‘‘(3) DIRECTOR DETERMINATION OF APPLICA-
BLE PROCEDURE.— 
‘‘(A) TIMING.—Immediately upon receipt 
of any notice under paragraph (2) regarding a 
new business activity, the Director shall under-
take a determination under subparagraph (B) 
of this paragraph regarding the business activ-
ity. 
‘‘(B) DETERMINATION
AND
TREATMENT 
AS NEW PROGRAM.—If the Director determines 
that any new business activity consists of, re-
lates to, or involves any new program— 
‘‘(i) the Director shall notify the en-
terprise of the determination; 
‘‘(ii) the new business activity de-
scribed in the notice shall be considered a 
new program for purposes of this section; 
and 
‘‘(iii) the Director shall prohibit the 
enterprise from carrying out the activity 
except to the extent that approval for the 
activity is obtained pursuant to subsection 
(b). 
‘‘(4) COMMENCEMENT.—An enterprise may 
commence a new business activity—
‘‘(A) if the Director issues a written ap-
proval regarding such business activity, imme-
diately upon such issuance or at such other 
time as provided by the Director in such letter; 
or 
‘‘(B) if, during the 30-day period begin-
ning upon receipt by the Director of notice pur-
suant to paragraph (2) regarding a new busi-
ness activity, the Director has not issued to the 
enterprise a written approval or denial of the 
new business activity, upon the expiration of 
such 30-day period. 
‘‘(d) APPROVAL AND CONDITIONAL APPROVAL.—The 
Director may at any time conditionally approve the under-
taking of a particular new program or business activity 
by an enterprise and set forth the terms and conditions 
that apply to the program or activity with which the enter-
prise shall comply if it undertakes the new program or 
activity. Such approval may, in the discretion of the Direc-
tor, be in the form of a written agreement between the 
enterprise and the Director and shall be subject to such 
terms and conditions therein. Such a written agreement 
or conditional approval shall be enforceable under subtitle 
C. 
‘‘(e) EFFECT ON OTHER AUTHORITIES.—
‘‘(1) EXAMINATIONS.—Nothing in this section 
may be construed to limit, in any manner, any other 
authority or right the Director may have under 
other provisions of law to conduct an examination of 
an enterprise. 
‘‘(2) REQUESTS FOR INFORMATION.—Nothing 
in this section may be construed to limit the right 
of the Director at any time to request additional in-
formation from an enterprise concerning any busi-
ness activity. 
‘‘(3) NO IMPLIED RIGHT OF ACTION.—This sec-
tion shall not create any private right of action 
against an enterprise or any director or executive of-
ficer of an enterprise, or impair any private right of 
action under other applicable law. 
‘‘(4) NO LIMITATION.—Nothing in this section 
may be construed to restrict the general supervisory 
and regulatory authority of the Director over all pro-
grams, products, activities, or business operations of 
any kind. 
‘‘(f) REPORT ON PROGRAMS AND BUSINESS ACTIVI-
TIES.—Not later than the expiration of the 180-day period 
beginning on the effective date under section 184 of the 
Federal Housing Finance Reform Act of 2005, each enter-
prise shall submit to the Director a report identifying and
describing each program and business activity of the en-
terprise engaged in or existing as of the submission of the 
report. 
‘‘(g) REGULATIONS.—The Director shall by order or 
regulation issue rules and procedures to implement this 
section, including in the discretion of the Director, such 
definitions, interpretations, forms, and other guidances as 
the Director considers appropriate.’’. 
(b) DEFINITIONS.—Section 1303 of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4502), 
as amended by section 2 of this Act, is further amended—
(1) by redesignating paragraphs (16) through 
(22) as paragraphs (19) through (25), respectively; 
(2) by inserting after paragraph (15) the fol-
lowing new paragraph: 
‘‘(18) NEW
BUSINESS
ACTIVITY.—The term 
‘new business activity’ means, with respect to an en-
terprise, any business activity of the enterprise 
that—
‘‘(A) the enterprise was not engaging in on 
the effective date under section 184 of the Fed-
eral Housing Finance Reform Act of 2005; and 
‘‘(B) that the enterprise is not authorized, 
pursuant to the provisions of section 1321(c),
to offer, undertake, transact, conduct, or en-
gage in.’’; 
(3) by redesignating paragraphs (14) and (15) 
as paragraphs (16) and (17), respectively; 
(4) by inserting after paragraph (13) the fol-
lowing new paragraph: 
‘‘(15) MORTGAGE MARKETS.—The terms ‘pri-
mary mortgage market’ and ‘secondary mortgage 
market’ shall have such meanings as the Director 
shall, by regulation, prescribe consistent with the 
Federal National Mortgage Association Charter Act 
and the Federal Home Loan Mortgage Corporation 
Act. The Director shall issue such regulations not 
later than the expiration of the 6-month period be-
ginning on the effective date under section 184 of 
the Federal Housing Finance Reform Act of 2005.’’; 
(5) by redesignating paragraphs (5) through 
(13) as paragraphs (6) through (14), respectively; 
and 
(6) by inserting after paragraph (4) the fol-
lowing new paragraph: 
‘‘(5) BUSINESS ACTIVITY.—The term ‘business 
activity’ means, with respect to an enterprise any of-
fering, undertaking, transacting, conducting, or en-