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not specified in this subsection, if the Director takes 
any action described in paragraph (1), the Director 
may classify a regulated entity— 
‘‘(A) as undercapitalized, if the regulated 
entity is otherwise classified as adequately cap-
italized; 
‘‘(B) as significantly undercapitalized, if 
the regulated entity is otherwise classified as 
undercapitalized; and 
‘‘(C) as critically undercapitalized, if the 
regulated entity is otherwise classified as signifi-
cantly undercapitalized.’’; and 
(5) by inserting after subsection (d) (as so redes-
ignated by paragraph (3) of this subsection), the fol-
lowing new subsection: 
‘‘(e) RESTRICTION ON CAPITAL DISTRIBUTIONS.— 
‘‘(1) IN
GENERAL.—A regulated entity shall 
make no capital distribution if, after making the dis-
tribution, the regulated entity would be undercapital-
ized. 
‘‘(2) EXCEPTION.—Notwithstanding paragraph 
(1), the Director may permit a regulated entity, to 
the extent appropriate or applicable, to repurchase, 
redeem, retire, or otherwise acquire shares or owner-
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ship interests if the repurchase, redemption, retire-
ment, or other acquisition— 
‘‘(A) is made in connection with the 
issuance of additional shares or obligations of the 
regulated entity in at least an equivalent 
amount; and 
‘‘(B) will reduce the financial obligations of 
the regulated entity or otherwise improve the fi-
nancial condition of the entity.’’. 
(b) REGULATIONS.—Not later than the expiration of 
the 180-day period beginning on the date of enactment of 
this Act, the Director of the Federal Housing Finance Agen-
cy shall issue regulations to carry out section 1364(b) of 
the Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992 (as added by this section), relating 
to capital classifications for the Federal Home Loan Banks. 
SEC. 1143. SUPERVISORY ACTIONS APPLICABLE TO UNDER-
CAPITALIZED REGULATED ENTITIES. 
Section 1365 of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 (12 U.S.C. 4615) 
is amended— 
(1) by striking ‘‘the enterprise’’ each place that 
term appears and inserting ‘‘the regulated entity’’; 
(2) by striking ‘‘An enterprise’’ each place that 
term appears and inserting ‘‘A regulated entity’’;
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(3) by striking ‘‘an enterprise’’ each place that 
term appears and inserting ‘‘a regulated entity’’; 
(4) in subsection (a)— 
(A) by redesignating paragraphs (1) and 
(2) as paragraphs (2) and (3), respectively; 
(B) by inserting before paragraph (2), as 
redesignated, the following: 
‘‘(1) REQUIRED
MONITORING.—The Director 
shall— 
‘‘(A) closely monitor the condition of any 
undercapitalized regulated entity; 
‘‘(B) closely monitor compliance with the 
capital restoration plan, restrictions, and re-
quirements imposed on an undercapitalized reg-
ulated entity under this section; and 
‘‘(C) periodically review the plan, restric-
tions, and requirements applicable to an under-
capitalized regulated entity to determine whether 
the plan, restrictions, and requirements are 
achieving the purpose of this section.’’; and 
(C) by adding at the end the following: 
‘‘(4) RESTRICTION
OF
ASSET
GROWTH.—An 
undercapitalized regulated entity shall not permit its 
average total assets during any calendar quarter to
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exceed its average total assets during the preceding 
calendar quarter, unless— 
‘‘(A) the Director has accepted the capital 
restoration plan of the regulated entity; 
‘‘(B) any increase in total assets is con-
sistent with the capital restoration plan; and 
‘‘(C) the ratio of tangible equity to assets of 
the regulated entity increases during the cal-
endar quarter at a rate sufficient to enable the 
regulated entity to become adequately capitalized 
within a reasonable time. 
‘‘(5) PRIOR
APPROVAL
OF
ACQUISITIONS
AND 
NEW ACTIVITIES.—An undercapitalized regulated en-
tity shall not, directly or indirectly, acquire any in-
terest in any entity or engage in any new activity, 
unless— 
‘‘(A) the Director has accepted the capital 
restoration plan of the regulated entity, the regu-
lated entity is implementing the plan, and the 
Director determines that the proposed action is 
consistent with and will further the achievement 
of the plan; or 
‘‘(B) the Director determines that the pro-
posed action will further the purpose of this sub-
title.’’;
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(5) in subsection (b)— 
(A) in the subsection heading, by striking 
‘‘DISCRETIONARY’’; 
(B) in the matter preceding paragraph (1), 
by striking ‘‘may’’ and inserting ‘‘shall’’; and 
(C) in paragraph (2)— 
(i) by striking ‘‘make, in good faith, 
reasonable efforts necessary to’’; and 
(ii) by striking the period at the end 
and inserting ‘‘in any material respect.’’; 
and 
(6) by striking subsection (c) and inserting the 
following: 
‘‘(c) OTHER DISCRETIONARY SAFEGUARDS.—The Di-
rector may take, with respect to an undercapitalized regu-
lated entity, any of the actions authorized to be taken under 
section 1366 with respect to a significantly undercapital-
ized regulated entity, if the Director determines that such 
actions are necessary to carry out the purpose of this sub-
title.’’.
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SEC. 1144. SUPERVISORY ACTIONS APPLICABLE TO SIGNIFI-
CANTLY UNDERCAPITALIZED REGULATED EN-
TITIES. 
Section 1366 of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 (12 U.S.C. 4616) 
is amended— 
(1) in subsection (a)(2), by striking ‘‘under-
capitalized enterprise’’ and inserting ‘‘undercapital-
ized’’; 
(2) by striking ‘‘the enterprise’’ each place that 
term appears and inserting ‘‘the regulated entity’’; 
(3) by striking ‘‘An enterprise’’ each place that 
term appears and inserting ‘‘A regulated entity’’; 
(4) by striking ‘‘an enterprise’’ each place that 
term appears and inserting ‘‘a regulated entity’’; 
(5) in subsection (b)— 
(A) in the subsection heading, by striking 
‘‘DISCRETIONARY SUPERVISORY’’ and inserting 
‘‘SPECIFIC’’; 
(B) in the matter preceding paragraph (1), 
by striking ‘‘may, at any time, take any’’ and 
inserting ‘‘shall carry out this section by taking, 
at any time, 1 or more’’; 
(C) by striking paragraph (6); 
(D) by redesignating paragraph (5) as 
paragraph (6);
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(E) by inserting after paragraph (4) the fol-
lowing: 
‘‘(5) IMPROVEMENT OF MANAGEMENT.—Take 1 
or more of the following actions: 
‘‘(A) NEW ELECTION OF BOARD.—Order a 
new election for the board of directors of the reg-
ulated entity. 
‘‘(B) DISMISSAL OF DIRECTORS OR EXECU-
TIVE OFFICERS.—Require the regulated entity to 
dismiss from office any director or executive offi-
cer who had held office for more than 180 days 
immediately before the date on which the regu-
lated entity became undercapitalized. Dismissal 
under this subparagraph shall not be construed 
to be a removal pursuant to the enforcement 
powers of the Director under section 1377. 
‘‘(C) EMPLOY QUALIFIED EXECUTIVE OFFI-
CERS.—Require the regulated entity to employ 
qualified executive officers (who, if the Director 
so specifies, shall be subject to approval by the 
Director).’’; and 
(F) by adding at the end the following: 
‘‘(7) OTHER ACTION.—Require the regulated en-
tity to take any other action that the Director deter-
mines will better carry out the purpose of this section
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than any of the other actions specified in this sub-
section.’’; and 
(6) by striking subsection (c) and inserting the 
following: 
‘‘(c) RESTRICTION ON COMPENSATION OF EXECUTIVE 
OFFICERS.—A regulated entity that is classified as signifi-
cantly undercapitalized in accordance with section 1364 
may not, without prior written approval by the Director— 
‘‘(1) pay any bonus to any executive officer; or 
‘‘(2) provide compensation to any executive offi-
cer at a rate exceeding the average rate of compensa-
tion of that officer (excluding bonuses, stock options, 
and profit sharing) during the 12 calendar months 
preceding the calendar month in which the regulated 
entity became significantly undercapitalized.’’. 
SEC. 1145. AUTHORITY OVER CRITICALLY UNDERCAPITAL-
IZED REGULATED ENTITIES. 
(a) IN GENERAL.—Section 1367 of the Federal Hous-
ing Enterprises Financial Safety and Soundness Act of 
1992 (12 U.S.C. 4617) is amended to read as follows: 
‘‘SEC. 1367. AUTHORITY OVER CRITICALLY UNDERCAPITAL-
IZED REGULATED ENTITIES. 
‘‘(a) APPOINTMENT OF THE AGENCY AS CONSERVATOR 
OR RECEIVER.—
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‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of Federal or State law, the Director may 
appoint the Agency as conservator or receiver for a 
regulated entity in the manner provided under para-
graph (2) or (4). All references to the conservator or 
receiver under this section are references to the Agen-
cy acting as conservator or receiver. 
‘‘(2) DISCRETIONARY APPOINTMENT.—The Agen-
cy may, at the discretion of the Director, be ap-
pointed conservator or receiver for the purpose of re-
organizing, rehabilitating, or winding up the affairs 
of a regulated entity. 
‘‘(3) GROUNDS
FOR
DISCRETIONARY
APPOINT-
MENT OF CONSERVATOR OR RECEIVER.—The grounds 
for appointing conservator or receiver for any regu-
lated entity under paragraph (2) are as follows: 
‘‘(A) ASSETS
INSUFFICIENT
FOR
OBLIGA-
TIONS.—The assets of the regulated entity are 
less than the obligations of the regulated entity 
to its creditors and others. 
‘‘(B) SUBSTANTIAL DISSIPATION.—Substan-
tial dissipation of assets or earnings due to— 
‘‘(i) any violation of any provision of 
Federal or State law; or 
‘‘(ii) any unsafe or unsound practice.
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‘‘(C) UNSAFE OR UNSOUND CONDITION.—An 
unsafe or unsound condition to transact busi-
ness. 
‘‘(D) CEASE
AND
DESIST
ORDERS.—Any 
willful violation of a cease and desist order that 
has become final. 
‘‘(E) CONCEALMENT.—Any concealment of 
the books, papers, records, or assets of the regu-
lated entity, or any refusal to submit the books, 
papers, records, or affairs of the regulated entity, 
for inspection to any examiner or to any lawful 
agent of the Director. 
‘‘(F) INABILITY TO MEET OBLIGATIONS.— 
The regulated entity is likely to be unable to pay 
its obligations or meet the demands of its credi-
tors in the normal course of business. 
‘‘(G) LOSSES.—The regulated entity has in-
curred or is likely to incur losses that will de-
plete all or substantially all of its capital, and 
there is no reasonable prospect for the regulated 
entity to become adequately capitalized (as de-
fined in section 1364(a)(1)). 
‘‘(H) VIOLATIONS OF LAW.—Any violation 
of any law or regulation, or any unsafe or un-
sound practice or condition that is likely to—
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‘‘(i) cause insolvency or substantial 
dissipation of assets or earnings; or 
‘‘(ii) weaken the condition of the regu-
lated entity. 
‘‘(I) CONSENT.—The regulated entity, by 
resolution of its board of directors or its share-
holders or members, consents to the appointment. 
‘‘(J) 
UNDERCAPITALIZATION.—The 
regu-
lated entity is undercapitalized or significantly 
undercapitalized 
(as 
defined 
in 
section 
1364(a)(3)), and— 
‘‘(i) has no reasonable prospect of be-
coming adequately capitalized; 
‘‘(ii) fails to become adequately cap-
italized, as required by— 
‘‘(I) section 1365(a)(1) with re-
spect to a regulated entity; or 
‘‘(II) section 1366(a)(1) with re-
spect to a significantly undercapital-
ized regulated entity; 
‘‘(iii) fails to submit a capital restora-
tion plan acceptable to the Agency within 
the time prescribed under section 1369C; or
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‘‘(iv) materially fails to implement a 
capital restoration plan submitted and ac-
cepted under section 1369C. 
‘‘(K) CRITICAL
UNDERCAPITALIZATION.— 
The regulated entity is critically undercapital-
ized, as defined in section 1364(a)(4). 
‘‘(L) MONEY
LAUNDERING.—The Attorney 
General notifies the Director in writing that the 
regulated entity has been found guilty of a 
criminal offense under section 1956 or 1957 of 
title 18, United States Code, or section 5322 or 
5324 of title 31, United States Code. 
‘‘(4) MANDATORY RECEIVERSHIP.— 
‘‘(A) IN GENERAL.—The Director shall ap-
point the Agency as receiver for a regulated enti-
ty if the Director determines, in writing, that— 
‘‘(i) the assets of the regulated entity 
are, and during the preceding 60 calendar 
days have been, less than the obligations of 
the regulated entity to its creditors and oth-
ers; or 
‘‘(ii) the regulated entity is not, and 
during the preceding 60 calendar days has 
not been, generally paying the debts of the 
regulated entity (other than debts that are
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•HR 3221 EAH2 
the subject of a bona fide dispute) as such 
debts become due. 
‘‘(B) PERIODIC DETERMINATION REQUIRED 
FOR
CRITICALLY
UNDERCAPITALIZED
REGU-
LATED ENTITY.—If a regulated entity is criti-
cally undercapitalized, the Director shall make a 
determination, in writing, as to whether the reg-
ulated entity meets the criteria specified in 
clause (i) or (ii) of subparagraph (A)— 
‘‘(i) not later than 30 calendar days 
after the regulated entity initially becomes 
critically undercapitalized; and 
‘‘(ii) at least once during each suc-
ceeding 30-calendar day period. 
‘‘(C) DETERMINATION
NOT
REQUIRED
IF 
RECEIVERSHIP
ALREADY
IN
PLACE.—Subpara-
graph (B) does not apply with respect to a regu-
lated entity in any period during which the 
Agency serves as receiver for the regulated entity. 
‘‘(D) RECEIVERSHIP
TERMINATES
CON-
SERVATORSHIP.—The appointment of the Agency 
as receiver of a regulated entity under this sec-
tion shall immediately terminate any con-
servatorship established for the regulated entity 
under this title.
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‘‘(5) JUDICIAL REVIEW.— 
‘‘(A) IN GENERAL.—If the Agency is ap-
pointed conservator or receiver under this sec-
tion, the regulated entity may, within 30 days of 
such appointment, bring an action in the United 
States district court for the judicial district in 
which the home office of such regulated entity is 
located, or in the United States District Court 
for the District of Columbia, for an order requir-
ing the Agency to remove itself as conservator or 
receiver. 
‘‘(B) REVIEW.—Upon the filing of an ac-
tion under subparagraph (A), the court shall, 
upon the merits, dismiss such action or direct 
the Agency to remove itself as such conservator 
or receiver. 
‘‘(6) DIRECTORS NOT LIABLE FOR ACQUIESCING 
IN APPOINTMENT OF CONSERVATOR OR RECEIVER.— 
The members of the board of directors of a regulated 
entity shall not be liable to the shareholders or credi-
tors of the regulated entity for acquiescing in or con-
senting in good faith to the appointment of the Agen-
cy as conservator or receiver for that regulated entity. 
‘‘(7) AGENCY NOT SUBJECT TO ANY OTHER FED-
ERAL AGENCY.—When acting as conservator or re-
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•HR 3221 EAH2 
ceiver, the Agency shall not be subject to the direction 
or supervision of any other agency of the United 
States or any State in the exercise of the rights, pow-
ers, and privileges of the Agency. 
‘‘(b) POWERS AND DUTIES OF THE AGENCY AS CON-
SERVATOR OR RECEIVER.— 
‘‘(1) RULEMAKING
AUTHORITY
OF
THE
AGEN-
CY.—The Agency may prescribe such regulations as 
the Agency determines to be appropriate regarding 
the conduct of conservatorships or receiverships. 
‘‘(2) GENERAL POWERS.— 
‘‘(A) SUCCESSOR TO REGULATED ENTITY.— 
The Agency shall, as conservator or receiver, and 
by operation of law, immediately succeed to— 
‘‘(i) all rights, titles, powers, and 
privileges of the regulated entity, and of 
any stockholder, officer, or director of such 
regulated entity with respect to the regu-
lated entity and the assets of the regulated 
entity; and 
‘‘(ii) title to the books, records, and as-
sets of any other legal custodian of such reg-
ulated entity. 
‘‘(B) OPERATE THE REGULATED ENTITY.— 
The Agency may, as conservator or receiver—
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•HR 3221 EAH2 
‘‘(i) take over the assets of and operate 
the regulated entity with all the powers of 
the shareholders, the directors, and the offi-
cers of the regulated entity and conduct all 
business of the regulated entity; 
‘‘(ii) collect all obligations and money 
due the regulated entity; 
‘‘(iii) perform all functions of the regu-
lated entity in the name of the regulated en-
tity which are consistent with the appoint-
ment as conservator or receiver; 
‘‘(iv) preserve and conserve the assets 
and property of the regulated entity; and 
‘‘(v) provide by contract for assistance 
in fulfilling any function, activity, action, 
or duty of the Agency as conservator or re-
ceiver. 
‘‘(C) FUNCTIONS OF OFFICERS, DIRECTORS, 
AND
SHAREHOLDERS
OF
A
REGULATED
ENTI-
TY.—The Agency may, by regulation or order, 
provide for the exercise of any function by any 
stockholder, director, or officer of any regulated 
entity for which the Agency has been named con-
servator or receiver.
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•HR 3221 EAH2 
‘‘(ii) PAYMENTS TO LESS THAN FULLY 
SECURED
CREDITORS.—In the case of a 
claim of a creditor against a regulated enti-
ty which is secured by any property or 
other asset of such regulated entity, the re-
ceiver— 
‘‘(I) may treat the portion of such 
claim which exceeds an amount equal 
to the fair market value of such prop-
erty or other asset as an unsecured 
claim against the regulated entity; and 
‘‘(II) may not make any payment 
with respect to such unsecured portion 
of the claim, other than in connection 
with the disposition of all claims of 
unsecured creditors of the regulated en-
tity. 
‘‘(iii) EXCEPTIONS.—No provision of 
this paragraph shall apply with respect 
to— 
‘‘(I) any extension of credit from 
any Federal Reserve Bank, Federal 
Home Loan Bank, or the United States 
Treasury; or
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•HR 3221 EAH2 
‘‘(II) any security interest in the 
assets of the regulated entity securing 
any such extension of credit. 
‘‘(E) NO JUDICIAL REVIEW OF DETERMINA-
TION
PURSUANT
TO
SUBPARAGRAPH
(D).—No 
court may review the determination of the Agen-
cy under subparagraph (D) to disallow a claim. 
‘‘(F) LEGAL EFFECT OF FILING.— 
‘‘(i) 
STATUTE
OF
LIMITATION 
TOLLED.—For purposes of any applicable 
statute of limitations, the filing of a claim 
with the receiver shall constitute a com-
mencement of an action. 
‘‘(ii) NO
PREJUDICE
TO
OTHER
AC-
TIONS.—Subject to paragraph (10), the fil-
ing of a claim with the receiver shall not 
prejudice any right of the claimant to con-
tinue any action which was filed before the 
date of the appointment of the receiver, sub-
ject to the determination of claims by the 
receiver. 
‘‘(6) PROVISION FOR JUDICIAL DETERMINATION 
OF CLAIMS.— 
‘‘(A) IN GENERAL.—The claimant may file 
suit on a claim (or continue an action com-
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•HR 3221 EAH2 
menced before the appointment of the receiver) in 
the district or territorial court of the United 
States for the district within which the principal 
place of business of the regulated entity is located 
or the United States District Court for the Dis-
trict of Columbia (and such court shall have ju-
risdiction to hear such claim), before the end of 
the 60-day period beginning on the earlier of— 
‘‘(i) the end of the period described in 
paragraph (5)(A)(i) with respect to any 
claim against a regulated entity for which 
the Agency is receiver; or 
‘‘(ii) the date of any notice of disallow-
ance of such claim pursuant to paragraph 
(5)(A)(i). 
‘‘(B) STATUTE OF LIMITATIONS.—A claim 
shall be deemed to be disallowed (other than any 
portion of such claim which was allowed by the 
receiver), and such disallowance shall be final, 
and the claimant shall have no further rights or 
remedies with respect to such claim, if the claim-
ant fails, before the end of the 60-day period de-
scribed under subparagraph (A), to file suit on 
such claim (or continue an action commenced be-
fore the appointment of the receiver).
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•HR 3221 EAH2 
‘‘(7) REVIEW OF CLAIMS.— 
‘‘(A) OTHER REVIEW PROCEDURES.— 
‘‘(i) IN GENERAL.—The Agency shall 
establish such alternative dispute resolution 
processes as may be appropriate for the res-
olution of claims filed under paragraph 
(5)(A)(i). 
‘‘(ii) CRITERIA.—In establishing alter-
native dispute resolution processes, the 
Agency shall strive for procedures which are 
expeditious, fair, independent, and low cost. 
‘‘(iii) VOLUNTARY
BINDING
OR
NON-
BINDING
PROCEDURES.—The Agency may 
establish both binding and nonbinding proc-
esses under this subparagraph, which may 
be conducted by any government or private 
party. All parties, including the claimant 
and the Agency, must agree to the use of the 
process in a particular case. 
‘‘(B) CONSIDERATION OF INCENTIVES.—The 
Agency shall seek to develop incentives for claim-
ants to participate in the alternative dispute res-
olution process. 
‘‘(8) EXPEDITED DETERMINATION OF CLAIMS.—
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•HR 3221 EAH2 
‘‘(A) 
ESTABLISHMENT
REQUIRED.—The 
Agency shall establish a procedure for expedited 
relief outside of the routine claims process estab-
lished under paragraph (5) for claimants who— 
‘‘(i) allege the existence of legally valid 
and enforceable or perfected security inter-
ests in assets of any regulated entity for 
which the Agency has been appointed re-
ceiver; and 
‘‘(ii) allege that irreparable injury will 
occur if the routine claims procedure is fol-
lowed. 
‘‘(B) DETERMINATION PERIOD.—Before the 
end of the 90-day period beginning on the date 
on which any claim is filed in accordance with 
the procedures established under subparagraph 
(A), the Director shall— 
‘‘(i) determine— 
‘‘(I) whether to allow or disallow 
such claim; or 
‘‘(II) whether such claim should 
be determined pursuant to the proce-
dures established under paragraph (5); 
and
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•HR 3221 EAH2 
‘‘(ii) notify the claimant of the deter-
mination, and if the claim is disallowed, 
provide a statement of each reason for the 
disallowance and the procedure for obtain-
ing agency review or judicial determina-
tion. 
‘‘(C) PERIOD
FOR
FILING
OR
RENEWING 
SUIT.—Any claimant who files a request for ex-
pedited relief shall be permitted to file a suit, or 
to continue a suit filed before the date of ap-
pointment of the receiver, seeking a determina-
tion of the rights of the claimant with respect to 
such security interest after the earlier of— 
‘‘(i) the end of the 90-day period begin-
ning on the date of the filing of a request 
for expedited relief; or 
‘‘(ii) the date on which the Agency de-
nies the claim. 
‘‘(D) STATUTE OF LIMITATIONS.—If an ac-
tion described under subparagraph (C) is not 
filed, or the motion to renew a previously filed 
suit is not made, before the end of the 30-day pe-
riod beginning on the date on which such action 
or motion may be filed under subparagraph (B), 
the claim shall be deemed to be disallowed as of
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•HR 3221 EAH2 
‘‘(16) ATTACHMENT OF ASSETS AND OTHER IN-
JUNCTIVE RELIEF.—Subject to paragraph (17), any 
court of competent jurisdiction may, at the request of 
the conservator or receiver, issue an order in accord-
ance with rule 65 of the Federal Rules of Civil Proce-
dure, including an order placing the assets of any 
person designated by the conservator or receiver under 
the control of the court, and appointing a trustee to 
hold such assets. 
‘‘(17) STANDARDS OF PROOF.—Rule 65 of the 
Federal Rules of Civil Procedure shall apply with re-
spect to any proceeding under paragraph (16) with-
out regard to the requirement of such rule that the ap-
plicant show that the injury, loss, or damage is irrep-
arable and immediate. 
‘‘(18) TREATMENT
OF
CLAIMS
ARISING
FROM 
BREACH OF CONTRACTS EXECUTED BY THE CONSER-
VATOR OR RECEIVER.— 
‘‘(A) IN
GENERAL.—Notwithstanding any 
other provision of this subsection, any final and 
unappealable judgment for monetary damages 
entered against the conservator or receiver for the 
breach of an agreement executed or approved in 
writing by the conservator or receiver after the 
date of its appointment, shall be paid as an ad-