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‘‘(B) TIME
AND
PLACE
OF
HEARING.—
Upon receipt of a request described in subpara-
graph (A), the Board shall fix a time (not more
than 30 days after receipt of such request, un-
less extended at the request of the Bank-affili-
ated party) and place at which such party may
appear, personally or through counsel, before
the Board or designated employees of the
Board to submit written materials (or, at the
discretion of the Board, oral testimony) and
oral argument.
‘‘(C) DECISION OF THE FEDERAL HOUSING
FINANCE BOARD.—
‘‘(i) IN GENERAL.—Within 60 days of
such hearing, the Board shall notify the
Bank-affiliated party whether the suspen-
sion or prohibition from participation in
any manner in the conduct of the affairs of
the Federal Home Loan Bank will be con-
tinued, terminated, or otherwise modified,
or whether the order removing such party
from office or prohibiting such party from
further participation in any manner in the
conduct of the affairs of the Bank will be
rescinded or otherwise modified.
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‘‘(ii) STATEMENT OF REASONS.—Such
notification shall contain a statement of
the basis for the Board’s decision, if ad-
verse to such party.
‘‘(7) RULEMAKING.—The Board is authorized
to prescribe such rules and regulations as may be
necessary to carry out the purposes of this sub-
section.
‘‘(e) HEARING AND JUDICIAL REVIEW.—
‘‘(1) IN GENERAL.—Any hearing provided for
in this section (other than the hearing provided for
in subsection (d))—
‘‘(A) shall be held in the Federal judicial
district or in the territory in which the Federal
Home Loan Bank is located unless the party
afforded the hearing consents to another place;
and
‘‘(B) shall be conducted in accordance with
the provisions of chapter 5 of title 5, United
States Code (5 U.S.C. 500 et seq.).
‘‘(2) FEDERAL
HOUSING
FINANCIAL
BOARD’S
DECISION AND ORDER.—
‘‘(A) IN
GENERAL.—After such hearing,
and within 90 days after the Board has notified
the parties that the case has been submitted to
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the Board for final decision, the Board shall
render its 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 section.
‘‘(B) REVIEW OF FEDERAL HOUSING FI-
NANCE
BOARD’S
ORDER.—Judicial review of
any such order shall be exclusively as provided
in paragraph (3). Unless a petition for review
is timely filed in a court of appeals of the
United States, as hereinafter provided in para-
graph (3), and thereafter until the record in the
proceeding has been filed as so provided, the
Board may at any time, upon such notice and
in such manner as it shall deem proper, modify,
terminate, or set aside any such order. Upon
such filing of the record, the Board may mod-
ify, terminate, or set aside any such order with
permission of the court.
‘‘(3) JUDICIAL REVIEW.—
‘‘(A) PETITION FOR REVIEW.—Any party
to any proceeding under paragraph (1) may ob-
tain a review of any order served pursuant to
paragraph (1) (other than an order issued with
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the consent of the Federal Home Loan Bank or
Bank-affiliated party concerned, or an order is-
sued under subsection (d)) by the filing in the
court of appeals of the United States for the
circuit in which the Federal Home Loan Bank
is located, or in the United States Court of Ap-
peals for the District of Columbia Circuit, with-
in 30 days after the date of service of such
order, a written petition praying that the order
of the Board be modified, terminated, or set
aside. A copy of such petition shall be forthwith
transmitted by the clerk of the court to the
Board.
‘‘(B) FILING.—Upon receiving a copy of a
petition, the Board shall file in the court the
record in the proceeding, as provided in section
2112 of title 28, United States Code.
‘‘(C) 
EXCLUSIVE
JURISDICTION.—Upon
the filing of a petition, such court shall have ju-
risdiction, which upon the filing of the record
by the Board shall (except as provided in the
last sentence of paragraph (2)(B)) be exclusive,
to affirm, modify, terminate, or set aside, in
whole or in part, the order of the Board. Re-
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view of such proceedings shall be governed by
chapter 7 of title 5, United States Code.
‘‘(4) SUPREME COURT REVIEW.—The judgment
and decree of the circuit court referred to in para-
graph (3) shall be final, except that the judgment
and decree shall be subject to review by the Supreme
Court upon certiorari, as provided in section 1254 of
title 28, United States Code.
‘‘(5) NO
AUTOMATIC
STAY.—The commence-
ment of proceedings for judicial review under this
subsection shall not, unless specifically ordered by
the court, operate as a stay of any order issued by
the Board.
‘‘(f) JURISDICTION AND ENFORCEMENT.—
‘‘(1) APPLICATION
FOR
ENFORCEMENT.—The
Board may apply to the United States district court,
or the United States court of any territory, within
the jurisdiction of which the Federal Home Loan
Bank is located, for the enforcement of any effective
notice or order issued under this section or section
6A, and such court shall have jurisdiction and power
to order and require compliance herewith.
‘‘(2) LIMITATION
ON
MODIFICATION.—Except
as otherwise provided in this section or section 6A
no court shall have jurisdiction to affect by injunc-
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tion or otherwise the issuance or enforcement of any
notice or order under this subsection, or to review,
modify, suspend, terminate, or set aside any such
notice or order.
‘‘(g) CIVIL MONEY PENALTY.—
‘‘(1) FIRST
TIER.—A Federal Home Loan
Bank which, and any Bank-affiliated party who—
‘‘(A) violates any law or regulation;
‘‘(B) violates any final order or temporary
order issued pursuant to subsection (a), (b),
(c), or (d), or any final order under section 6A;
‘‘(C) violates any condition imposed in
writing by the Board in connection with the
grant of any application or other request by a
Bank; or
‘‘(D) violates any written agreement be-
tween a Bank and the Board,
shall be forfeit and pay a civil penalty of not more
than $5,000 for each day during which such viola-
tion continues.
‘‘(2) SECOND
TIER.—Notwithstanding para-
graph (1), a Federal Home Loan Bank which, and
any Bank-affiliated party who,—
‘‘(A)(i) commits any violation described in
any subparagraph of paragraph (1);
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‘‘(ii) recklessly engages in an unsafe or un-
sound practice in conducting the affairs of a
Bank; or
‘‘(iii) breaches any fiduciary duty; and
‘‘(B) which violation, practice, or breach—
‘‘(i) is part of a pattern of mis-
conduct;
‘‘(ii) causes or is likely to cause more
than a minimal loss to the Bank; or
‘‘(C) results in pecuniary gain or other
benefit to such party,
shall forfeit and pay a civil penalty of not more than
$25,000 for each day during which such violation,
practice, or breach continues.
‘‘(3) 
THIRD
TIER.—Notwithstanding 
para-
graphs (1) and (2), a Federal Home Loan Bank
which, and any Bank-affiliated party who,—
‘‘(A) knowingly—
‘‘(i) commits any violation described
in paragraph (1);
‘‘(ii) engages in any unsafe or un-
sound practice in conducting the affairs of
a Bank; or
‘‘(iii) breaches any fiduciary duty; and
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‘‘(B) knowingly or recklessly causes a sub-
stantial loss to the Bank or a substantial pecu-
niary gain or other benefit to such party by rea-
son of such violation, practice, or breach,
shall forfeit and pay a civil penalty in an amount not
to exceed the applicable maximum amount deter-
mined under paragraph (4) for each day during
which such violation, practice, or breach continues.
‘‘(4) MAXIMUM AMOUNTS OF PENALTIES.—The
maximum daily amount of any civil penalty which
may be assessed pursuant to paragraph (3) for any
violation, practice, or breach described in such para-
graph is—
‘‘(A) in the case of any person other than
a Federal Home Loan Bank, an amount not to
exceed $1,000,000; and
‘‘(B) in the case of a Federal Home Loan
Bank, an amount not to exceed the lesser of—
‘‘(i) $1,000,000, or
‘‘(ii) 1 percent of the total assets of
such Bank.
‘‘(5) ASSESSMENT.—
‘‘(A) WRITTEN NOTICE.—Any penalty im-
posed under this subsection may be assessed
and collected by the Board by written notice.
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‘‘(B) FINALITY OF ASSESSMENT.—If with
respect to any assessment under subparagraph
(A) a hearing is not timely requested pursuant
to paragraph (8), the penalty assessment con-
tained in a written notice shall constitute a
final and unappealable order.
‘‘(6) AUTHORITY TO MODIFY OR REMIT PEN-
ALTY.—The Board may compromise, modify, or
remit any penalty which the Board may assess or
has already assessed under this subsection.
‘‘(7) MITIGATING
FACTORS.—In determining
the amount of any penalty imposed under this sub-
section, the Board shall take into account the appro-
priateness of the penalty with respect to—
‘‘(A) the size of financial resources and
good faith of the Federal Home Loan Bank or
the other person charged;
‘‘(B) the gravity of the violation;
‘‘(C) the history of previous violations; and
‘‘(D) such other matters as justice may
require.
‘‘(8) HEARING.—The Federal Home Loan
Bank or Bank-affiliated party against whom any
penalty is assessed under this subsection shall be af-
forded a hearing if such Bank or person submits a
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request for such hearing within 20 days after the is-
suance of the notice of assessment. A transcript that
includes all testimony and other documentary evi-
dence shall be prepared for all hearings commenced
pursuant to this subsection.
‘‘(9) COLLECTION.—
‘‘(A) REFERRAL.—If any Federal Home
Loan Bank or Bank-affiliated party fails to pay
a penalty that has become final, the Board shall
recover the amount assessed by action in the
appropriate United States district court.
‘‘(B) APPROPRIATENESS OF PENALTY NOT
REVIEWABLE.—In any civil action brought
under subparagraph (A), the validity and ap-
propriateness of the penalty shall not be subject
to review.
‘‘(10) DISBURSEMENT.—All penalties collected
under authority of this subsection shall be deposited
into the General Fund of the Treasury.
‘‘(11) REGULATIONS.—The Board shall pre-
scribe regulations establishing such procedures as
may be necessary to carry out this subsection.
‘‘(h) NOTICE UNDER THIS SECTION AFTER SEPARA-
TION FROM SERVICE.—The resignation, termination of
employment or participation, or separation of a Bank-af-
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filiated party (including a separation caused by the closing
of a Federal Home Loan Bank) shall not affect the juris-
diction and authority of the Board to issue any notice and
proceed under this section against any such party, if such
notice is served before the end of the six-year period begin-
ning on the date such Bank-affiliated party ceased to be
such a party with respect to such Bank.
‘‘(i) PREJUDGMENT ATTACHMENT.—
‘‘(1) IN GENERAL.—In any action brought by
the Board pursuant to this section, or in actions
brought in aid of, or to enforce an order in, any ad-
ministrative or other civil action for money damages,
restitution, or civil money penalties brought by the
Board, the court may, upon application of the
Board, issue a restraining order that—
‘‘(A) prohibits any person subject to the
proceeding from withdrawing, transferring, re-
moving, dissipating, or disposing of any funds,
assets or other property; and
‘‘(B) appoints a temporary receiver to ad-
minister the restraining order.
‘‘(2) STANDARD.—
‘‘(A) SHOWING.—Rule 65 of the Federal
Rules of Civil Procedure shall apply with re-
spect to any proceeding under paragraph (1)
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without regard to the requirement of such rule
that the applicant show that the injury, loss, or
damage is irreparable and immediate.
‘‘(B) STATE PROCEEDING.—If, in the case
of any proceeding in a State court, the court
determines that rules of civil procedure avail-
able under the laws of such State provide sub-
stantially similar protection to a party’s right to
due process as Rule 65 (as modified with re-
spect to such proceeding by subparagraph (B)),
the relief sought under paragraph (1) may be
requested under the laws of such State.
‘‘(j) CRIMINAL PENALTY.—Whoever, being subject to
an order in effect under subsection (c) or (d), without the
prior written approval of the Board knowingly partici-
pates, directly or indirectly, in any manner (including by
engaging in an activity specifically prohibited in such an
order or in subsection (c)(5) in the conduct of the affairs
of any institution or agency specified in subsection (c)(6))
shall be fined not more than $1,000,000, imprisoned for
not more then 5 years, or both.
‘‘(k) NOTICE OF SERVICE.—Any service required or
authorized to be made by the Board under this section
may be made by registered mail, or in such other manner
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proper; and such expenses and fees shall be
paid by the Bank or from its assets.
‘‘(5) FAILURE TO OBEY SUBPOENA.—Any per-
son who willfully shall fail or refuse to attend and
testify or to answer any lawful inquiry or to produce
books, papers, correspondence, memoranda, con-
tracts, agreements, or other records, if in such per-
son’s power so to do, in obedience to the subpoena
of the Board, shall be guilty of a misdemeanor and,
upon conviction, shall be subject to a fine of not
more than $1,000 or to imprisonment for a term of
not more than one year or both.
‘‘(m) PUBLIC DISCLOSURE OF FINAL ORDERS AND
AGREEMENTS.—
‘‘(1) IN
GENERAL.—The Board shall publish
and make available to the public on a semi-annual
basis—
‘‘(A) any written agreement or other writ-
ten statement for which a violation may be en-
forced by the Board, unless the Board, in its
discretion, determines that publication would be
contrary to the public interests;
‘‘(B) any final order issued with respect to
any administrative enforcement proceeding ini-
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eral Home Loan Bank, the Board may delay the
publication of such order for a reasonable time.
‘‘(6) DOCUMENTS FILED UNDER SEAL IN PUB-
LIC ENFORCEMENT HEARINGS.—The Board may file
any document or part thereof under seal in any ad-
ministrative enforcement hearing commenced by the
Board if disclosure thereof would be contrary to the
public interest. A written report shall be made part
of any determination to withhold any part of a docu-
ment from the transcript of the hearing required by
paragraph (2).
‘‘(7) RETENTION OF DOCUMENTS.—The Board
shall keep and maintain a record, for a period of at
least 6 years, of all documents described in para-
graph (1) and all informal enforcement agreements
and other supervisory actions and supporting docu-
ments issued with respect to or in connection with
any administrative enforcement proceedings initiated
by the Board under this section or any other laws.
‘‘(8) DISCLOSURES TO CONGRESS.—No provi-
sion of this subsection shall be construed to author-
ize the withholding, or to prohibit the disclosure, of
any information to the Congress or any committee
or subcommittee thereof.’’.
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TITLE II—EMPLOYEE PROVISIONS
SEC. 201. FEDERAL HOUSING FINANCE BOARD EMPLOYEES.
(a) REQUIRED
ASSESSMENTS
AND
DETERMINA-
TIONS.—Not later than 270 days after the date of enact-
ment of this Act, the directors of the Federal Housing Fi-
nance Board shall—
(1) assess the functions, powers and duties of
the Federal Housing Finance Board, as provided for
in this Act;
(2) determine the number of employees that the
Federal Housing Finance Board needs to carry out
its functions, powers and duties.
(b) PERSONNEL ACTIONS BY THE FEDERAL HOUS-
ING FINANCE BOARD.—Not later than 1 year after the
enactment of this Act, the directors of the Federal Hous-
ing Finance Board shall have completed any personnel ac-
tion necessary to ensure that the Federal Housing Fi-
nance Board will be staffed appropriately in light of the
functions, powers and duties of the Federal Housing Fi-
nance Board.
TITLE III—CONFORMING AMENDMENTS
SEC. 301. AMENDMENTS TO THE FEDERAL CREDIT UNION
ACT.
Section 206(g)(7) of the Federal Credit Union Act
(12 U.S.C. 1786(g)(7)) is amended—
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(a) in subparagraph (A)(vi), by striking ‘‘any
Federal home loan bank’’ and inserting ‘‘any Fed-
eral Home Loan Bank’’; and
(b) in subparagraph (D)(iv), by striking ‘‘any
Federal home loan bank’’ and inserting ‘‘any Fed-
eral Home Loan Bank’’.
SEC. 302. AMENDMENTS TO THE FEDERAL DEPOSIT INSUR-
ANCE ACT.
(a) AMENDMENT TO SECTION 7.—Section 7(a)(2)(A)
of the Federal Deposit Insurance Act (12 U.S.C.
1817(a)(2)(A)) is amended by striking ‘‘any Federal home
loan bank’’ and inserting ‘‘any Federal Home Loan
Bank’’.
(b) AMENDMENTS TO SECTION 8.—Section 8(e)(7) of
the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(7))
is amended—
(1) in subparagraph (A)(vi), by striking ‘‘any
Federal home loan bank’’ and inserting ‘‘any Fed-
eral Home Loan Bank’’; and
(2) in subparagraph (D)(iv), by striking ‘‘any
Federal home loan bank’’ and inserting ‘‘any Fed-
eral Home Loan Bank’’.
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SEC. 303. AMENDMENT TO THE HOME OWNERS’ LOAN ACT.
(a) AMENDMENT TO SECTION 5.—Section 5(f) of the
Home Owners’ Loan Act (12 U.S.C. 1464(f)) is hereby
repealed.
(b) 
AMENDMENT
TO
SECTION
10.—Section
10(m)(3)(B) of the Home Owners’ Loan Act (12 U.S.C.
1467a(m)(3)(B)) is amended—
(1) in clause (i), by striking subclause (III) and
redesignating subclause (IV) as subclause (III); and
(2) by amending clause (ii) to read as follows:
‘‘(ii) ADDITIONAL
RESTRICTION
EF-
FECTIVE
AFTER
THREE
YEARS.—Begin-
ning 3 years after the date on which the
savings association should have become or
ceases to be a qualified thrift lender, the
saving association shall not retain any in-
vestment (including an investment in any
subsidiary) or engage, directly or indi-
rectly, in any activity unless that invest-
ment or activity would be permissible for
the savings association if it were a national
bank, and is also permissible for the sav-
ings association as a savings association.’’.
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SEC. 304. AMENDMENT TO THE HOUSING AND URBAN-
RURAL RECOVERY ACT OF 1983.
Section 469 of the Housing and Urban-Rural Recov-
ery Act of 1983 (12 U.S.C. 1701p–1) is amended by strik-
ing ‘‘Federal Home Loan Bank Board’’ and inserting
‘‘Federal Housing Finance Board’’.
SEC. 305. AMENDMENTS TO THE RIGHT TO FINANCIAL PRI-
VACY ACT OF 1978.
Section 1113 of the Right to Financial Privacy Act
of 1978 (12 U.S.C. 3413) is amended in subsection (o)
by striking ‘‘any of the Federal home loan banks’’ and
inserting ‘‘any of the Federal Home Loan Banks’’.
SEC. 306. AMENDMENTS TO THE THRIFT INSTITUTIONS RE-
STRUCTURING ACT.
Section 341 of the Thrift Institution Restructuring
Act (12 U.S.C. 1701J–3) is amended—
‘‘(1) in subsection (e)(1), by striking ‘‘Federal
Home Loan Bank Board’’ and inserting ‘‘Federal
Housing Finance Board’’; and
‘‘(2) in subsection (g), by striking ‘‘Federal
Home Loan Bank Board’’ and inserting ‘‘Federal
Housing Finance Board’’.
SEC. 307. AMENDMENTS TO TITLE 18, UNITED STATES
CODE.
(a) AMENDMENT TO SECTION 657.—Section 657 of
title 18, United States Code (18 U.S.C. 657) is amended
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by striking ‘‘Federal home loan bank’’ and inserting ‘‘Fed-
eral Home Loan Bank’’.
(b) AMENDMENT TO SECTION 1006.—Section 1006
of title 18, United States Code (18 U.S.C. 1006) is
amended by striking ‘‘Federal home loan bank’’ and in-
serting ‘‘Federal Home Loan Bank’’.
(c) AMENDMENT TO SECTION 1014.—Section 1014
of title 18, United States Code (18 U.S.C. 1014) is
amended by striking ‘‘Federal home loan bank’’ and in-
serting ‘‘Federal Home Loan Bank’’.
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