256 
agent of a limited-life regulated entity shall 
not— 
‘‘(i) solely by virtue of service in any 
such capacity lose any existing status as an 
officer or employee of the United States for 
purposes of title 5, United States Code, or 
any other provision of law; or 
‘‘(ii) receive any salary or benefits for 
service in any such capacity with respect to 
a limited-life regulated entity in addition to 
such salary or benefits as are obtained 
through employment with the Agency or 
such Federal instrumentality. 
‘‘(13) ADDITIONAL POWERS.—In addition to any 
other powers granted under this subsection, a limited- 
life regulated entity may— 
‘‘(A) extend a maturity date or change in 
an interest rate or other term of outstanding se-
curities; 
‘‘(B) issue securities of the limited-life regu-
lated entity, for cash, for property, for existing 
securities, or in exchange for claims or interests, 
or for any other appropriate purposes; and 
‘‘(C) take any other action not inconsistent 
with this section. 
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257 
‘‘(j) OTHER EXEMPTIONS.—When acting as a receiver, 
the following provisions shall apply with respect to the 
Agency: 
‘‘(1) EXEMPTION FROM TAXATION.—The Agency, 
including its franchise, its capital, reserves, and sur-
plus, and its income, shall be exempt from all tax-
ation imposed by any State, country, municipality, 
or local taxing authority, except that any real prop-
erty of the Agency shall be subject to State, territorial, 
county, municipal, or local taxation to the same ex-
tent according to its value as other real property is 
taxed, except that, notwithstanding the failure of any 
person to challenge an assessment under State law of 
the value of such property, and the tax thereon, shall 
be determined as of the period for which such tax is 
imposed. 
‘‘(2) 
EXEMPTION
FROM
ATTACHMENT
AND 
LIENS.—No property of the Agency shall be subject to 
levy, attachment, garnishment, foreclosure, or sale 
without the consent of the Agency, nor shall any in-
voluntary lien attach to the property of the Agency. 
‘‘(3) EXEMPTION FROM PENALTIES AND FINES.— 
The Agency shall not be liable for any amounts in the 
nature of penalties or fines, including those arising 
from the failure of any person to pay any real prop-
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258 
erty, personal property, probate, or recording tax or 
any recording or filing fees when due. 
‘‘(k) PROHIBITION OF CHARTER REVOCATION.—In no 
case may a receiver appointed pursuant to this section re-
voke, annul, or terminate the charter of a regulated entity.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) HOUSING
AND
COMMUNITY
DEVELOPMENT 
ACT OF 1992.—Subtitle B of title XIII of the Housing 
and Community Development Act of 1992 is amended 
by striking sections 1369 (12 U.S.C. 4619), 1369A 
(12 U.S.C. 4620), and 1369B (12 U.S.C. 4621). 
(2) FEDERAL HOME LOAN BANKS.—Section 25 of 
the Federal Home Loan Bank Act (12 U.S.C. 1445) 
is amended to read as follows: 
‘‘SEC. 25. SUCCESSION OF FEDERAL HOME LOAN BANKS. 
‘‘Each Federal Home Loan Bank shall have succession 
until it is voluntarily merged with another Bank under this 
Act, or until it is merged, reorganized, rehabilitated, liq-
uidated, or otherwise wound up by the Director in accord-
ance with the provisions of section 1367 of the Housing and 
Community Development Act of 1992, or by further Act of 
Congress.’’. 
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259 
SEC. 155. CONFORMING AMENDMENTS. 
Title XIII of the Housing and Community Develop-
ment Act of 1992, as amended by the preceding provisions 
of this Act, is further amended— 
(1) in sections 1365 (12 U.S.C. 4615) through 
1369D (12 U.S.C. 4623), but not including section 
1367 (12 U.S.C. 4617) as amended by section 154 of 
this Act— 
(A) by striking ‘‘An enterprise’’ each place 
such term appears and inserting ‘‘A regulated 
entity’’; 
(B) by striking ‘‘an enterprise’’ each place 
such term appears and inserting ‘‘a regulated 
entity’’; and 
(C) by striking ‘‘the enterprise’’ each place 
such term appears and inserting ‘‘the regulated 
entity’’; 
(2) in section 1366 (12 U.S.C. 4616)— 
(A) in subsection (b)(7), by striking ‘‘section 
1369 (excluding subsection (a)(1) and (2))’’ and 
inserting ‘‘section 1367’’; and 
(B) in subsection (d), by striking ‘‘the en-
terprises’’ and inserting ‘‘the regulated entities’’; 
(3) in section 1368(d) (12 U.S.C. 4618(d)), by 
striking ‘‘Committee on Banking, Finance and Urban 
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260 
Affairs’’ and inserting ‘‘Committee on Financial 
Services’’; 
(4) in section 1369C (12 U.S.C. 4622)— 
(A) in subsection (a)(4), by striking ‘‘activi-
ties (including existing and new programs)’’ and 
inserting ‘‘activities, services, undertakings, and 
offerings (including existing and new products 
(as such term is defined in section 1321(f))’’; 
and 
(B) in subsection (c), by striking ‘‘any en-
terprise’’ and inserting ‘‘any regulated entity’’; 
and 
(5) in subsections (a) and (d) of section 1369D, 
by striking ‘‘section 1366 or 1367 or action under sec-
tion 1369)’’ each place such phrase appears and in-
serting ‘‘section 1367)’’. 
Subtitle D—Enforcement Actions 
SEC. 161. CEASE-AND-DESIST PROCEEDINGS. 
Section 1371 of the Housing and Community Develop-
ment Act of 1992 (12 U.S.C. 4631) is amended— 
(1) by striking subsections (a) and (b) and in-
serting the following new subsections: 
‘‘(a) ISSUANCE FOR UNSAFE OR UNSOUND PRACTICES 
AND VIOLATIONS OF RULES OR LAWS.—If, in the opinion 
of the Director, a regulated entity or any regulated entity- 
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261 
affiliated party is engaging or has engaged, or the Director 
has reasonable cause to believe that the regulated entity or 
any regulated entity-affiliated party is about to engage, in 
an unsafe or unsound practice in conducting the business 
of the regulated entity or is violating or has violated, or 
the Director has reasonable cause to believe that the regu-
lated entity or any regulated entity-affiliated party is about 
to violate, a law, rule, or regulation, or any condition im-
posed in writing by the Director in connection with the 
granting of any application or other request by the regu-
lated entity or any written agreement entered into with the 
Director, the Director may issue and serve upon the regu-
lated entity or such party a notice of charges in respect 
thereof. The Director may not, pursuant to this section, en-
force compliance with any housing goal established under 
subpart B of part 2 of subtitle A of this title, with section 
1336 or 1337 of this title, with subsection (m) or (n) of 
section 309 of the Federal National Mortgage Association 
Charter Act (12 U.S.C. 1723a(m), (n)), with subsection (e) 
or (f) of section 307 of the Federal Home Loan Mortgage 
Corporation Act (12 U.S.C. 1456(e), (f)), or with paragraph 
(5) of section 10(j) of the Federal Home Loan Bank Act 
(12 U.S.C. 1430(j)). 
‘‘(b) ISSUANCE FOR UNSATISFACTORY RATING.—If a 
regulated entity receives, in its most recent report of exam-
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262 
ination, a less-than-satisfactory rating for asset quality, 
management, earnings, or liquidity, the Director may (if 
the deficiency is not corrected) deem the regulated entity 
to be engaging in an unsafe or unsound practice for pur-
poses of this subsection.’’; 
(2) in subsection (c)(2), by striking ‘‘enterprise, 
executive officer, or director’’ and inserting ‘‘regulated 
entity or regulated entity-affiliated party’’; and 
(3) in subsection (d)— 
(A) in the matter preceding paragraph (1), 
by striking ‘‘enterprise, executive officer, or di-
rector’’ and inserting ‘‘regulated entity or regu-
lated entity-affiliated party’’; 
(B) in paragraph (1)— 
(i) by striking ‘‘an executive officer or 
a director’’ and inserting ‘‘a regulated enti-
ty affiliated party’’; and 
(ii) by inserting ‘‘(including reim-
bursement of compensation under section 
1318)’’ after ‘‘reimbursement’’; 
(C) in paragraph (6), by striking ‘‘and’’ at 
the end; 
(D) by redesignating paragraph (7) as 
paragraph (8); and 
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263 
(E) by inserting after paragraph (6) the fol-
lowing new paragraph: 
‘‘(7) to effect an attachment on a regulated enti-
ty or regulated entity-affiliated party subject to an 
order under this section or section 1372; and’’. 
SEC. 162. TEMPORARY CEASE-AND-DESIST PROCEEDINGS. 
Section 1372 of the Housing and Community Develop-
ment Act of 1992 (12 U.S.C. 4632) is amended— 
(1) by striking subsection (a) and inserting the 
following new subsection: 
‘‘(a) GROUNDS FOR ISSUANCE.—Whenever the Direc-
tor determines that the violation or threatened violation or 
the unsafe or unsound practice or practices specified in the 
notice of charges served upon the regulated entity or any 
regulated entity-affiliated party pursuant to section 
1371(a), or the continuation thereof, is likely to cause insol-
vency or significant dissipation of assets or earnings of the 
regulated entity, or is likely to weaken the condition of the 
regulated entity prior to the completion of the proceedings 
conducted pursuant to sections 1371 and 1373, the Director 
may issue a temporary order requiring the regulated entity 
or such party to cease and desist from any such violation 
or practice and to take affirmative action to prevent or rem-
edy such insolvency, dissipation, condition, or prejudice 
pending completion of such proceedings. Such order may 
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