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SEC. 103. FEDERAL HOUSING ENTERPRISE BOARD. 
(a) IN GENERAL.—Title XIII of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4501 et 
seq.) is amended by inserting after section 1313A, as 
added by section 102 of this Act, the following new sec-
tion: 
‘‘SEC. 1313B. FEDERAL HOUSING ENTERPRISE BOARD. 
‘‘(a) IN GENERAL.—There is established the Federal 
Housing Enterprise Board, which shall advise the Director 
with respect to overall strategies and policies in carrying 
out the duties of the Director under this title. 
‘‘(b) LIMITATIONS.—The Board may not exercise any 
executive authority, and the Director may not delegate to 
the Board any of the functions, powers, or duties of the 
Director. 
‘‘(c) COMPOSITION.—The Board shall be comprised 
of 3 members, of whom— 
‘‘(1) one member shall be the Secretary of the 
Treasury; 
‘‘(2) one member shall be the Secretary of 
Housing and Urban Development; and 
‘‘(3) one member shall be the Director, who 
shall serve as the Chairperson of the Board. 
‘‘(d) MEETINGS.— 
‘‘(1) IN GENERAL.—The Board shall meet upon 
notice by the Director, but in no event shall the 
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Board meet less frequently than once every 3 
months. 
‘‘(2) SPECIAL MEETINGS.—Either the Secretary 
of the Treasury or the Secretary of Housing and 
Urban Development may, upon giving written notice 
to the Director, require a special meeting of the 
Board. 
‘‘(e) TESTIMONY.—On an annual basis, the Board 
shall testify before Congress regarding— 
‘‘(1) the safety and soundness of the regulated 
entities; 
‘‘(2) any material deficiencies in the conduct of 
the operations of the regulated entities; 
‘‘(3) the overall operational status of the regu-
lated entities; 
‘‘(4) an evaluation of the performance of the 
regulated entities in carrying out their respective 
missions; 
‘‘(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.’’. 
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(b) ANNUAL REPORT OF THE DIRECTOR.—Section 
1319B(a) of the Housing and Community Development 
Act of 1992 (12 U.S.C. 4521 (a)) is amended— 
(1) in paragraph (3), by striking ‘‘and’’ at the 
end; and 
(2) by striking paragraph (4) and inserting the 
following new paragraphs: 
‘‘(4) an 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 mis-
sions; 
‘‘(5) operations, resources, and performance of 
the Agency; 
‘‘(6) a description of the demographic makeup 
of the workforce of the Agency and the actions taken 
pursuant to section 1319A(b) to provide for diversity 
in the workforce; and 
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‘‘(7) such other matters relating to the Agency 
and its fulfillment of its mission.’’. 
SEC. 104. AUTHORITY TO REQUIRE REPORTS BY REGU-
LATED ENTITIES. 
Section 1314 of the Housing and Community Devel-
opment Act of 1992 (12 U.S.C. 4514) is amended— 
(1) in the section heading, by striking ‘‘ENTER-
PRISES’’ and inserting ‘‘REGULATED ENTITIES’’; 
(2) in subsection (a)— 
(A) in the subsection heading, by striking 
‘‘SPECIAL REPORTS AND REPORTS OF FINAN-
CIAL
CONDITION’’ and inserting ‘‘REGULAR 
AND SPECIAL REPORTS’’; 
(B) in paragraph (1)— 
(i) in the paragraph heading, by strik-
ing ‘‘FINANCIAL CONDITION’’ and inserting 
‘‘REGULAR REPORTS’’; and 
(ii) by striking ‘‘reports of financial 
condition and operations’’ and inserting 
‘‘regular reports on the condition (includ-
ing financial condition), management, ac-
tivities, or operations of the regulated enti-
ty, as the Director considers appropriate’’; 
and 
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(C) in paragraph (2), after ‘‘submit special 
reports’’ insert ‘‘on any of the topics specified 
in paragraph (1) or such other topics’’; and 
(3) by adding at the end the following new sub-
section: 
‘‘(c) REPORTS OF FRAUDULENT FINANCIAL TRANS-
ACTIONS.— 
‘‘(1) REQUIREMENT TO REPORT.—The Director 
shall require a regulated entity to submit to the Di-
rector a timely report upon discovery by the regu-
lated entity that it has purchased or sold a fraudu-
lent loan or financial instrument or suspects a pos-
sible fraud relating to a purchase or sale of any loan 
or financial instrument. The Director shall require 
the regulated entities to establish and maintain pro-
cedures designed to discover any such transactions. 
‘‘(2) PROTECTION
FROM
LIABILITY
FOR
RE-
PORTS.— 
‘‘(A) IN GENERAL.—If a regulated entity 
makes a report pursuant to paragraph (1), or 
a regulated entity-affiliated party makes, or re-
quires another to make, such a report, and such 
report is made in a good faith effort to comply 
with the requirements of paragraph (1), such 
regulated entity or regulated entity-affiliated 
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party shall not be liable to any person under 
any law or regulation of the United States, any 
constitution, law, or regulation of any State or 
political subdivision of any State, or under any 
contract or other legally enforceable agreement 
(including any arbitration agreement), for such 
report or for any failure to provide notice of 
such report to the person who is the subject of 
such report or any other person identified in 
the report. 
‘‘(B) RULE OF CONSTRUCTION.—Subpara-
graph (A) shall not be construed as creating— 
‘‘(i) any inference that the term ‘per-
son’, as used in such subparagraph, may 
be construed more broadly than its ordi-
nary usage so as to include any govern-
ment or agency of government; or 
‘‘(ii) any immunity against, or other-
wise affecting, any civil or criminal action 
brought by any government or agency of 
government to enforce any constitution, 
law, or regulation of such government or 
agency.’’. 
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