‘‘(4) an evaluation of the performance of the reg-
ulated entities in carrying out their respective mis-
sions; 
‘‘(5) operations, resources, and performance of 
the Agency; and 
‘‘(6) such other matters relating to the Agency 
and its fulfillment of its mission, as the Board deter-
mines appropriate.’’. 
(b) ANNUAL REPORT
OF
THE DIRECTOR.—Section 
1319B(a) of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (12 U.S.C. 4521(a)) is 
amended— 
(1) by striking ‘‘enterprise’’ each place that term 
appears and inserting ‘‘regulated entity’’; 
(2) by striking ‘‘enterprises’’ each place that 
term appears and inserting ‘‘regulated entities’’; 
(3) in paragraph (3), by striking ‘‘; and’’ and 
inserting a semicolon; 
(4) in paragraph (4), by striking ‘‘1994.’’ and 
inserting ‘‘1994; and’’; and 
(5) by adding at the end the following: 
‘‘(5) the assessment of the Board or any of its 
members with respect to— 
‘‘(A) the safety and soundness of the regu-
lated entities;
‘‘(B) any material deficiencies in the con-
duct of the operations of the regulated entities; 
‘‘(C) the overall operational status of the 
regulated entities; and 
‘‘(D) an evaluation of the performance of 
the regulated entities in carrying out their re-
spective missions; 
‘‘(6) operations, resources, and performance of 
the Agency; and 
‘‘(7) such other matters relating to the Agency 
and the fulfillment of its mission.’’. 
SEC. 1104. AUTHORITY TO REQUIRE REPORTS BY REGU-
LATED ENTITIES. 
(a) IN GENERAL.—Section 1314 of the Federal Hous-
ing Enterprises Financial Safety and Soundness Act of 
1992 (12 U.S.C. 4514) is amended— 
(1) in the section heading, by striking ‘‘ENTER-
PRISES’’ and inserting ‘‘REGULATED ENTITIES’’; 
(2) by striking ‘‘an enterprise’’ each place that 
term appears and inserting ‘‘a regulated entity’’; 
(3) by striking ‘‘the enterprise’’ and inserting 
‘‘the regulated entity’’; 
(4) in subsection (a)—
(A) by striking the subsection heading and 
all that follows through ‘‘and operations’’ in 
paragraph (1) and inserting the following: 
‘‘(a) REGULAR AND SPECIAL REPORTS.— 
‘‘(1) REGULAR REPORTS.—The Director may re-
quire, by general or specific orders, a regulated entity 
to submit regular reports, including financial state-
ments determined on a fair value basis, on the condi-
tion (including financial condition), management, ac-
tivities, or operations of the regulated entity, as the 
Director considers appropriate’’; and 
(B) in paragraph (2)— 
(i) by inserting ‘‘, by general or spe-
cific orders,’’ after ‘‘may also require’’; and 
(ii) by striking ‘‘whenever’’ and insert-
ing ‘‘on any of the topics specified in para-
graph (1) or any other relevant topics, if’’; 
and 
(5) by adding at the end the following: 
‘‘(c) PENALTIES FOR FAILURE TO MAKE REPORTS.— 
‘‘(1) VIOLATIONS.—It shall be a violation of this 
section for any regulated entity— 
‘‘(A) to fail to make, transmit, or publish 
any report or obtain any information required 
by the Director under this section, section 309(k)
of the Federal National Mortgage Association 
Charter Act, section 307(c) of the Federal Home 
Loan Mortgage Corporation Act, or section 20 of 
the Federal Home Loan Bank Act, within the pe-
riod of time specified in such provision of law or 
otherwise by the Director; or 
‘‘(B) to submit or publish any false or mis-
leading report or information under this section. 
‘‘(2) PENALTIES.— 
‘‘(A) FIRST TIER.— 
‘‘(i) IN
GENERAL.—A violation de-
scribed in paragraph (1) shall be subject to 
a penalty of not more than $2,000 for each 
day during which such violation continues, 
in any case in which— 
‘‘(I) the subject regulated entity 
maintains 
procedures 
reasonably 
adapted to avoid any inadvertent error 
and the violation was unintentional 
and a result of such an error; or 
‘‘(II) the violation was an inad-
vertent transmittal or publication of 
any report which was minimally late. 
‘‘(ii) BURDEN
OF
PROOF.—For pur-
poses of this subparagraph, the regulated
entity shall have the burden of proving that 
the error was inadvertent or that a report 
was inadvertently transmitted or published 
late. 
‘‘(B) SECOND TIER.—A violation described 
in paragraph (1) shall be subject to a penalty of 
not more than $20,000 for each day during 
which such violation continues or such false or 
misleading information is not corrected, in any 
case that is not addressed in subparagraph (A) 
or (C). 
‘‘(C) THIRD TIER.—A violation described in 
paragraph (1) shall be subject to a penalty of not 
more than $1,000,000 per day for each day dur-
ing which such violation continues or such false 
or misleading information is not corrected, in 
any case in which the subject regulated entity 
committed such violation knowingly or with 
reckless disregard for the accuracy of any such 
information or report. 
‘‘(3) 
ASSESSMENTS.—Any 
penalty 
imposed 
under this subsection shall be in lieu of a penalty 
under section 1376, but shall be assessed and collected 
by the Director in the manner provided in section 
1376 for penalties imposed under that section, and
‘‘(1) APPLICABILITY.—This section shall apply 
with respect to any position of examiner, accountant, 
economist, and specialist in financial markets and in 
technology at the Agency, with respect to supervision 
and regulation of the regulated entities, that is in the 
competitive service. 
‘‘(2) APPOINTMENT
AUTHORITY.—The Director 
may appoint candidates to any position described in 
paragraph (1)— 
‘‘(A) in accordance with the statutes, rules, 
and regulations governing appointments in the 
excepted service; and 
‘‘(B) notwithstanding any statutes, rules, 
and regulations governing appointments in the 
competitive service.’’. 
(c) AMENDMENTS TO INSPECTOR GENERAL ACT.—Sec-
tion 11 of the Inspector General Act of 1978 (5 U.S.C. App.) 
is amended— 
(1) in paragraph (1), by inserting ‘‘; the Direc-
tor of the Federal Housing Finance Agency’’ after 
‘‘Social Security Administration’’; and 
(2) in paragraph (2), by inserting ‘‘, the Federal 
Housing Finance Agency’’ after ‘‘Social Security Ad-
ministration’’.
(d) AUTHORITY TO CONTRACT FOR REVIEWS OF REG-
ULATED ENTITIES.—Section 1319 of the Federal Housing 
Enterprises Financial Safety and Soundness Act of 1992 
(12 U.S.C. 4519) is amended— 
(1) in the section heading, by striking ‘‘ENTER-
PRISES BY RATING ORGANIZATION’’ and insert-
ing ‘‘REGULATED ENTITIES’’; and 
(2) by striking ‘‘enterprises’’ and inserting ‘‘reg-
ulated entities’’. 
(e) OFFICE OF THE OMBUDSMAN.—Section 1317 of the 
Federal Housing Enterprises Financial Safety and Sound-
ness Act of 1992 (12 U.S.C. 4517) is amended by adding 
at the end the following: 
‘‘(i) OMBUDSMAN.—The Director shall establish, by 
regulation, an Office of the Ombudsman within the Agency, 
which shall be responsible for considering complaints and 
appeals, from any regulated entity and any person that has 
a business relationship with a regulated entity, regarding 
any matter relating to the regulation and supervision of 
such regulated entity by the Agency. The regulation issued 
by the Director under this subsection shall specify the au-
thority and duties of the Office of the Ombudsman.’’.
SEC. 1106. ASSESSMENTS. 
Section 1316 of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 (12 U.S.C. 4516) 
is amended— 
(1) by striking subsection (a) and inserting the 
following: 
‘‘(a) ANNUAL ASSESSMENTS.—The Director shall es-
tablish and collect from the regulated entities annual assess-
ments in an amount not exceeding the amount sufficient 
to provide for reasonable costs (including administrative 
costs) and expenses of the Agency, including— 
‘‘(1) the expenses of any examinations under sec-
tion 1317 of this Act and under section 20 of the Fed-
eral Home Loan Bank Act; 
‘‘(2) the expenses of obtaining any reviews and 
credit assessments under section 1319; 
‘‘(3) such amounts in excess of actual expenses 
for any given year as deemed necessary by the Direc-
tor to maintain a working capital fund in accordance 
with subsection (e); and 
‘‘(4) the windup of the affairs of the Office of 
Federal Housing Enterprise Oversight and the Fed-
eral Housing Finance Board under title III of the 
Federal Housing Finance Regulatory Reform Act of 
2008.’’; 
(2) in subsection (b)—
(A) by realigning the margins of paragraph 
(2) two ems from the left, so as to align the left 
margin of such paragraph with the left margins 
of paragraph (1); 
(B) by redesignating paragraphs (2) and 
(3) as paragraphs (3) and (4), respectively; and 
(C) by inserting after paragraph (1) the fol-
lowing: 
‘‘(2) SEPARATE TREATMENT OF FEDERAL HOME 
LOAN BANK AND ENTERPRISE ASSESSMENTS.—Assess-
ments collected from the enterprises shall not exceed 
the amounts sufficient to provide for the costs and ex-
penses described in subsection (a) relating to the en-
terprises. Assessments collected from the Federal 
Home Loan Banks shall not exceed the amounts suffi-
cient to provide for the costs and expenses described 
in subsection (a) relating to the Federal Home Loan 
Banks.’’; 
(3) by striking subsection (c) and inserting the 
following: 
‘‘(c) INCREASED COSTS OF REGULATION.— 
‘‘(1) INCREASE
FOR
INADEQUATE
CAPITALIZA-
TION.—The semiannual payments made pursuant to 
subsection (b) by any regulated entity that is not 
classified (for purposes of subtitle B) as adequately
capitalized may be increased, as necessary, in the dis-
cretion of the Director to pay additional estimated 
costs of regulation of the regulated entity. 
‘‘(2) ADJUSTMENT
FOR
ENFORCEMENT
ACTIVI-
TIES.—The Director may adjust the amounts of any 
semiannual payments for an assessment under sub-
section (a) that are to be paid pursuant to subsection 
(b) by a regulated entity, as necessary in the discre-
tion of the Director, to ensure that the costs of enforce-
ment activities under this Act for a regulated entity 
are borne only by such regulated entity. 
‘‘(3) 
ADDITIONAL
ASSESSMENT
FOR
DEFI-
CIENCIES.—If at any time, as a result of increased 
costs of regulation of a regulated entity that is not 
classified (for purposes of subtitle B) as adequately 
capitalized or as the result of supervisory or enforce-
ment activities under this Act for a regulated entity, 
the amount available from any semiannual payment 
made by such regulated entity pursuant to subsection 
(b) is insufficient to cover the costs of the Agency with 
respect to such entity, the Director may make and 
collect from such regulated entity an immediate as-
sessment to cover the amount of such deficiency for 
the semiannual period. If, at the end of any semi-
annual period during which such an assessment is
made, any amount remains from such assessment, 
such remaining amount shall be deducted from the as-
sessment for such regulated entity for the following 
semiannual period.’’; 
(4) in subsection (d), by striking ‘‘If’’ and insert-
ing ‘‘Except with respect to amounts collected pursu-
ant to subsection (a)(3), if’’; and 
(5) by striking subsections (e) through (g) and 
inserting the following: 
‘‘(e) WORKING CAPITAL FUND.—At the end of each 
year for which an assessment under this section is made, 
the Director shall remit to each regulated entity any 
amount of assessment collected from such regulated entity 
that is attributable to subsection (a)(3) and is in excess of 
the amount the Director deems necessary to maintain a 
working capital fund. 
‘‘(f) TREATMENT OF ASSESSMENTS.— 
‘‘(1) DEPOSIT.—Amounts received by the Direc-
tor from assessments under this section may be depos-
ited by the Director in the manner provided in sec-
tion 5234 of the Revised Statutes of the United States 
(12 U.S.C. 192) for monies deposited by the Comp-
troller of the Currency. 
‘‘(2) NOT GOVERNMENT FUNDS.—The amounts 
received by the Director from any assessment under