‘‘(B) UNDERCAPITALIZED.—The Corpora-
tion shall be classified as undercapitalized if the
capital of the Corporation does not equal or ex-
ceed the required capital level, but does equal
or exceed 50 percent of the required capital
level.
‘‘(C) 
SIGNIFICANTLY
UNDERCAPITAL-
IZED.—The Corporation shall be classified as
significantly undercapitalized if the capital of
the Corporation does not equal or exceed 50
percent of the required capital level.
‘‘(4) QUARTERLY
DETERMINATION.—The Di-
rector shall determine the capital classification of
the Corporation not less frequently than once every
calendar quarter.
‘‘(b) CAPITAL RESTORATION PLANS.—
‘‘(1) REQUIREMENT.—If the Corporation is
classified as undercapitalized or significantly under-
capitalized, the Corporation shall submit to the Di-
rector a capital restoration plan that complies with
this subsection and carry out the plan unless it is
disapproved. The plan shall be submitted to the Di-
rector within 45 days from the date of notification,
or if the Director determines that an extension is
necessary, within such additional time as the Direc-
tor so determines.
‘‘(2) CONTENTS.—Each capital restoration plan
submitted under this section shall set forth a fea-
sible plan for raising or restoring the capital of the
Corporation to an amount not less than the required
capital level for the Corporation. Each capital res-
toration plan shall—
‘‘(A) specify the level of capital the Cor-
poration shall achieve and maintain;
‘‘(B) describe the actions that the Corpora-
tion shall take to become classified as ade-
quately capitalized;
‘‘(C) establish a schedule for completing
the actions set forth in the plan; and
‘‘(D) specify the types and levels of activi-
ties (including existing and new business activi-
ties) in which the Corporation shall engage dur-
ing the term of the plan.
‘‘SEC. 1394. ENFORCEMENT.
‘‘(a) GROUNDS.—The Director may take actions
under subsection (b) only if—
‘‘(1) the Corporation is significantly under-
capitalized;
‘‘(2) the Corporation is undercapitalized and—
‘‘(A) does not submit a capital restoration
plan that is substantially in compliance with
section 1393(b) within the applicable period, or
the Director disapproves the capital restoration
plan submitted by the Corporation; or
‘‘(B) has failed to make, in good faith, rea-
sonable efforts necessary to comply with the
capital restoration plan; or
‘‘(3) the Corporation is engaging or has en-
gaged, or the Director has reasonable cause to be-
lieve that the Corporation is about to engage in—
‘‘(A) any conduct that is likely to threaten
the adequacy of the capital of the Corporation;
‘‘(B) any failure to comply with any writ-
ten agreement entered into by the Corporation
with the Director; or
‘‘(C) any failure to comply with any re-
quest by the Director for a report, data, or in-
formation under section 1392(b).
‘‘(b) ACTIONS.—The Director may, under this sub-
section require the Corporation—
‘‘(1) to cease and desist from any conduct or
activity that is described in subsection (a)(2) and
(3), or that contributes to the condition described in
subsection (a)(1); and
‘‘(2) to take corrective or remedial action, in-
cluding—
‘‘(A) restricting the growth of, or contract-
ing, any category of assets or liabilities;
‘‘(B) reducing, modifying, or terminating
any activity that the Director determines cre-
ates excessive risk to the Corporation;
‘‘(C) terminating agreements or contracts;
‘‘(D) engaging or employing qualified em-
ployees (who may be subject to approval by the
Director at the direction of the Director); or
‘‘(E) submitting to the Director for review
and approval a detailed and complete operating
plan.
‘‘(c) REPORTS.—If the Director is authorized under
subsection (a) to take action under subsection (b) and de-
termines not to take any such action, the Director shall
prepare a report detailing the basis of the Director’s deci-
sion not to take such action and shall, within 30 days of
the decision, submit the report to the President, the Direc-
tor of the Office of Management and Budget, the Comp-
troller General of the United States, the Committee on
Banking and Financial Services of the House of Rep-
resentatives, and the Committee on Banking, Housing,
and Urban Affairs of the Senate.
‘‘SEC. 1395. REIMBURSEMENT OF COSTS.
‘‘(a) ASSESSMENT AND COLLECTION.—The Director
shall assess and collect from the Corporation such
amounts determined by the Director as necessary to reim-
burse the Office of Federal Housing Enterprise Oversight
for the reasonable costs and expenses of the activities un-
dertaken by such Office to carry out the duties of the Di-
rector under this subtitle, including the costs of examina-
tion, enforcement, and oversight expenses.
‘‘(b) REQUIREMENTS.—Annual assessments imposed
by the Director shall be—
‘‘(1) imposed prior to October 1 of each year;
‘‘(2) collected at such time or times during each
assessment year as determined necessary or appro-
priate by the Director;
‘‘(3) deposited into the Federal Housing Enter-
prise Fund established by section 1316(f); and
‘‘(4) available, to the extent provided in appro-
priation Acts, for carrying out the responsibilities of
the Director under this subtitle.’’.
(b) CLERICAL AMENDMENT.—The table of contents
in section 1(b) of the Housing and Community Develop-
ment Act of 1992 (Public Law 102–550; 106 Stat. 3679)
is amended—