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(1) in subsection (a), by striking ‘‘enterprise’’ 
each place that term appears and inserting ‘‘regulated 
entity’’; 
(2) in subsection (b)— 
(A) by inserting ‘‘of a regulated entity’’ 
after ‘‘under this section’’; and 
(B) by striking ‘‘to determine the condition 
of an enterprise for the purpose of ensuring its 
financial safety and soundness’’ and inserting 
‘‘or appropriate’’; 
(3) in subsection (c), in the second sentence, by 
inserting before the period ‘‘to conduct examinations 
under this section’’; 
(4) by redesignating subsections (d) through (f) 
as subsections (e) through (g), respectively; and 
(5) by inserting after subsection (c) the fol-
lowing: 
‘‘(d) INSPECTOR GENERAL.—There shall be within the 
Agency an Inspector General, who shall be appointed in 
accordance with section 3(a) of the Inspector General Act 
of 1978.’’. 
(b) DIRECT HIRE AUTHORITY TO HIRE ACCOUNT-
ANTS, ECONOMISTS, AND EXAMINERS.—Section 1317 of the 
Federal Housing Enterprises Financial Safety and Sound-
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ness Act of 1992 (12 U.S.C. 4517) is amended by adding 
at the end the following: 
‘‘(h) APPOINTMENT OF ACCOUNTANTS, ECONOMISTS, 
AND EXAMINERS.— 
‘‘(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
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(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.’’.
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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)—
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(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
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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
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practices that enable the Director to evaluate the fi-
nancial condition of the regulated entity; and 
‘‘(11) such other operational and management 
standards as the Director determines to be appro-
priate. 
‘‘(b) FAILURE TO MEET STANDARDS.— 
‘‘(1) PLAN REQUIREMENT.— 
‘‘(A) IN GENERAL.—If the Director deter-
mines that a regulated entity fails to meet any 
standard established under subsection (a)— 
‘‘(i) if such standard is established by 
regulation, the Director shall require the 
regulated entity to submit an acceptable 
plan to the Director within the time allowed 
under subparagraph (C); and 
‘‘(ii) if such standard is established by 
guideline, the Director may require the reg-
ulated entity to submit a plan described in 
clause (i). 
‘‘(B) CONTENTS.—Any plan required under 
subparagraph (A) shall specify the actions that 
the regulated entity will take to correct the defi-
ciency. If the regulated entity is undercapital-
ized, the plan may be a part of the capital res-
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toration plan for the regulated entity under sec-
tion 1369C. 
‘‘(C) DEADLINES FOR SUBMISSION AND RE-
VIEW.—The Director shall by regulation establish 
deadlines that— 
‘‘(i) provide the regulated entities with 
reasonable time to submit plans required 
under subparagraph (A), and generally re-
quire a regulated entity to submit a plan 
not later than 30 days after the Director de-
termines that the entity fails to meet any 
standard established under subsection (a); 
and 
‘‘(ii) require the Director to act on 
plans expeditiously, and generally not later 
than 30 days after the plan is submitted. 
‘‘(2) REQUIRED ORDER UPON FAILURE TO SUB-
MIT OR IMPLEMENT PLAN.—If a regulated entity fails 
to submit an acceptable plan within the time allowed 
under paragraph (1)(C), or fails in any material re-
spect to implement a plan accepted by the Director, 
the following shall apply: 
‘‘(A) REQUIRED
CORRECTION
OF
DEFI-
CIENCY.—The Director shall, by order, require 
the regulated entity to correct the deficiency.
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‘‘(B) OTHER
AUTHORITY.—The Director 
may, by order, take one or more of the following 
actions until the deficiency is corrected: 
‘‘(i) Prohibit the regulated entity from 
permitting its average total assets (as such 
term is defined in section 1316(b)) during 
any calendar quarter to exceed its average 
total assets during the preceding calendar 
quarter, or restrict the rate at which the av-
erage total assets of the entity may increase 
from one calendar quarter to another. 
‘‘(ii) Require the regulated entity— 
‘‘(I) in the case of an enterprise, 
to increase its ratio of core capital to 
assets. 
‘‘(II) in the case of a Federal 
Home Loan Bank, to increase its ratio 
of total capital (as such term is defined 
in section 6(a)(5) of the Federal Home 
Loan Bank Act (12 U.S.C. 1426(a)(5)) 
to assets. 
‘‘(iii) Require the regulated entity to 
take any other action that the Director de-
termines will better carry out the purposes
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of this section than any of the actions de-
scribed in this subparagraph. 
‘‘(3) MANDATORY RESTRICTIONS.—In complying 
with paragraph (2), the Director shall take one or 
more of the actions described in clauses (i) through 
(iii) of paragraph (2)(B) if— 
‘‘(A) the Director determines that the regu-
lated entity fails to meet any standard pre-
scribed under subsection (a); 
‘‘(B) the regulated entity has not corrected 
the deficiency; and 
‘‘(C) during the 18-month period before the 
date on which the regulated entity first failed to 
meet the standard, the entity underwent extraor-
dinary growth, as defined by the Director. 
‘‘(c) OTHER ENFORCEMENT AUTHORITY NOT AF-
FECTED.—The authority of the Director under this section 
is in addition to any other authority of the Director.’’. 
SEC. 1109. REVIEW OF AND AUTHORITY OVER ENTERPRISE 
ASSETS AND LIABILITIES. 
(a) IN GENERAL.—Subtitle B of the Federal Housing 
Enterprises Financial Safety and Soundness Act of 1992 
(12 U.S.C. 4611 et seq.) is amended— 
(1) by striking the subtitle designation and head-
ing and inserting the following: