‘‘(2) COMPLIANCE
OFFICER.—The compliance 
program of an enterprise shall be headed by a com-
pliance officer, however styled, who reports directly 
to the chief executive officer of the enterprise. The 
compliance officer shall report regularly to the board 
of directors or an appropriate committee of the 
board of directors on compliance with and the ade-
quacy of current compliance policies and procedures 
of the enterprise, and shall recommend any adjust-
ments to such policies and procedures that the com-
pliance officer considers necessary and appropriate. 
‘‘(j) RISK MANAGEMENT PROGRAM.—
‘‘(1) REQUIREMENT.—Each enterprise shall es-
tablish and maintain a risk management program 
that is reasonably designed to manage the risks of 
the operations of the enterprise. 
‘‘(2) RISK MANAGEMENT OFFICER.—The risk 
management program of an enterprise shall be head-
ed by a risk management officer, however styled, 
who reports directly to the chief executive officer of 
the enterprise. The risk management officer shall re-
port regularly to the board of directors or an appro-
priate committee of the board of directors on compli-
ance with and the adequacy of current risk manage-
ment policies and procedures of the enterprise, and
shall recommend any adjustments to such policies 
and procedures that the risk management officer 
considers necessary and appropriate. 
‘‘(k) COMPLIANCE WITH OTHER LAWS.—
‘‘(1) DEREGISTERED OR UNREGISTERED COM-
MON STOCK.—If an enterprise deregisters or has not 
registered its common stock with the Securities and 
Exchange Commission under the Securities Ex-
change Act of 1934, the enterprise shall comply or 
continue to comply with sections 10A(m) and 13(k) 
of the Securities Exchange Act of 1934 (15 U.S.C. 
78j–1(m), 78m(k)) and sections 302, 304, and 406 
of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7241, 
7243, 7264), subject to such requirements as pro-
vided by subsection (l) of this section. 
‘‘(2) REGISTERED COMMON STOCK.—An enter-
prise that has its common stock registered with the 
Securities and Exchange Commission shall maintain 
such registered status, unless it provides 60 days 
prior written notice to the Director stating its intent 
to deregister and its understanding that it will re-
main subject to the requirements of the sections of 
the Securities Exchange Act of 1934 and the Sar-
banes-Oxley Act of 2002, subject to such require-
ments as provided by subsection (l) of this section.
‘‘(l) OTHER MATTERS.—The Director may from time 
to time establish standards, by regulation, order, or guide-
line, regarding such other corporate governance matters 
of the enterprises as the Director considers appropriate. 
‘‘(m) MODIFICATION OF STANDARDS.—In connection 
with standards of Federal or State law (including the Re-
vised Model Corporation Act) or New York Stock Ex-
change rules that are made applicable to an enterprise by 
section 1710.10 of the Director’s rules (12 CFR 1710.10) 
and by subsections (a), (b), (g), (i), (j), and (k) of this 
section, the Director, in the Director’s sole discretion, may 
modify the standards contained in this section or in part 
1710 of the Director’s rules (12 CFR Part 1710) in ac-
cordance with section 553 of title 5, United States Code, 
and upon written notice to the enterprise.’’. 
SEC. 117. REQUIRED REGISTRATION UNDER SECURITIES 
EXCHANGE ACT OF 1934. 
The Housing and Community Development Act of 
1992 is amended by adding after section 1322A, as added 
by the preceding provisions of this Act, the following new 
section: 
‘‘SEC. 1322B. REQUIRED REGISTRATION UNDER SECURI-
TIES EXCHANGE ACT OF 1934. 
‘‘(a) IN GENERAL.—Each regulated entity shall reg-
ister at least one class of the capital stock of such regu-
lated entity, and maintain such registration with the Secu-
rities and Exchange Commission, under the Securities Ex-
change Act of 1934. 
‘‘(b) ENTERPRISES.—Each enterprise shall comply 
with sections 14 and 16 of the Securities Exchange Act 
of 1934.’’. 
SEC. 118. LIAISON WITH FINANCIAL INSTITUTIONS EXAM-
INATION COUNCIL. 
Section 1007 of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3306) is 
amended—
(1) in the section heading, by inserting after 
‘‘STATE’’ the following: ‘‘AND FEDERAL HOUSING FI-
NANCE AGENCY’’; and 
(2) by inserting after ‘‘financial institutions’’ 
the following: ‘‘, and one representative of the Fed-
eral Housing Finance Agency,’’. 
SEC. 119. GUARANTEE FEE STUDY. 
(a) IN GENERAL.—The Director of the Federal 
Housing Finance Agency, in consultation with the heads 
of the federal banking agencies, shall, not later than 18 
months after the date of the enactment of this Act, submit 
to the Congress a study concerning the pricing, trans-
parency and reporting of the Federal National Mortgage 
Association, the Federal Home Loan Mortgage Corpora-
tion, and the Federal home loan banks with regard to 
guarantee fees and concerning analogous practices, trans-
parency and reporting requirements (including advances 
pricing practices by the Federal Home Loan Banks) of 
other participants in the business of mortgage purchases 
and securitization. 
(b) FACTORS.—The study required by this section 
shall examine various factors such as credit risk, 
counterparty risk considerations, economic value consider-
ations, and volume considerations used by the regulated 
entities (as such term is defined in section 1303 of the 
Housing and Community Development Act of 1992) in-
cluded in the study in setting the amount of fees they 
charge. 
(c) CONTENTS
OF REPORT.—The report required 
under subsection (a) shall identify and analyze—
(1) the factors used by each enterprise (as such 
term is defined in section 1303 of the Housing and 
Community Development Act of 1992) in deter-
mining the amount of the guarantee fees it charges; 
(2) the total revenue the enterprises earn from 
guarantee fees; 
(3) the total costs incurred by the enterprises 
for providing guarantees;
(4) the average guarantee fee charged by the 
enterprises; 
(5) an analysis of how and why the guarantee 
fees charged differ from such fees charged during 
the previous year; 
(6) a breakdown of the revenue and costs asso-
ciated with providing guarantees, based on product 
type and risk classifications; and 
(7) other relevant information on guarantee 
fees with other participants in the mortgage and 
securitization business. 
(d) PROTECTION OF INFORMATION.—Nothing in this 
section may be construed to require or authorize the Di-
rector of the Federal Housing Finance Agency, in connec-
tion with the study mandated by this section, to disclose 
information of the enterprises or other organization that 
is confidential or proprietary. 
(e) EFFECTIVE DATE.—This section shall take effect 
on the date of the enactment of this Act. 
SEC. 120. CONFORMING AMENDMENTS. 
(a) 1992 ACT.—Part 1 of subtitle A of title XIII of 
the Housing and Community Development Act of 1992 
(12 U.S.C. 4511 et seq.), as amended by the preceding 
provisions of this Act, is further amended—
(1) by striking ‘‘an enterprise’’ each place such 
term appears in such part (except in sections 
1313(a)(2)(A), 
1313A(b)(2)(B)(ii)(I), 
and 
1316(b)(3)) and inserting ‘‘a regulated entity’’; 
(2) by striking ‘‘the enterprise’’ each place such 
term appears in such part (except in section 
1316(b)(3)) and inserting ‘‘the regulated entity’’; 
(3) by striking ‘‘the enterprises’’ each place 
such term appears in such part (except in sections 
1312(c)(2), and 1312(e)(2)) and inserting ‘‘the reg-
ulated entities’’; 
(4) by striking ‘‘each enterprise’’ each place 
such term appears in such part and inserting ‘‘each 
regulated entity’’; 
(5) by striking ‘‘Office’’ each place such term 
appears in such part (except in sections 1311(b)(2), 
1312(b)(5), 1315(b), and 1316(a)(4), (g), and (h), 
1317(c), and 1319A(a)) and inserting ‘‘Agency’’; 
(6) in section 1315 (12 U.S.C. 4515)—
(A) in subsection (a)—
(i) in the subsection heading, by strik-
ing ‘‘OFFICE PERSONNEL’’ and inserting 
‘‘IN GENERAL’’; and
(ii) by striking ‘‘The’’ and inserting 
‘‘Subject to title III of the Federal Hous-
ing Finance Reform Act of 2007, the’’; 
(B) by striking subsections (d) and (f); 
and 
(C) by redesignating subsection (e) as sub-
section (d); 
(7) in section 1319B (12 U.S.C. 4521), by 
striking ‘‘Committee on Banking, Finance and 
Urban Affairs’’ each place such term appears and 
inserting ‘‘Committee on Financial Services’’; and 
(8) in section 1319F (12 U.S.C. 4525), striking 
all that follows ‘‘United States Code’’ and inserting 
‘‘, the Agency shall be considered an agency respon-
sible for the regulation or supervision of financial in-
stitutions.’’. 
(b) AMENDMENTS TO FANNIE MAE CHARTER ACT.—
The Federal National Mortgage Association Charter Act 
(12 U.S.C. 1716 et seq.) is amended—
(1) by striking ‘‘Director of the Office of Fed-
eral Housing Enterprise Oversight of the Depart-
ment of Housing and Urban Development’’ each 
place such term appears, and inserting ‘‘Director of 
the Federal Housing Finance Agency’’, in—
(A) 
section 
303(c)(2) 
(12 
U.S.C. 
1718(c)(2)); 
(B) section 309(d)(3)(B) (12 U.S.C. 
1723a(d)(3)(B)); and 
(C) section 309(k)(1); and 
(2) in section 309—
(A) in subsections (d)(3)(A) and (n)(1), by 
striking ‘‘Banking, Finance and Urban Affairs’’ 
each place such term appears and inserting 
‘‘Financial Services’’; and 
(B) in subsection (m)—
(i) in paragraph (1), by striking ‘‘Sec-
retary’’ the second place such term ap-
pears and inserting ‘‘Director’’; 
(ii) in paragraph (2), by striking 
‘‘Secretary’’ the second place such term 
appears and inserting ‘‘Director’’; and 
(iii) by striking ‘‘Secretary’’ each 
other place such term appears and insert-
ing ‘‘Director of the Federal Housing Fi-
nance Agency’’; and 
(C) in subsection (n), by striking ‘‘Sec-
retary’’ each place such term appears and in-
serting ‘‘Director of the Federal Housing Fi-
nance Agency’’.