total capital that is equal to or
        exceeds the risk-based capital level established for the
        enterprise under section 4611 of this title; and
          (B) maintains an amount of core capital that is equal to or
        exceeds the minimum capital level established for the
        enterprise under section 4612 of this title.
      (2) Undercapitalized
        An enterprise shall be classified as undercapitalized if - 
          (A) the enterprise - 
            (i) does not maintain an amount of total capital that is
          equal to or exceeds the risk-based capital level established
          for the enterprise; and
            (ii) maintains an amount of core capital that is equal to
          or exceeds the minimum capital level established for the
          enterprise; or

          (B) the enterprise is otherwise classified as
        undercapitalized under subsection (b)(1) of this section.
      (3) Significantly undercapitalized
        An enterprise shall be classified as significantly
      undercapitalized if - 
          (A) the enterprise - 
            (i) does not maintain an amount of total capital that is
          equal to or exceeds the risk-based capital level established
          for the enterprise;
            (ii) does not maintain an amount of core capital that is
          equal to or exceeds the minimum capital level established for
          the enterprise; and
            (iii) maintains an amount of core capital that is equal to
          or exceeds the critical capital level established for the
          enterprise under section 4613 of this title; or

          (B) the enterprise is otherwise classified as significantly
        undercapitalized under subsection (b)(2) of this section or
        section 4615(b) of this title.
      (4) Critically undercapitalized
        An enterprise shall be classified as critically
      undercapitalized if - 
          (A) the enterprise - 
            (i) does not maintain an amount of total capital that is
          equal to or exceeds the risk-based capital level established
          for the enterprise; and
            (ii) does not maintain an amount of core capital that is
          equal to or exceeds the critical capital level for the
          enterprise; or

          (B) is otherwise classified as critically undercapitalized
        under subsection (b)(3) of this section or section 4616(b)(5)
        of this title.
    (b) Discretionary classification
      If at any time the Director determines in writing that an
    enterprise is engaging in conduct not approved by the Director that
    could result in a rapid depletion of core capital or that the value
    of the property subject to mortgages held or securitized by the
    enterprise has decreased significantly, the Director may classify
    the enterprise - 
        (1) as undercapitalized, if the enterprise is otherwise
      classified as adequately capitalized;
        (2) as significantly undercapitalized, if the enterprise is
      otherwise classified as undercapitalized; and
        (3) as critically undercapitalized, if the enterprise is
      otherwise classified as significantly undercapitalized.
    (c) Quarterly determination
      The Director shall determine the capital classification of the
    enterprises for purposes of this subchapter on not less than a
    quarterly basis (and as appropriate under subsection (b) of this
    section). The first such determination shall be made during the 3-
    month period beginning on the appointment of the Director.
    (d) Implementation
      Notwithstanding any other provision of this section, during the
    period beginning on October 28, 1992, and ending upon the effective
    date of section 4615 of this title (as provided in section 4615(c)
    of this title), an enterprise shall be classified as adequately
    capitalized if the enterprise maintains an amount of core capital
    that is equal to or exceeds the minimum capital level for the
    enterprise under section 4612 of this title.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1364, Oct. 28, 1992, 106 Stat.
    3976.)

-End-

-CITE-
    12 USC Sec. 4615                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4615. Supervisory actions applicable to undercapitalized
      enterprises

-STATUTE-
    (a) Mandatory actions
      (1) Capital restoration plan
        An enterprise that is classified as undercapitalized shall,
      within the time period provided in section 4622(b) and (d) of
      this title, submit to the Director a capital restoration plan
      that complies with section 4622 of this title and carry out the
      plan after approval.
      (2) Restriction on capital distributions
        An enterprise that is classified as undercapitalized may not
      make any capital distribution that would result in the enterprise
      being reclassified as significantly undercapitalized or
      critically undercapitalized.
    (b) Discretionary reclassification from undercapitalized to
      significantly undercapitalized
      The Director may reclassify as significantly undercapitalized an
    enterprise that is classified as undercapitalized (and the
    enterprise shall be subject to the provisions of section 4616 of
    this title) if - 
        (1) the enterprise does not submit a capital restoration plan
      that is substantially in compliance with section 4622 of this
      title within the applicable period or the Director does not
      approve the capital restoration plan submitted by the enterprise;
      or
        (2) the Director determines that the enterprise has failed to
      make, in good faith, reasonable efforts necessary to comply with
      the capital restoration plan and fulfill the schedule for the
      plan approved by the Director.
    (c) Effective date
      This section shall take effect upon the expiration of the 1-year
    period beginning on the date of the effectiveness of the
    regulations issued under section 4611(e) of this title establishing
    the risk-based capital test.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1365, Oct. 28, 1992, 106 Stat.
    3978.)

-End-

-CITE-
    12 USC Sec. 4616                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4616. Supervisory actions applicable to significantly
      undercapitalized enterprises

-STATUTE-
    (a) Mandatory supervisory actions
      (1) Capital restoration plan
        An enterprise that is classified as significantly
      undercapitalized shall, within the time period under section
      4622(b) and (d) of this title, submit to the Director a capital
      restoration plan that complies with section 4622 of this title
      and carry out the plan after approval.
      (2) Restrictions on capital distributions
        (A) Prior approval
          An enterprise that is classified as significantly
        undercapitalized may not make any capital distribution that
        would result in the enterprise being reclassified as critically
        undercapitalized. An enterprise that is classified as
        significantly undercapitalized enterprise (!1) may not make any
        other capital distribution unless the Director approves the
        distribution.

        (B) Standard for approval
          The Director may approve a capital distribution by an
        enterprise classified as significantly undercapitalized only if
        the Director determines that the distribution (i) will enhance
        the ability of the enterprise to meet the risk-based capital
        level and the minimum capital level for the enterprise
        promptly, (ii) will contribute to the long-term financial
        safety and soundness of the enterprise, or (iii) is otherwise
        in the public interest.
    (b) Discretionary supervisory actions
      In addition to any other actions taken by the Director (including
    actions under subsection (a) of this section), the Director may, at
    any time, take any of the following actions with respect to an
    enterprise that is classified as significantly undercapitalized:
      (1) Limitation on increase in obligations
        Limit any increase in, or order the reduction of, any
      obligations of the enterprise, including off-balance sheet
      obligations.
      (2) Limitation on growth
        Limit or prohibit the growth of the assets of the enterprise or
      require contraction of the assets of the enterprise.
      (3) Acquisition of new capital
        Require the enterprise to acquire new capital in a form and
      amount determined by the Director.
      (4) Restriction of activities
        Require the enterprise to terminate, reduce, or modify any
      activity that the Director determines creates excessive risk to
      the enterprise.
      (5) Reclassification from significantly to critically
        undercapitalized
        The Director may reclassify as critically undercapitalized an
      enterprise that is classified as significantly undercapitalized
      (and the enterprise shall be subject to the provisions of section
      4617 of this title) if - 
          (A) the enterprise does not submit a capital restoration plan
        that is substantially in compliance with section 4622 of this
        title within the applicable period or the Director does not
        approve the capital restoration plan submitted by the
        enterprise; or
          (B) the Director determines that the enterprise has failed to
        make, in good faith, reasonable efforts necessary to comply
        with the capital restoration plan and fulfill the schedule for
        the plan approved by the Director.
      (6) Conservatorship
        Appoint a conservator for the enterprise in accordance with the
      provisions of section 4619 of this title (excluding subsection
      (a)(1) and (2)), but only if the Director determines - 
          (A) that the amount of core capital of the enterprise is less
        than the minimum capital level established for the enterprise
        under section 4612 of this title; and
          (B) that alternative remedies available to the Director under
        this chapter are not satisfactory.
    (c) Effective date
      This section shall take effect upon the first classification of
    the enterprises within capital classifications that occurs under
    section 4614 of this title.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1366, Oct. 28, 1992, 106 Stat.
    3978.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsec. (b)(6)(B), was in the
    original "this title", meaning title XIII of Pub. L. 102-550, Oct.
    28, 1992, 106 Stat. 3941, which is classified principally to this
    chapter. For complete classification of title XIII to the Code, see
    Short Title note set out under section 4501 of this title and
    Tables.

-FOOTNOTE-
    (!1) So in original. The word "enterprise" probably should not
         appear.

-End-

-CITE-
    12 USC Sec. 4617                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4617. Appointment of conservators for critically
      undercapitalized enterprises

-STATUTE-
    (a) Appointment
      (1) In general
        Upon a determination and notice under section 4618(d) of this
      title that an enterprise is critically undercapitalized and not
      later than 30 days after providing notice under section
      4619(a)(3) of this title, the Director shall appoint a
      conservator for the enterprise in accordance with the provisions
      of section 4619 of this title (excluding subsections (!1) (a)(1)
      and (2)).

      (2) Exception
        Notwithstanding paragraph (1), the Director may determine not
      to appoint a conservator for an enterprise classified as
      critically undercapitalized, but only pursuant to a written
      finding by the Director, with the written concurrence of the
      Secretary of the Treasury, that - 
          (A) the appointment of a conservator would have serious
        adverse effects on economic conditions of national financial
        markets or on the financial stability of the housing finance
        market; and
          (B) the public interest would be better served by taking some
        other enforcement action authorized under this chapter.
    (b) Authority
      The Director shall have the authority to take any actions under
    sections 4615 and 4616 of this title with respect to an enterprise
    under conservatorship.
    (c) Approval of activities
      (1) Conservator
        The conservator of any enterprise classified as critically
      undercapitalized may undertake an activity subject to the
      approval of the Secretary under section 4542 of this title only
      with the additional approval of the Director.
      (2) No conservator
        If the Director determines under subsection (a)(2) of this
      section not to appoint a conservator for an enterprise classified
      as critically undercapitalized, the provisions of section 4616 of
      this title shall apply with respect to the enterprise.
    (d) Effective date
      This section shall take effect upon the first classification of
    the enterprises within capital classifications that occurs under
    section 4614 of this title.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1367, Oct. 28, 1992, 106 Stat.
    3980.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsec. (a)(2)(B), was in the
    original "this title", meaning title XIII of Pub. L. 102-550, Oct.
    28, 1992, 106 Stat. 3941, which is classified principally to this
    chapter. For complete classification of title XIII to the Code, see
    Short Title note set out under section 4501 of this title and
    Tables.

-FOOTNOTE-
    (!1) So in original. Probably should be "subsection".

-End-

-CITE-
    12 USC Sec. 4618                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4618. Notice of classification and enforcement action

-STATUTE-
    (a) Notice
      Before taking any action referred to in subsection (b) of this
    section, the Director shall provide to the enterprise written
    notice of the proposed action, which states the reasons for the
    proposed action and the information on which the proposed action is
    based.
    (b) Applicability
      The requirements of subsection (a) of this section shall apply to
    the following actions:
        (1) Classification or reclassification of an enterprise within
      a particular capital classification under section 4614 of this
      title.
        (2) Any discretionary supervisory action pursuant to section
      4615 of this title.
        (3) Any discretionary supervisory action pursuant to section
      4616 of this title except a decision to appoint a conservator
      under section 4616(b)(6) of this title.

    Notice of classification under paragraph (1) and notice of
    supervisory actions under paragraph (2) or (3) may be provided
    together in a single notice under subsection (a) of this section.
    (c) Response period
      (1) In general
        During the 30-day period beginning on the date that an
      enterprise is provided notice under subsection (a) of this
      section of a proposed action, the enterprise may submit to the
      Director any information relevant to the action that the
      enterprise considers appropriate for consideration by the
      Director in determining whether to take such action. The Director
      may, at the discretion of the Director, hold an informal
      administrative hearing to receive and discuss such information
      and the proposed determination.
      (2) Extended period
        The Director may extend the period under paragraph (1) for good
      cause for not more than 30 additional days.
      (3) Shortened period
        The Director may shorten the period under paragraph (1) if the
      Director determines that the condition of the enterprise so
      requires or the enterprise consents.
      (4) Failure to respond
        The failure of an enterprise to provide information during the
      response period under this subsection (as extended or shortened)
      shall waive any right of the enterprise to comment on the
      proposed action of the Director.
    (d) Consideration of information and determination
      After the expiration of the response period under subsection (c)
    of this section or upon receipt of information provided during such
    period by the enterprise, whichever occurs earlier, the Director
    shall determine whether to take the action proposed, taking into
    consideration any relevant information submitted by the enterprise
    during the response period. The Director shall provide written
    notice of a determination to take action and the reasons for such
    determination to the enterprise, the Committee on Banking, Finance
    and Urban Affairs of the House of Representatives, and the
    Committee on Banking, Housing, and Urban Affairs of the Senate.
    Such notice shall respond to any information submitted during the
    response period.
    (e) Effective date of actions
      An action referred to in subsection (b) of this section shall
    take effect upon receipt by the enterprise of notice of the
    determination of the Director under subsection (d) of this section,
    unless otherwise provided in such notice.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1368, Oct. 28, 1992, 106 Stat.
    3980.)

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC Sec. 4619                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4619. Appointment of conservators

-STATUTE-
    (a) Appointment
      (1) Discretionary authority
        The Director may, after providing notice under paragraph (3),
      appoint a conservator for an enterprise upon a determination in
      writing - 
          (A) that alternative remedies available to the Director under
        this chapter are not satisfactory; and
          (B) that - 
            (i) the enterprise is not likely to pay its obligations in
          the normal course of business;
            (ii) the enterprise has incurred or is reasonably likely to
          incur losses that would deplete substantially all of its core
          capital and it is unlikely that the enterprise will replenish
          its core capital within a reasonable period;
            (iii) the enterprise has concealed or is concealing books,
          papers, records, or assets of the enterprise that are
          material to the discharge of the Director's responsibilities
          under this subchapter, or has refused or is refusing to
          submit such books, papers, records, or information regarding
          the affairs of the enterprise for inspection to the Director
          upon request; or
            (iv) the enterprise has willfully violated, or is willfully
          violating, a final cease-and-desist order under section 4631
          of this title.
      (2) Consent of enterprise
        Notwithstanding paragraph (1), the Director may appoint a
      conservator for an enterprise if the enterprise, by an
      affirmative vote of a majority of the members of its board of
      directors or by an affirmative vote of a majority of its
      shareholders, consents to such appointment.
      (3) Notice
        Upon making a determination under paragraph (1) of this
      subsection or under section 4616 or 4617 of this title to appoint
      a conservator for an enterprise, or upon consent of the
      enterprise under paragraph (2) to such an appointment, the
      Director shall provide written notice to the enterprise, the
      Committee on Banking, Finance and Urban Affairs of the House of
      Representatives, and the Committee on Banking, Housing, and Urban
      Affairs of the Senate - 
          (A) that a conservator will be appointed for the enterprise;
          (B) stating the reasons for the appointment of the
        conservator; and
          (C) identifying the person or governmental agency that the
        Director intends to appoint as conservator.
      (4) Qualifications
        The conservator shall be - 
          (A) the Director or any other governmental agency; or
          (B) any person that - 
            (i) has no claim against, or financial interest in, the
          enterprise or other basis for a conflict of interest; and
            (ii) has the financial and management expertise necessary
          to direct the operations and affairs of the enterprise.
    (b) Judicial review
      (1) Timing and jurisdiction
        Except as provided in paragraph (2), an enterprise for which a
      conservator is appointed (pursuant to this section or section
      4616 or 4617 of this title) may bring an action in the United
      States District Court for the District of Columbia for an order
      requiring the Director to terminate the appointment of the
      conservator. The court, upon the merits, shall dismiss such
      action or shall direct the Director to terminate the appointment
      of the conservator. Such an action may be commenced only during
      the 20-day period beginning upon the appointment of the
      conservator.
      (2) Consensual appointments
        Appointment of a conservator pursuant to consent of the
      enterprise under subsection (a)(2) of this section shall not be
      subject to judicial review under this subsection.
      (3) Standard of review
        A decision of the Director to appoint a conservator may be set
      aside under this subsection only if the court finds that the
      decision was arbitrary, capricious, an abuse of discretion, or
      otherwise not in accordance with applicable laws.
      (4) Limitation on jurisdiction
        Except as otherwise provided in this subsection, no court may
      take any action regarding the removal of a conservator or
      otherwise restrain or affect the exercise of powers or functions
      of a conservator.
    (c) Replacement
      The Director may, without notice or hearing, replace a
    conservator with another conservator. Such replacement shall not
    affect the right of the enterprise under subsection (b) of this
    section to obtain judicial review of the decision of the Director
    to appoint a conservator.
    (d) Examinations
      The Director may examine and supervise any enterprise in
    conservatorship during the period in which the enterprise continues
    to operate as a going concern.
    (e) Termination
      (1) Discretionary
        At any time the Director determines that termination of a
      conservatorship pursuant to an appointment under subsection (a)
      of this section is in the public interest and may safely be
      accomplished, the Director may terminate the conservatorship and
      permit the enterprise to resume the transaction of its business
      subject to such terms, conditions, and limitations as the
      Director may prescribe.
      (2) Mandatory
        The Director shall terminate a conservatorship initiated
      pursuant to section 4616 or 4617 of this title upon a
      determination by the Director that the enterprise has maintained
      an amount of core capital that is equal to or exceeds the minimum
      capital level for the enterprise established under section 4612
      of this title, and may by written order prescribe such terms,
      conditions, and limitations on the enterprise as the Director
      considers appropriate.
      (3) Terms
        Any terms, conditions, and limitations imposed by the Director
      upon termination of a conservatorship shall be enforceable and
      reviewable under the provisions of sections 4634 and 4635 of this
      title, to the same extent as any cease-and-desist order issued
      pursuant to subchapter III of this chapter.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1369, Oct. 28, 1992, 106 Stat.
    3981.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsec. (a)(1)(A), was in the
    original "this title", meaning title XIII of Pub. L. 102-550, Oct.
    28, 1992, 106 Stat. 3941, which is classified principally to this
    chapter. For complete classification of title XIII to the Code, see
    Short Title note set out under section 4501 of this title and
    Tables.

-CHANGE-
                              CHANGE OF NAME                          
      Committee on Banking, Finance and Urban Affairs of House of
    Representatives treated as referring to Committee on Banking and
    Financial Services of House of Representatives by section 1(a) of
    Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
    The Congress. Committee on Banking and Financial Services of House
    of Representatives abolished and replaced by Committee on Financial
    Services of House of Representatives, and jurisdiction over matters
    relating to securities and exchanges and insurance generally
    transferred from Committee on Energy and Commerce of House of
    Representatives by House Resolution No. 5, One Hundred Seventh
    Congress, Jan. 3, 2001.

-End-

-CITE-
    12 USC Sec. 4620                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4620. Powers of conservators

-STATUTE-
    (a) General powers
      A conservator shall have all the powers of the shareholders,
    directors, and officers of the enterprise under conservatorship and
    may operate the enterprise in the name of the enterprise, unless
    the Director provides otherwise.
    (b) Additional power
      A conservator may avoid any security interest taken by a creditor
    with the intent to hinder, delay, or defraud the enterprise or the
    creditors of the enterprise.
    (c) Limitations by Director
      A conservator shall be subject to any rules, regulations, and
    orders issued from time to time by the Director and, except as
    otherwise specifically provided in such rules, regulations, or
    orders or in section 4621 of this title, shall have the same rights
    and privileges and be subject to the same duties, restrictions,
    penalties, conditions, and limitations applicable to directors,
    officers, or employees of the enterprise.
    (d) Enforcement of contracts
      (1) In general
        A conservator may enforce any contract described in paragraph
      (2), notwithstanding any provision of the contract providing for
      the termination, default, acceleration, or other exercise of
      rights upon, or solely by reason of, the insolvency of the
      enterprise or the appointment of a conservator.
      (2) Enforceable contracts
        Any contract that is within a class of contracts shall be
      enforceable under paragraph (1) if the Director - 
          (A) determines that the continued enforceability of such
        class of contracts is necessary to achieve the purpose of the
        conservatorship; and
          (B) specifically provides for the enforceability of such
        class of contracts in a regulation or order, issued for the
        purpose of this subsection, which describes such class.
      (3) Applicability
        This subsection and any regulation or order issued under this
      subsection shall apply only to contracts entered into, modified,
      extended, or renewed after the effective date of the regulation
      or order.
    (e) Stays
      (1) In general
        Not later than 45 days after appointment pursuant to section
      4616, 4617, or 4619 of this title, or 45 days after receipt of
      actual notice of an action or proceeding that is pending at the
      time of appointment, a conservator may request that any judicial
      action or proceeding to which the conservator or the enterprise
      is or may become a party be stayed for a period not exceeding 45
      days after the request. Upon petition, the court shall grant such
      stay as to all parties.
      (2) Federal agency as conservator
        In any case in which the conservator appointed for an
      enterprise is a Federal agency or an officer or employee of the
      Federal Government, the conservator may make a request for a stay
      under paragraph (1) only with the prior consent of the Attorney
      General and subject to the direction and control of the Attorney
      General.
    (f) Payment of creditors
      The Director may require a conservator to set aside and make
    available for payment to creditors any amounts that the Director
    determines may safely be used for such purpose. All creditors who
    are similarly situated shall be treated in a similar manner.
    (g) Compensation of conservator and employees
      A conservator and professional employees (other than Federal
    employees) appointed to represent or assist the conservator may be
    compensated for activities conducted as conservator. Compensation
    may not be provided in amounts greater than the compensation paid
    to employees of the Federal Government for similar services, except
    that the Director may provide for compensation at higher rates (but
    not in excess of rates prevailing in the private sector), if the
    Director determines that compensation at higher rates is necessary
    in order to recruit and retain competent personnel.
    (h) Expenses
      All expenses of a conservatorship pursuant to this section
    (including compensation pursuant to subsection (f) of this section)
    shall be paid by the enterprise under conservatorship and shall be
    secured by a lien on the enterprise, which shall have priority over
    any other lien.
    (i) Conflicts of interest and financial disclosure
      A conservator shall be subject to any laws and regulations
    relating to conflicts of interest and financial disclosure that
    apply to employees of the Office.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1369A, Oct. 28, 1992, 106 Stat.
    3983.)

-End-

-CITE-
    12 USC Sec. 4621                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4621. Liability protection for conservators

-STATUTE-
    (a) Federal agencies and employees
      In any case in which a conservator appointed under this
    subchapter is a Federal agency or an officer or employee of the
    Federal Government, the provisions of chapters 161 and 171 of title
    28 shall apply with respect to the liability of the conservator for
    acts or omissions performed pursuant to and in the course of the
    duties and responsibilities of the conservatorship.
    (b) Other conservators
      In any case where the conservator is not a conservator described
    in subsection (a) of this section, the conservator shall not be
    personally liable for damages in tort or otherwise for acts or
    omissions performed pursuant to and in the course of the duties and
    responsibilities of the conservatorship, unless such acts or
    omissions constitute gross negligence or any form of intentional
    tortious conduct or criminal conduct.
    (c) Indemnification
      The Director, with the approval of the Attorney General, may
    indemnify the conservator on such terms as the Director considers
    appropriate.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1369B, Oct. 28, 1992, 106 Stat.
    3984.)

-End-

-CITE-
    12 USC Sec. 4622                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4622. Capital restoration plans

-STATUTE-
    (a) Contents
      Each capital restoration plan submitted under this subchapter
    shall set forth a feasible plan for restoring the core capital of
    the enterprise subject to the plan to an amount not less than the
    minimum capital level for the enterprise and for restoring the
    total capital of the enterprise to an amount not less than the risk-
    based capital level for the enterprise. Each capital restoration
    plan shall - 
        (1) specify the level of capital the enterprise will achieve
      and maintain;
        (2) describe the actions that the enterprise will take to
      become classified as adequately capitalized;
        (3) establish a schedule for completing the actions set forth
      in the plan;
        (4) specify the types and levels of activities (including
      existing and new programs) in which the enterprise will engage
      during the term of the plan; and
        (5) describe the actions that the enterprise will take to
      comply with any mandatory and discretionary requirements imposed
      under this subchapter.
    (b) Deadlines for submission
      The Director shall, by regulation, establish a deadline for
    submission of a capital restoration plan, which may not be more
    than 45 days after the enterprise is notified in writing that a
    plan is required. The regulations shall provide that the Director
    may extend the deadline to the extent that the Director determines
    it necessary. Any extension of the deadline shall be in writing and
    for a time certain.
    (c) Approval
      The Director shall review each capital restoration plan submitted
    under this section and, not later than 30 days after submission of
    the plan, approve or disapprove the plan. The Director may extend
    the period for approval or disapproval for any plan for a single
    additional 30-day period if the Director determines it necessary.
    The Director shall provide written notice to any enterprise
    submitting a plan of the approval or disapproval of the plan (which
    shall include the reasons for any disapproval of the plan) and of
    any extension of the period for approval or disapproval.
    (d) Resubmission
      If the Director disapproves the initial capital restoration plan
    submitted by the enterprise, the enterprise shall submit an amended
    plan acceptable to the Director within 30 days or such longer
    period that the Director determines is in the public interest.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1369C, Oct. 28, 1992, 106 Stat.
    3985.)

-End-

-CITE-
    12 USC Sec. 4623                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL
                     ENFORCEMENT POWERS        

-HEAD-
    Sec. 4623. Judicial review of Director action

-STATUTE-
    (a) Jurisdiction
      (1) Filing of petition
        An enterprise that is not classified as critically
      undercapitalized and is the subject of a classification under
      section 4614 of this title or a discretionary supervisory action
      taken under this subchapter by the Director (other than action to
      appoint a conservator under section 4616 or 4617 of this title or
      action under section 4619 of this title) may obtain review of the
      classification or action by filing, within 10 days after
      receiving written notice of the Director's action, a written
      petition requesting that the classification or action of the
      Director be modified, terminated, or set aside.
      (2) Place for filing
        A petition filed pursuant to this subsection shall be filed in
      the United States Court of Appeals for the District of Columbia
      Circuit.
    (b) Scope of review
      The Court (!1) may modify, terminate, or set aside an action
    taken by the Director and reviewed by the Court (!1) pursuant to
    this section only if the court finds, on the record on which the
    Director acted, that the action of the Director was arbitrary,
    capricious, an abuse of discretion, or otherwise not in accordance
    with applicable laws.

    (c) Unavailability of stay
      The commencement of proceedings for judicial review pursuant to
    this section shall not operate as a stay of any action taken by the
    Director. Pending judicial review of the action, the court shall
    not have jurisdiction to stay, enjoin, or otherwise delay any
    supervisory action taken by the Director with respect to an
    enterprise that is classified as significantly or critically
    undercapitalized or any action of the Director that results in the
    classification of an enterprise as significantly or critically
    undercapitalized.
    (d) Limitation on jurisdiction
      Except as provided in this section, no court shall have
    jurisdiction to affect, by injunction or otherwise, the issuance or
    effectiveness of any classification or action of the Director under
    this subchapter (other than appointment of a conservator under
    section 4616 or 4617 of this title or action under section 4619 of
    this title) or to review, modify, suspend, terminate, or set aside
    such classification or action.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1369D, Oct. 28, 1992, 106 Stat.
    3985.)

-FOOTNOTE-
    (!1) So in original. Probably should not be capitalized.

-End-

-CITE-
    12 USC SUBCHAPTER III - ENFORCEMENT PROVISIONS              01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
                  SUBCHAPTER III - ENFORCEMENT PROVISIONS              

-End-

-CITE-
    12 USC Sec. 4631                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
    Sec. 4631. Cease-and-desist proceedings

-STATUTE-
    (a) Grounds for issuance against adequately capitalized enterprises
      The Director may issue and serve a notice of charges under this
    section upon an enterprise that is classified (for purposes of
    subchapter II of this chapter) as adequately capitalized or upon
    any executive officer or director of such an enterprise, if in the
    determination of the Director, the enterprise, executive officer,
    or director is engaging or has engaged, or the Director has
    reasonable cause to believe that the enterprise, executive officer,
    or director is about to engage, in - 
        (1) any conduct that threatens to cause a significant depletion
      of the core capital of the enterprise;
        (2) any conduct or violation that may result in the issuance of
      an order described in subsection (d)(1) of this section; or
        (3) any conduct that violates - 
          (A) any provision of this chapter, the Federal National
        Mortgage Association Charter Act [12 U.S.C. 1716 et seq.], the
        Federal Home Loan Mortgage Corporation Act [12 U.S.C. 1451 et
        seq.], or any order, rule, or regulation under any such chapter
        or Act, except that the Director may not enforce compliance
        with any housing goal established under subpart 2 of part B of
        subchapter I of this chapter, with section 4566 or 4567 of this
        title, or with subsection (m) or (n) of section 309 of the
        Federal National Mortgage Association Charter Act [12 U.S.C.
        1723a(m), (n)] or subsection (e) or (f) of section 307 of the
        Federal Home Loan Mortgage Corporation Act [12 U.S.C. 1456(e),
        (f)]; or
          (B) any written agreement entered into by the enterprise with
        the Director.
    (b) Grounds for issuance against undercapitalized, significantly
      undercapitalized, and critically undercapitalized enterprises
      The Director may issue and serve a notice of charges under this
    section upon an enterprise classified (for purposes of subchapter
    II of this chapter) as undercapitalized, significantly
    undercapitalized, or critically undercapitalized, or any executive
    officer or director of any such enterprise, if in the determination
    of the Director the enterprise, executive officer, or director is
    engaging or has engaged, or the Director has reasonable cause to
    believe that the enterprise, executive officer, or director is
    about to engage, in - 
        (1) any conduct likely to result in a material depletion of the
      core capital of the enterprise, or
        (2) any conduct or violation described in paragraph (2) or (3)
      of subsection (a) of this section,

    except that the Director may not enforce compliance with any
    housing goal established under subpart 2 of part B of subchapter I
    of this chapter, with section 4566 or 4567 of this title, or with
    subsection (m) or (n) of section 309 of the Federal National
    Mortgage Association Charter Act [12 U.S.C. 1723a(m), (n)] or
    subsection (e) or (f) of section 307 of the Federal Home Loan
    Mortgage Corporation Act [12 U.S.C. 1456(e), (f)].
    (c) Procedure
      (1) Notice of charges
        Each notice of charges under this section shall contain a
      statement of the facts constituting the alleged conduct or
      violation and shall fix a time and place at which a hearing will
      be held to determine on the record whether an order to cease and
      desist from such conduct or violation should issue.
      (2) Issuance of order
        If the Director finds on the record made at such hearing that
      any conduct or violation specified in the notice of charges has
      been established (or the enterprise consents pursuant to section
      4633(a)(4) of this title), the Director may issue and serve upon
      the enterprise, executive officer, or director an order requiring
      such party to cease and desist from any such conduct or violation
      and to take affirmative action to correct or remedy the
      conditions resulting from any such conduct or violation.
    (d) Affirmative action to correct conditions resulting from
      violations or activities
      The authority under this section and section 4632 of this title
    to issue any order requiring an enterprise, executive officer, or
    director to take affirmative action to correct or remedy any
    condition resulting from any conduct or violation with respect to
    which such order is issued includes the authority - 
        (1) to require an executive officer or a director to make
      restitution to, or provide reimbursement, indemnification, or
      guarantee against loss to the enterprise to the extent that such
      person - 
          (A) was unjustly enriched in connection with such conduct or
        violation; or
          (B) engaged in conduct or a violation that would subject such
        person to a civil penalty pursuant to section 4636(b)(3) of
        this title;

        (2) to require an enterprise to seek restitution, or to obtain
      reimbursement, indemnification, or guarantee against loss;
        (3) to restrict the growth of the enterprise;
        (4) to require the enterprise to dispose of any asset involved;
        (5) to require the enterprise to rescind agreements or
      contracts;
        (6) to require the enterprise to employ qualified officers or
      employees (who may be subject to approval by the Director at the
      direction of the Director); and
        (7) to require the enterprise to take such other action as the
      Director determines appropriate.
    (e) Authority to limit activities
      The authority to issue an order under this section or section
    4632 of this title includes the authority to place limitations on
    the activities or functions of the enterprise or any executive
    officer or director of the enterprise.
    (f) Effective date
      An order under this section shall become effective upon the
    expiration of the 30-day period beginning on the service of the
    order upon the enterprise, executive officer, or director concerned
    (except in the case of an order issued upon consent, which shall
    become effective at the time specified therein), and shall remain
    effective and enforceable as provided in the order, except to the
    extent that the order is stayed, modified, terminated, or set aside
    by action of the Director or otherwise, as provided in this
    subchapter.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1371, Oct. 28, 1992, 106 Stat.
    3986.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsec. (a)(3)(A), was in the
    original "this title", meaning title XIII of Pub. L. 102-550, Oct.
    28, 1992, 106 Stat. 3941, which is classified principally to this
    chapter. For complete classification of title XIII to the Code, see
    Short Title note set out under section 4501 of this title and
    Tables.
      The Federal Home Loan Mortgage Corporation Act, referred to in
    subsec. (a)(3)(A), is title III of Pub. L. 91-351, July 24, 1970,
    84 Stat. 451, as amended, which is classified generally to chapter
    11A (Sec. 1451 et seq.) of this title. For complete classification
    of this Act to the Code, see Short Title and Statement of Purpose
    note set out under section 1451 of this title and Tables.

-End-

-CITE-
    12 USC Sec. 4632                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
    Sec. 4632. Temporary cease-and-desist orders

-STATUTE-
    (a) Grounds for issuance and scope
      Whenever the Director determines that any conduct or violation,
    or threatened conduct or violation, specified in the notice of
    charges served upon the enterprise, executive officer, or director
    pursuant to section 4631(a) or (b) of this title, or the
    continuation thereof, is likely - 
        (1) to cause insolvency,
        (2) to cause a significant depletion of the core capital of the
      enterprise, or
        (3) otherwise to cause irreparable harm to the enterprise,

    prior to the completion of the proceedings conducted pursuant to
    section 4631(c) of this title, the Director may issue a temporary
    order requiring the enterprise, executive officer, or director to
    cease and desist from any such conduct or violation and to take
    affirmative action to prevent or remedy such insolvency, depletion,
    or harm pending completion of such proceedings. Such order may
    include any requirement authorized under section 4631(d) of this
    title.
    (b) Effective date
      An order issued pursuant to subsection (a) of this section shall
    become effective upon service upon the enterprise, executive
    officer, or director and, unless set aside, limited, or suspended
    by a court in proceedings pursuant to subsection (d) of this
    section, shall remain in effect and enforceable pending the
    completion of the proceedings pursuant to such notice and shall
    remain effective until the Director dismisses the charges specified
    in the notice or until superseded by a cease-and-desist order
    issued pursuant to section 4631 of this title.
    (c) Incomplete or inaccurate records
      (1) Temporary order
        If a notice of charges served under section 4631(a) or (b) of
      this title specifies on the basis of particular facts and
      circumstances that the books and records of the enterprise served
      are so incomplete or inaccurate that the Director is unable,
      through the normal supervisory process, to determine the
      financial condition of the enterprise or the details or the
      purpose of any transaction or transactions that may have a
      material effect on the financial condition of that enterprise,
      the Director may issue a temporary order requiring - 
          (A) the cessation of any activity or practice which gave
        rise, whether in whole or in part, to the incomplete or
        inaccurate state of the books or records; or
          (B) affirmative action to restore the books or records to a
        complete and accurate state.
      (2) Effective period
        Any temporary order issued under paragraph (1) - 
          (A) shall become effective upon service; and
          (B) unless set aside, limited, or suspended by a court in
        proceedings pursuant to subsection (d) of this section, shall
        remain in effect and enforceable until the earlier of - 
            (i) the completion of the proceeding initiated under
          section 4631 of this title in connection with the notice of
          charges; or
            (ii) the date the Director determines, by examination or
          otherwise, that the books and records of the enterprise are
          accurate and reflect the financial condition of the
          enterprise.
    (d) Judicial review
      An enterprise, executive officer, or director that has been
    served with a temporary order pursuant to this section may apply to
    the United States District Court for the District of Columbia
    within 10 days after such service for an injunction setting aside,
    limiting, or suspending the enforcement, operation, or
    effectiveness of the order pending the completion of the
    administrative proceedings pursuant to the notice of charges served
    upon the enterprise, executive officer, or director under section
    4631(a) or (b) of this title. Such court shall have jurisdiction to
    issue such injunction.
    (e) Enforcement by Attorney General
      In the case of violation or threatened violation of, or failure
    to obey, a temporary order issued pursuant to this section, the
    Director may request the Attorney General of the United States to
    bring an action in the United States District Court for the
    District of Columbia for an injunction to enforce such order or
    may, under the direction and control of the Attorney General, bring
    such an action. If the court finds any such violation, threatened
    violation, or failure to obey, the court shall issue such
    injunction.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1372, Oct. 28, 1992, 106 Stat.
    3988.)

-End-

-CITE-
    12 USC Sec. 4633                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
    Sec. 4633. Hearings

-STATUTE-
    (a) Requirements
      (1) Venue and record
        Any hearing under section 4631 or 4636(c) of this title shall
      be held on the record and in the District of Columbia.
      (2) Timing
        Any such hearing shall be fixed for a date not earlier than 30
      days nor later than 60 days after service of the notice of
      charges under section 4631 of this title or determination to
      impose a penalty under section 4636 of this title, unless an
      earlier or a later date is set by the hearing officer at the
      request of the party served.
      (3) Procedure
        Any such hearing shall be conducted in accordance with chapter
      5 of title 5.
      (4) Failure to appear
        If the party served fails to appear at the hearing through a
      duly authorized representative, such party shall be deemed to
      have consented to the issuance of the cease-and-desist order or
      the imposition of the penalty for which the hearing is held.
    (b) Issuance of order
      (1) In general
        After any such hearing, and within 90 days after the parties
      have been notified that the case has been submitted to the
      Director for final decision, the Director shall render the
      decision (which shall include findings of fact upon which the
      decision is predicated) and shall issue and serve upon each party
      to the proceeding an order or orders consistent with the
      provisions of this subchapter.
      (2) Modification
        Judicial review of any such order shall be exclusively as
      provided in section 4634 of this title. Unless such a petition
      for review is timely filed as provided in section 4634 of this
      title, and thereafter until the record in the proceeding has been
      filed as so provided, the Director may at any time, modify,
      terminate, or set aside any such order, upon such notice and in
      such manner as the Director considers proper. Upon such filing of
      the record, the Director may modify, terminate, or set aside any
      such order with permission of the court.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1373, Oct. 28, 1992, 106 Stat.
    3989.)

-End-

-CITE-
    12 USC Sec. 4634                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
    Sec. 4634. Judicial review

-STATUTE-
    (a) Commencement
      Any party to a proceeding under section 4631 or 4636 of this
    title may obtain review of any final order issued under such
    section by filing in the United States Court of Appeals for the
    District of Columbia Circuit, within 30 days after the date of
    service of such order, a written petition praying that the order of
    the Director be modified, terminated, or set aside. The clerk of
    the court shall transmit a copy of the petition to the Director.
    (b) Filing of record
      Upon receiving a copy of a petition, the Director shall file in
    the court the record in the proceeding, as provided in section 2112
    of title 28.
    (c) Jurisdiction
      Upon the filing of a petition, such court shall have
    jurisdiction, which upon the filing of the record by the Director
    shall (except as provided in the last sentence of section
    4633(b)(2) of this title) be exclusive, to affirm, modify,
    terminate, or set aside, in whole or in part, the order of the
    Director.
    (d) Review
      Review of such proceedings shall be governed by chapter 7 of
    title 5.
    (e) Order to pay penalty
      Such court shall have the authority in any such review to order
    payment of any penalty imposed by the Director under this
    subchapter.
    (f) No automatic stay
      The commencement of proceedings for judicial review under this
    section shall not, unless specifically ordered by the court,
    operate as a stay of any order issued by the Director.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1374, Oct. 28, 1992, 106 Stat.
    3990.)

-End-

-CITE-
    12 USC Sec. 4635                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
    Sec. 4635. Enforcement and jurisdiction

-STATUTE-
    (a) Enforcement
      The Director may request the Attorney General of the United
    States to bring an action in the United States District Court for
    the District of Columbia for the enforcement of any effective
    notice or order issued under this subchapter or subchapter II of
    this chapter or may, under the direction and control of the
    Attorney General, bring such an action. Such court shall have
    jurisdiction and power to order and require compliance herewith.
    (b) Limitation on jurisdiction
      Except as otherwise provided in this subchapter and sections 4619
    and 4623 of this title, no court shall have jurisdiction to affect,
    by injunction or otherwise, the issuance or enforcement of any
    notice or order under section 4631, 4632, or 4636 of this title, or
    subchapter II of this chapter, or to review, modify, suspend,
    terminate, or set aside any such notice or order.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1375, Oct. 28, 1992, 106 Stat.
    3990.)

-End-

-CITE-
    12 USC Sec. 4636                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
    Sec. 4636. Civil money penalties

-STATUTE-
    (a) In general
      The Director may impose a civil money penalty in accordance with
    this section on any enterprise, or any executive officer or
    director of any enterprise, that - 
        (1) violates any provision of this chapter, the Federal
      National Mortgage Association Charter Act [12 U.S.C. 1716 et
      seq.], the Federal Home Loan Mortgage Corporation Act [12 U.S.C.
      1451 et seq.], or any order, rule, or regulation under any such
      chapter or Act, except that the Director may not enforce
      compliance with any housing goal established under subpart 2 of
      part B of subchapter I of this chapter, with section 4566 or 4567
      of this title, or with subsection (m) or (n) of section 309 of
      the Federal National Mortgage Association Charter Act [12 U.S.C.
      1723a(m), (n)] or subsection (e) or (f) of section 307 of the
      Federal Home Loan Mortgage Corporation Act [12 U.S.C. 1456(e),
      (f)];
        (2) violates any final or temporary order issued pursuant to
      section 4615, 4616, 4631, or 4632 of this title;
        (3) violates any written agreement between the enterprise and
      the Director; or
        (4) engages in any conduct that causes or is likely to cause a
      loss to the enterprise.
    (b) Amount of penalty
      (1) First tier
        The Director may impose a penalty on an enterprise for any
      violation described in paragraphs (1) through (3) of subsection
      (a) of this section. The amount of a penalty under this paragraph
      shall not exceed $5,000 for each day that a violation continues.
      (2) Second tier
        The Director may impose a penalty on an executive officer or
      director in an amount not to exceed $10,000, or on an enterprise
      in an amount not to exceed $25,000, for each day that a violation
      or conduct described in subsection (a) of this section continues,
      if the Director finds that the violation or conduct - 
          (A) is part of a pattern of misconduct; or
          (B) involved recklessness and caused or would be likely to
        cause a material loss to the enterprise.
      (3) Third tier
        The Director may impose a penalty on an executive officer or
      director in an amount not to exceed $100,000, or on an enterprise
      in an amount not to exceed $1,000,000, for each day that a
      violation or conduct described in subsection (a) of this section
      continues, if the Director finds that the violation or conduct
      was knowing and caused or would be likely to cause a substantial
      loss to the enterprise.
    (c) Procedures
      (1) Establishment
        The Director shall establish standards and procedures governing
      the imposition of civil money penalties under subsections (a) and
      (b) of this section. Such standards and procedures - 
          (A) shall provide for the Director to notify the enterprise
        in writing of the Director's determination to impose the
        penalty, which shall be made on the record;
          (B) shall provide for the imposition of a penalty only after
        the enterprise, executive officer, or director has been given
        an opportunity for a hearing on the record pursuant to section
        4633 of this title; and
          (C) may provide for review by the Director of any
        determination or order, or interlocutory ruling, arising from a
        hearing.
      (2) Factors in determining amount of penalty
        In determining the amount of a penalty under this section, the
      Director shall give consideration to such factors as the gravity
      of the violation, any history of prior violations, the effect of
      the penalty on the safety and soundness of the enterprise, any
      injury to the public, any benefits received, and deterrence of
      future violations, and any other factors the Director may
      determine by regulation to be appropriate.
      (3) Review of imposition of penalty
        The order of the Director imposing a penalty under this section
      shall not be subject to review, except as provided in section
      4634 of this title.
    (d) Action to collect penalty
      If an enterprise, executive officer, or director fails to comply
    with an order of the Director imposing a civil money penalty under
    this section, after the order is no longer subject to review as
    provided under subsection (c)(1) of this section and section 4634
    of this title, the Director may request the Attorney General of the
    United States to bring an action in the United States District
    Court for the District of Columbia to obtain a monetary judgment
    against the enterprise, executive officer, or director and such
    other relief as may be available, or may, under the direction and
    control of the Attorney General, bring such an action. The monetary
    judgment may, in the discretion of the court, include any attorneys
    fees and other expenses incurred by the United States in connection
    with the action. In an action under this subsection, the validity
    and appropriateness of the order of the Director imposing the
    penalty shall not be subject to review.
    (e) Settlement by Director
      The Director may compromise, modify, or remit any civil money
    penalty which may be, or has been, imposed under this section.
    (f) Availability of other remedies
      Any civil money penalty under this section shall be in addition
    to any other available civil remedy and may be imposed whether or
    not the Director imposes other administrative sanctions.
    (g) Prohibition of reimbursement or indemnification
      An enterprise may not reimburse or indemnify any individual for
    any penalty imposed under subsection (b)(3) of this section.
    (h) Deposit of penalties
      The Director shall deposit any civil money penalties collected
    under this section into the general fund of the Treasury.
    (i) Applicability
      A penalty under this section may be imposed only for conduct or
    violations under subsection (a) of this section occurring after
    October 28, 1992.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1376, Oct. 28, 1992, 106 Stat.
    3991.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in subsec. (a)(1), was in the original
    "this title", meaning title XIII of Pub. L. 102-550, Oct. 28, 1992,
    106 Stat. 3941, which is classified principally to this chapter.
    For complete classification of title XIII to the Code, see Short
    Title note set out under section 4501 of this title and Tables.
      The Federal National Mortgage Association Charter Act, referred
    to in subsec. (a)(1), is title III of act June 27, 1934, ch. 847,
    48 Stat. 1252, as amended, which is classified generally to
    subchapter III (Sec. 1716 et seq.) of chapter 13 of this title. For
    complete classification of this Act to the Code, see Short Title
    note set out under section 1716 of this title and Tables.
      The Federal Home Loan Mortgage Corporation Act, referred to in
    subsec. (a)(1), is title III of Pub. L. 91-351, July 24, 1970, 84
    Stat. 451, as amended, which is classified generally to chapter 11A
    (Sec. 1451 et seq.) of this title. For complete classification of
    this Act to the Code, see Short Title and Statement of Purpose note
    set out under section 1451 of this title and Tables.

-End-

-CITE-
    12 USC Sec. 4637                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
    Sec. 4637. Notice after separation from service

-STATUTE-
      The resignation, termination of employment or participation, or
    separation of a director or executive officer of an enterprise
    shall not affect the jurisdiction and authority of the Director to
    issue any notice and proceed under this subchapter against any such
    director or executive officer, if such notice is served before the
    end of the 2-year period beginning on the date such director or
    executive officer ceases to be associated with the enterprise.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1377, Oct. 28, 1992, 106 Stat.
    3992.)

-End-

-CITE-
    12 USC Sec. 4638                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
    Sec. 4638. Private rights of action

-STATUTE-
      This chapter shall not create any private right of action on
    behalf of any person against an enterprise, or any director or
    executive officer of an enterprise, or impair any existing private
    right of action under other applicable law.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1378, Oct. 28, 1992, 106 Stat.
    3993.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      This chapter, referred to in text, was in the original "this
    title and the amendments made by this title", meaning title XIII of
    Pub. L. 102-550, Oct. 28, 1992, 106 Stat. 3941, which is classified
    principally to this chapter. For complete classification of title
    XIII to the Code, see Short Title note set out under section 4501
    of this title and Tables.

-End-

-CITE-
    12 USC Sec. 4639                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
    Sec. 4639. Public disclosure of final orders and agreements

-STATUTE-
    (a) In general
      The Director shall make available to the public - 
        (1) any written agreement or other written statement for which
      a violation may be redressed by the Director or any modification
      to or termination thereof, unless the Director, in the Director's
      discretion, determines that public disclosure would be contrary
      to the public interest;
        (2) any order that is issued with respect to any administrative
      enforcement proceeding initiated by the Director under this
      subchapter and that has become final in accordance with sections
      4633 and 4634 of this title; and
        (3) any modification to or termination of any final order made
      public pursuant to this subsection.
    (b) Hearings
      All hearings on the record with respect to any notice of charges
    issued by the Director shall be open to the public, unless the
    Director, in the Director's discretion, determines that holding an
    open hearing would be contrary to the public interest.
    (c) Delay of public disclosure under exceptional circumstances
      If the Director makes a determination in writing that the public
    disclosure of any final order pursuant to subsection (a) of this
    section would seriously threaten the financial health or security
    of the enterprise, the Director may delay the public disclosure of
    such order for a reasonable time.
    (d) Documents filed under seal in public enforcement hearings
      The Director may file any document or part thereof under seal in
    any hearing commenced by the Director if the Director determines in
    writing that disclosure thereof would be contrary to the public
    interest.
    (e) Retention of documents
      The Director shall keep and maintain a record, for not less than
    6 years, of all documents described in subsection (a) of this
    section and all enforcement agreements and other supervisory
    actions and supporting documents issued with respect to or in
    connection with any enforcement proceeding initiated by the
    Director under this subchapter or any other law.
    (f) Disclosures to Congress
      This section may not be construed to authorize the withholding,
    or to prohibit the disclosure, of any information to the Congress
    or any committee or subcommittee thereof.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1379, Oct. 28, 1992, 106 Stat.
    3993.)

-End-

-CITE-
    12 USC Sec. 4640                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
    Sec. 4640. Notice of service

-STATUTE-
      Any service required or authorized to be made by the Director
    under this subchapter may be made by registered mail, or in such
    other manner reasonably calculated to give actual notice as the
    Director may by regulation or otherwise provide.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1379A, Oct. 28, 1992, 106 Stat.
    3993.)

-End-

-CITE-
    12 USC Sec. 4641                                            01/03/2007

-EXPCITE-
    TITLE 12 - BANKS AND BANKING
    CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
    SUBCHAPTER III - ENFORCEMENT PROVISIONS

-HEAD-
    Sec. 4641. Subpoena authority

-STATUTE-
    (a) In general
      In the course of or in connection with any administrative
    proceeding under this subchapter, the Director shall have the
    authority - 
        (1) to administer oaths and affirmations;
        (2) to take and preserve testimony under oath;
        (3) to issue subpoenas and subpoenas duces tecum; and
        (4) to revoke, quash, or modify subpoenas and subpoenas duces
      tecum issued by the Director.
    (b) Witnesses and documents
      The attendance of witnesses and the production of documents
    provided for in this section may be required from any place in any
    State at any designated place where such proceeding is being
    conducted.
    (c) Enforcement
      The Director may request the Attorney General of the United
    States to bring an action in the United States district court for
    the judicial district in which such proceeding is being conducted,
    or where the witness resides or conducts business, or the United
    States District Court for the District of Columbia, for enforcement
    of any subpoena or subpoena duces tecum issued pursuant to this
    section or may, under the direction and control of the Attorney
    General, bring such an action. Such courts shall have jurisdiction
    and power to order and require compliance therewith.
    (d) Fees and expenses
      Witnesses subpoenaed under this section shall be paid the same
    fees and mileage that are paid witnesses in the district courts of
    the United States. Any court having jurisdiction of any proceeding
    instituted under this section by an enterprise may allow to any
    such party such reasonable expenses and attorneys fees as the court
    deems just and proper. Such expenses and fees shall be paid by the
    enterprise or from its assets.

-SOURCE-
    (Pub. L. 102-550, title XIII, Sec. 1379B, Oct. 28, 1992, 106 Stat.
    3994.)

-End-