298 
(A) in section 1317(f), by striking ‘‘section 
1379B’’ and inserting ‘‘section 1379D’’; 
(B) in section 1373(a)— 
(i) in paragraph (1), by striking ‘‘or 
1376(c)’’ and inserting ‘‘, 1376(c), or 
1377’’; 
(ii) in paragraph (2), by inserting ‘‘or 
1377’’ after’’ 1371’’; and 
(iii) in paragraph (4), by inserting 
‘‘or removal or prohibition’’ after ‘‘cease 
and desist’’; and 
(C) in section 1374(a)— 
(i) by striking ‘‘or 1376’’ and inserting 
‘‘1313B, 1376, or 1377’’; and 
(ii) by striking ‘‘such section’’ and in-
serting ‘‘this title’’. 
(2) FANNIE MAE CHARTER ACT.—Section 308(b) 
of the Federal National Mortgage Association Charter 
Act (12 U.S.C. 1723(b)) is amended in the second 
sentence, by striking ‘‘The’’ and inserting ‘‘Except to 
the extent that action under section 1377 of the Fed-
eral Housing Enterprises Financial Safety and 
Soundness Act of 1992 temporarily results in a lesser 
number, the’’.
299 
(3) FREDDIE
MAC
CHARTER
ACT.—Section 
303(a)(2)(A) of the Federal Home Loan Mortgage 
Corporation Act (12 U.S.C. 1452(a)(2)(A)) is amend-
ed, in the second sentence, by striking ‘‘The’’ and in-
serting ‘‘Except to the extent action under section 
1377 of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 temporarily results 
in a lesser number, the’’. 
SEC. 1154. ENFORCEMENT AND JURISDICTION. 
Section 1375 of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 (12 U.S.C. 4635) 
is amended— 
(1) by striking subsection (a) and inserting the 
following new subsection: 
‘‘(a) ENFORCEMENT.—The Director may, in the dis-
cretion of the Director, apply to the United States District 
Court for the District of Columbia, or the United States 
district court within the jurisdiction of which the head-
quarters of the regulated entity is located, for the enforce-
ment of any effective and outstanding notice or order issued 
under this subtitle or subtitle B, or request that the Attorney 
General of the United States bring such an action. Such 
court shall have jurisdiction and power to order and require 
compliance with such notice or order.’’; and
300 
(2) in subsection (b), by striking ‘‘or 1376’’ and 
inserting ‘‘1313B, 1376, or 1377’’. 
SEC. 1155. CIVIL MONEY PENALTIES. 
Section 1376 of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 (12 U.S.C. 4636) 
is amended— 
(1) by striking subsection (a) and inserting the 
following: 
‘‘(a) IN GENERAL.—The Director may impose a civil 
money penalty in accordance with this section on any regu-
lated entity or any entity-affiliated party. The Director 
shall not impose a civil penalty in accordance with this 
section on any regulated entity or any entity-affiliated 
party for any violation that is addressed under section 
1345(a).’’; 
(2) by striking subsection (b) and inserting the 
following: 
‘‘(b) AMOUNT OF PENALTY.— 
‘‘(1) FIRST TIER.—A regulated entity or entity- 
affiliated party shall forfeit and pay a civil penalty 
of not more than $10,000 for each day during which 
a violation continues, if such regulated entity or 
party— 
‘‘(A) violates any provision of this title, the 
authorizing statutes, or any order, condition,
301 
rule, or regulation under this title or any au-
thorizing statute; 
‘‘(B) violates any final or temporary order 
or notice issued pursuant to this title; 
‘‘(C) violates any condition imposed in 
writing by the Director in connection with the 
grant of any application or other request by such 
regulated entity; or 
‘‘(D) violates any written agreement be-
tween the regulated entity and the Director. 
‘‘(2) SECOND TIER.—Notwithstanding paragraph 
(1), a regulated entity or entity-affiliated party shall 
forfeit and pay a civil penalty of not more than 
$50,000 for each day during which a violation, prac-
tice, or breach continues, if— 
‘‘(A) the regulated entity or entity-affiliated 
party, respectively— 
‘‘(i) commits any violation described 
in any subparagraph of paragraph (1); 
‘‘(ii) recklessly engages in an unsafe or 
unsound practice in conducting the affairs 
of the regulated entity; or 
‘‘(iii) breaches any fiduciary duty; and 
‘‘(B) the violation, practice, or breach— 
‘‘(i) is part of a pattern of misconduct;
302 
‘‘(ii) causes or is likely to cause more 
than a minimal loss to the regulated entity; 
or 
‘‘(iii) results in pecuniary gain or 
other benefit to such party. 
‘‘(3) THIRD TIER.—Notwithstanding paragraphs 
(1) and (2), any regulated entity or entity-affiliated 
party shall forfeit and pay a civil penalty in an 
amount not to exceed the applicable maximum 
amount determined under paragraph (4) for each day 
during which such violation, practice, or breach con-
tinues, if such regulated entity or entity-affiliated 
party— 
‘‘(A) knowingly— 
‘‘(i) commits any violation described 
in any subparagraph of paragraph (1); 
‘‘(ii) engages in any unsafe or unsound 
practice in conducting the affairs of the reg-
ulated entity; or 
‘‘(iii) breaches any fiduciary duty; and 
‘‘(B) knowingly or recklessly causes a sub-
stantial loss to the regulated entity or a substan-
tial pecuniary gain or other benefit to such 
party by reason of such violation, practice, or 
breach.
306 
(1) by striking ‘‘2-year’’ and inserting ‘‘6-year’’; 
(2) by striking ‘‘a director or executive officer of 
an enterprise’’ and inserting ‘‘an entity-affiliated 
party’’; 
(3) by striking ‘‘director or officer’’ each place 
that term appears and inserting ‘‘entity-affiliated 
party’’; and 
(4) by striking ‘‘enterprise.’’ and inserting ‘‘reg-
ulated entity.’’. 
SEC. 1158. SUBPOENA AUTHORITY. 
(a) IN GENERAL.—Section 1379B of the Federal Hous-
ing Enterprises Financial Safety and Soundness Act of 
1992 (12 U.S.C. 4641) is amended— 
(1) in subsection (a)— 
(A) in the matter preceding paragraph 
(1)— 
(i) by striking ‘‘administrative’’; 
(ii) by inserting ‘‘, examination, or in-
vestigation’’ after ‘‘proceeding’’; 
(iii) by striking ‘‘subtitle’’ and insert-
ing ‘‘title’’; and 
(iv) by inserting ‘‘or any designated 
representative thereof, including any person 
designated to conduct any hearing under 
this subtitle’’ after ‘‘Director’’; and
307 
(B) in paragraph (4), by striking ‘‘issued 
by the Director’’; 
(2) in subsection (b), by inserting ‘‘or in any 
territory or other place subject to the jurisdiction of 
the United States’’ after ‘‘State’’; 
(3) by striking subsection (c) and inserting the 
following: 
‘‘(c) ENFORCEMENT.— 
‘‘(1) IN GENERAL.—The Director, or any party 
to proceedings under this subtitle, may apply to the 
United States District Court for the District of Co-
lumbia, or the United States district court for the ju-
dicial district of the United States in any territory 
in which such proceeding is being conducted, or where 
the witness resides or carries on business, for enforce-
ment of any subpoena or subpoena duces tecum issued 
pursuant to this section. 
‘‘(2) POWER OF COURT.—The courts described 
under paragraph (1) shall have the jurisdiction and 
power to order and require compliance with any sub-
poena issued under paragraph (1).’’; 
(4) in subsection (d), by inserting ‘‘enterprise-af-
filiated party’’ before ‘‘may allow’’; and 
(5) by adding at the end the following:
308 
‘‘(e) PENALTIES.—A person shall be guilty of a mis-
demeanor, 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 1 year, or both, if that person willfully 
fails or refuses, in disobedience of a subpoena issued under 
subsection (c), to— 
‘‘(1) attend court; 
‘‘(2) testify in court; 
‘‘(3) answer any lawful inquiry; or 
‘‘(4) produce books, papers, correspondence, con-
tracts, agreements, or such other records as requested 
in the subpoena.’’. 
Subtitle E—General Provisions 
SEC. 1161. CONFORMING AND TECHNICAL AMENDMENTS. 
(a) AMENDMENTS TO 1992 ACT.—The Federal Hous-
ing Enterprises Financial Safety and Soundness Act of 
1992 (12 U.S.C. 4501 et seq.), as amended by this Act, is 
amended— 
(1) in section 1315 (12 U.S.C. 4515)— 
(A) in subsection (a)— 
(i) by striking ‘‘(a) OFFICE
PER-
SONNEL.—The’’ and inserting ‘‘(a) IN GEN-
ERAL.—Subject to title III of the Federal 
Housing Finance Regulatory Reform Act of 
2008, the’’; and
309 
(ii) by striking ‘‘the Office’’ each place 
that term appears and inserting ‘‘the Agen-
cy’’; 
(B) in subsection (c), by striking ‘‘the Of-
fice’’ and inserting ‘‘the Agency’’; 
(C) in subsection (e), by striking ‘‘the Of-
fice’’ and inserting ‘‘the Agency’’; 
(D) by striking subsection (d) and redesig-
nating subsection (e) as subsection (d); and 
(E) by striking subsection (f); 
(2) in section 1319A (12 U.S.C. 4520)— 
(A) by striking ‘‘(a) IN GENERAL.—’’; and 
(B) by striking subsection (b); 
(3) in section 1364(c) (12 U.S.C. 4614(c)), by 
striking the last sentence; 
(4) by striking section 1383 (12 U.S.C. 1451 
note); 
(5) in each of sections 1319D, 1319E, and 1319F 
(12 U.S.C. 4523, 4524, 4525) by striking ‘‘the Office’’ 
each place that term appears and inserting ‘‘the 
Agency’’; and 
(6) in each of sections 1319B and 1369(a)(3) (12 
U.S.C. 4521, 4619(a)(3)), by striking ‘‘Committee on 
Banking, Finance and Urban Affairs’’ each place
310 
such term appears and inserting ‘‘Committee on Fi-
nancial Services’’. 
(b) AMENDMENTS TO FANNIE MAE CHARTER ACT.— 
The Federal National Mortgage Association Charter Act (12 
U.S.C. 1716 et seq.) is amended— 
(1) in each of sections 303(c)(2) (12 U.S.C. 
1718(c)(2)), 309(d)(3)(B) (12 U.S.C. 1723a(d)(3)(B)), 
and 309(k)(1) (12 U.S.C. 1723a(k)(1)), by striking 
‘‘Director of the Office of Federal Housing Enterprise 
Oversight of the Department of Housing and Urban 
Development’’ each place that term appears, and in-
serting ‘‘Director of the Federal Housing Finance 
Agency’’; and 
(2) in section 309— 
(A) 
in 
subsection 
(m) 
(12 
U.S.C. 
1723a(m))— 
(i) in paragraph (1), by striking ‘‘to 
the Secretary, in a form determined by the 
Secretary’’ and inserting ‘‘to the Director of 
the Federal Housing Finance Agency, in a 
form determined by the Director’’; and 
(ii) in paragraph (2), by striking ‘‘to 
the Secretary, in a form determined by the 
Secretary’’ and inserting ‘‘to the Director of
311 
the Federal Housing Finance Agency, in a 
form determined by the Director’’; 
(B) 
in 
subsection 
(n) 
(12 
U.S.C. 
1723a(n))— 
(i) in paragraph (1), by striking ‘‘and 
the Secretary’’ and inserting ‘‘and the Di-
rector of the Federal Housing Finance 
Agency’’; and 
(ii) in paragraph (2), by striking 
‘‘Secretary’’ each place that term appears 
and inserting ‘‘Director of the Federal 
Housing Finance Agency’’; and 
(C) in paragraph (3)(B), by striking ‘‘Sec-
retary’’ and inserting ‘‘Director of the Federal 
Housing Finance Agency’’. 
(c) AMENDMENTS TO FREDDIE MAC CHARTER ACT.— 
The Federal Home Loan Mortgage Corporation Act (12 
U.S.C. 1451 et seq.) is amended— 
(1) in each of sections 303(b)(2) (12 U.S.C. 
1452(b)(2)), 303(h)(2) (12 U.S.C. 1452(h)(2)), and 
section 307(c)(1) (12 U.S.C. 1456(c)(1)), by striking 
‘‘Director of the Office of Federal Housing Enterprise 
Oversight of the Department of Housing and Urban 
Development’’ each place that term appears, and in-
312 
serting ‘‘Director of the Federal Housing Finance 
Agency’’; 
(2) in section 306 (12 U.S.C. 1455)— 
(A) in subsection (c)(2), by inserting ‘‘the’’ 
after ‘‘Secretary of’’; 
(B) in subsection (i)— 
(i) by striking ‘‘section 1316(c)’’ and 
inserting ‘‘section 306(c)’’; and 
(ii) by striking ‘‘section 106’’ and in-
serting ‘‘section 1316’’; and 
(C) in subsection (j)(2), by striking ‘‘of sub-
stantially’’ and inserting ‘‘or substantially’’; and 
(3) in section 307 (12 U.S.C. 1456)— 
(A) in subsection (e)— 
(i) in paragraph (1), by striking ‘‘to 
the Secretary, in a form determined by the 
Secretary’’ and inserting ‘‘to the Director of 
the Federal Housing Finance Agency, in a 
form determined by the Director’’; and 
(ii) in paragraph (2), by striking ‘‘to 
the Secretary, in a form determined by the 
Secretary’’ and inserting ‘‘to the Director of 
the Federal Housing Finance Agency, in a 
form determined by the Director’’; and 
(B) in subsection (f)—
313 
(i) in paragraph (1), by striking ‘‘and 
the Secretary’’ and inserting ‘‘and the Di-
rector of the Federal Housing Finance 
Agency’’; 
(ii) in paragraph (2), by striking ‘‘the 
Secretary’’ each place that term appears 
and inserting ‘‘the Director of the Federal 
Housing Finance Agency’’; and 
(iii) in paragraph (3)(B), by striking 
‘‘Secretary’’ and inserting ‘‘Director of the 
Federal Housing Finance Agency’’. 
(d) AMENDMENT
TO TITLE 18, UNITED STATES 
CODE.—Section 1905 of title 18, United States Code, is 
amended by striking ‘‘Office of Federal Housing Enterprise 
Oversight’’ and inserting ‘‘Federal Housing Finance Agen-
cy’’. 
(e) AMENDMENTS TO FLOOD DISASTER PROTECTION 
ACT OF 1973.—Section 102(f)(3)(A) of the Flood Disaster 
Protection Act of 1973 (42 U.S.C. 4012a(f)(3)(A)) is 
amended by striking ‘‘Director of the Office of Federal 
Housing Enterprise Oversight of the Department of Hous-
ing and Urban Development’’ and inserting ‘‘Director of 
the Federal Housing Finance Agency’’. 
(f) AMENDMENT TO DEPARTMENT OF HOUSING AND 
URBAN DEVELOPMENT ACT.—Section 5 of the Department
314 
of Housing and Urban Development Act (42 U.S.C. 3534) 
is amended by striking subsection (d). 
(g) AMENDMENTS
TO TITLE 5, UNITED STATES 
CODE.—Title 5, United States Code, is amended— 
(1) in section 5313, by striking the item relating 
to the Director of the Office of Federal Housing En-
terprise Oversight, Department of Housing and 
Urban Development and inserting the following new 
item: 
‘‘Director of the Federal Housing Finance Agen-
cy.’’; and 
(2) in section 3132(a)(1)— 
(A) in subparagraph (B), by striking ‘‘,, 
and’’ and inserting ‘‘, and’’; 
(B) in subparagraph (D)— 
(i) by striking ‘‘the Federal Housing 
Finance Board’’; 
(ii) by striking ‘‘the Office of Federal 
Housing Enterprise Oversight of the De-
partment of Housing and Urban Develop-
ment’’ and inserting ‘‘the Federal Housing 
Finance Agency’’; and 
(iii) by striking ‘‘or or’’ at the end;
315 
(C) in subparagraph (E), as added by sec-
tion 8(d)(1)(B)(iii) of Public Law 107–123, by 
adding ‘‘or’’ at the end; and 
(D) by redesignating subparagraph (E), as 
added by section 10702(c)(1)(C) of Public Law 
107–171, as subparagraph (F). 
(h) AMENDMENT TO SARBANES-OXLEY ACT.—Section 
105(b)(5)(B)(ii)(II) of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7215(b)(5)(B)(ii)(II)) is amended by inserting ‘‘and 
the Director of the Federal Housing Finance Agency,’’ after 
‘‘Commission,’’. 
(i) AMENDMENT TO FEDERAL DEPOSIT INSURANCE 
ACT.—Section 11(t)(2)(A) of the Federal Deposit Insurance 
Act (12 U.S.C. 1821(t)(2)(A)) is amended by adding at the 
end the following: 
‘‘(vii) Federal Housing Finance Agen-
cy.’’. 
SEC. 1162. PRESIDENTIALLY-APPOINTED DIRECTORS OF 
ENTERPRISES. 
(a) FANNIE MAE.— 
(1) IN GENERAL.—Section 308(b) of the Federal 
National Mortgage Association Charter Act (12 
U.S.C. 1723(b)) is amended— 
(A) in the first sentence, by striking ‘‘eight-
een persons, five of whom shall be appointed an-
317 
(i) in the first sentence, by striking 
‘‘18 persons, 5 of whom shall be appointed 
annually by the President of the United 
States and the remainder of whom’’ and in-
serting ‘‘13 persons, or such other number 
as the Director determines appropriate, 
who’’; and 
(ii) in the second sentence, by striking 
‘‘appointed by the President of the United 
States’’; 
(B) in subparagraph (B)— 
(i) by striking ‘‘such or’’; and 
(ii) by striking ‘‘, except that any ap-
pointed member may be removed from office 
by the President for good cause’’; and 
(C) in subparagraph (C)— 
(i) by striking the first sentence; and 
(ii) by striking ‘‘elective’’. 
(2) TRANSITIONAL PROVISION.—The amendments 
made by paragraph (1) shall not apply to any ap-
pointed position of the board of directors of the Fed-
eral Home Loan Mortgage Corporation until the expi-
ration of the annual term for such position during 
which the effective date under section 1163 occurs.
318 
SEC. 1163. EFFECTIVE DATE. 
Except as otherwise specifically provided in this title, 
this title and the amendments made by this title shall take 
effect on, and shall apply beginning on, the date of enact-
ment of this Act. 
TITLE II—FEDERAL HOME LOAN 
BANKS 
SEC. 1201. RECOGNITION OF DISTINCTIONS BETWEEN THE 
ENTERPRISES 
AND 
THE 
FEDERAL 
HOME 
LOAN BANKS. 
Section 1313 of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 (12 U.S.C. 4513) 
is amended by adding at the end the following: 
‘‘(f) RECOGNITION OF DISTINCTIONS BETWEEN THE 
ENTERPRISES AND THE FEDERAL HOME LOAN BANKS.— 
Prior to promulgating any regulation or taking any other 
formal or informal agency action of general applicability 
relating to the Federal Home Loan Banks, including the 
issuance of an advisory document or examination guidance, 
the Director shall consider the differences between the Fed-
eral Home Loan Banks and the enterprises with respect 
to— 
‘‘(1) the Banks’— 
‘‘(A) cooperative ownership structure; 
‘‘(B) the mission of providing liquidity to 
members;
319 
‘‘(C) affordable housing and community de-
velopment mission; 
‘‘(D) capital structure; and 
‘‘(E) joint and several liability; and 
‘‘(2) any other differences that the Director con-
siders appropriate.’’. 
SEC. 1202. DIRECTORS. 
Section 7 of the Federal Home Loan Bank Act (12 
U.S.C. 1427) is amended— 
(1) by striking subsection (a) and inserting the 
following: 
‘‘(a) NUMBER; ELECTION; QUALIFICATIONS; CON-
FLICTS OF INTEREST.— 
‘‘(1) IN GENERAL.—Subject to paragraphs (2) 
through (4), the management of each Federal Home 
Loan Bank shall be vested in a board of 13 directors, 
or such other number as the Director determines ap-
propriate. 
‘‘(2) BOARD MAKEUP.—The board of directors of 
each Bank shall be comprised of— 
‘‘(A) member directors, who shall comprise 
at least the majority of the members of the board 
of directors; and
320 
‘‘(B) independent directors, who shall com-
prise not fewer than 2⁄5 of the members of the 
board of directors. 
‘‘(3) SELECTION CRITERIA.— 
‘‘(A) IN
GENERAL.—Each member of the 
board of directors shall be— 
‘‘(i) elected by plurality vote of the 
members, in accordance with procedures es-
tablished under this section; and 
‘‘(ii) a citizen of the United States. 
‘‘(B) INDEPENDENT DIRECTOR CRITERIA.— 
‘‘(i) IN GENERAL.—Each independent 
director that is not a public interest direc-
tor under clause (ii) shall have dem-
onstrated knowledge of, or experience in, fi-
nancial management, auditing and ac-
counting, risk management practices, de-
rivatives, project development, or organiza-
tional management, or such other knowledge 
or expertise as the Director may provide by 
regulation. 
‘‘(ii) PUBLIC
INTEREST.—Not fewer 
than 2 of the independent directors shall 
have more than 4 years of experience in 
representing consumer or community inter-
321 
ests on banking services, credit needs, hous-
ing, or financial consumer protections. 
‘‘(iii) CONFLICTS
OF
INTEREST.—No 
independent director may, during the term 
of service on the board of directors, serve as 
an officer of any Federal Home Loan Bank 
or as a director, officer, or employee of any 
member of a Bank, or of any person that re-
ceives advances from a Bank. 
‘‘(4) DEFINITIONS.—For purposes of this section, 
the following definitions shall apply: 
‘‘(A) INDEPENDENT DIRECTOR.—The terms 
‘independent director’ and ‘independent director-
ship’ mean a member of the board of directors of 
a Federal Home Loan Bank who is a bona fide 
resident of the district in which the Federal 
Home Loan Bank is located, or the directorship 
held by such a person, respectively. 
‘‘(B) 
MEMBER
DIRECTOR.—The 
terms 
‘member director’ and ‘member directorship’ 
mean a member of the board of directors of a 
Federal Home Loan Bank who is an officer or 
director of a member institution that is located 
in the district in which the Federal Home Loan
345 
(2) by adding at the end the following: 
‘‘(k) PUBLIC USE DATABASE.— 
‘‘(1) DATA.—Each Federal Home Loan Bank 
shall provide to the Director, in a form determined by 
the Director, census tract level data relating to mort-
gages purchased, if any, including— 
‘‘(A) data consistent with that reported 
under section 1323 of the Federal Housing En-
terprises Financial Safety and Soundness Act of 
1992; 
‘‘(B) data elements required to be reported 
under the Home Mortgage Disclosure Act of 
1975; and 
‘‘(C) any other data elements that the Di-
rector considers appropriate. 
‘‘(2) PUBLIC USE DATABASE.— 
‘‘(A) IN
GENERAL.—The Director shall 
make available to the public, in a form that is 
useful to the public (including forms accessible 
electronically), and to the extent practicable, the 
data provided to the Director under paragraph 
(1). 
‘‘(B) 
PROPRIETARY
INFORMATION.—Not 
withstanding subparagraph (A), the Director 
may not provide public access to, or disclose to