175 
tion, standard, rule, process, or procedure re-
quired to be developed by this subtitle if the 
Utility determines review or revision to be nec-
essary or appropriate to satisfy the goals of this 
subtitle. 
(B) APPLICATION OF REVISIONS.—Any re-
visions made pursuant to subparagraph (A) 
shall apply only to securitizations made after 
the date of such revision. 
(m) EFFECT OF CONFLICT.—In the event a defini-
tion, standard, rule, process, or procedure established by 
the Utility is in conflict with any definition, standard, rule, 
process, or procedure established by another Federal de-
partment or agency, the Director shall consult with the 
other Federal department or agency, and provide prompt 
written notification to the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate and the Committee 
on Financial Services of the House of Representatives, of 
the conflict. 
(n) PUBLIC INVOLVEMENT.—In developing defini-
tions, standards, rules, processes, and procedures required 
by this subtitle, the Utility shall work with market partici-
pants, including servicers, originators, and mortgage in-
vestors, and develop methods for gathering information 
and comment from such groups. 
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SEC. 323. LIABILITY FOR MISLEADING STATEMENTS. 
(a) IN GENERAL.—Any person who shall make or 
cause to be made any statement in any application, report, 
or document filed with the Agency or Utility pursuant to 
any provisions of this subtitle, or any rule, regulation, or 
order thereunder, which statement was at the time and 
in light of the circumstances under which it was made 
false or misleading with respect to any material fact, or 
who shall omit to state any material fact required to be 
stated therein or necessary to make the statements therein 
not misleading, shall be liable to any person (not knowing 
that such statement was false or misleading or of such 
omission) who, in reliance upon such statement or omis-
sion, shall have purchased or sold a qualified security 
issued under the indenture to which such application, re-
port, or document relates, for damages caused by such re-
liance, unless the person sued shall prove that such person 
acted in good faith and had no knowledge that such state-
ment was false or misleading or of such omission. A per-
son seeking to enforce such liability may sue at law or 
in equity in any court of competent jurisdiction. In any 
such suit the court may, in its discretion, require an un-
dertaking for the payment of the costs of such suit and 
assess reasonable costs, including reasonable attorneys’ 
fees, against either party litigant, having due regard for 
the merits and good faith of the suit or defense. No action 
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177 
shall be maintained to enforce any liability created under 
this section unless brought within one year after the dis-
covery of the facts constituting the cause of action and 
within three years after such cause of action accrued. 
(b) RIGHTS AND REMEDIES UNDER OTHER LAWS.— 
The rights and remedies provided by this part shall be 
in addition to any and all other rights and remedies that 
may exist under the Securities Act of 1933 or the Securi-
ties Exchange Act of 1934 or otherwise at law or in equity; 
but no person permitted to maintain a suit for damages 
under the provisions of this subtitle shall recover, through 
satisfaction of judgment in one or more actions, a total 
amount in excess of the person’s actual damages on ac-
count of the act complained of. 
SEC. 324. UNLAWFUL REPRESENTATIONS. 
It shall be unlawful for any person in offering, selling, 
or issuing any qualified security pursuant to this subtitle 
to represent or imply in any manner whatsoever that any 
action or failure to act by the Agency or Utility in the 
administration of this subtitle means that the Agency or 
Utility has in any way passed upon the merits of, or given 
approval to, any trustee, indenture, or security, or any 
transaction or transactions therein, or that any such ac-
tion or failure to act with regard to any statement or re-
port files or examined by the Agency or Utility pursuant 
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to this subtitle or any rule, regulation, or order there-
under, has the effect of a finding by the Agency or Utility 
that such statement or report is true and accurate on its 
face or that it is not false or misleading. 
SEC. 325. CONTRARY STIPULATIONS VOID. 
Any condition, stipulation, or provision binding any 
person to waive compliance with any provision of this sub-
title or with any rule, regulation, or order thereunder shall 
be void. 
PART 3—NATIONAL MORTGAGE DATA 
REPOSITORY 
SEC. 331. ORGANIZATION AND OPERATION. 
(a) ORGANIZATION AND OPERATION.—Under such 
regulations as the Director may prescribe, the Utility shall 
organize and operate a national mortgage data repository 
(‘‘Repository’’). 
(b) AUTHORIZED ACTIVITIES.—In addition to orga-
nizing and operating the Repository, the Utility shall— 
(1) establish and operate a repository for mort-
gage-related documents; 
(2) establish standards for qualification of any 
depositor of mortgage-related documents to the Re-
pository; 
(3) establish standards and procedures for sub-
mission of mortgage-related documents to the Re-
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pository, including required information and the type 
and format of information and data; 
(4) establish procedures for validation of mort-
gage-related documents and the data contained in 
the Repository; 
(5) establish standards and procedures for ac-
ceptance of mortgage-related documents (including 
electronic copies), and notice of acceptance, by the 
Repository; 
(6) establish standards and procedures for reg-
istration of any mortgage-related document with the 
Repository, including notice of registration and the 
assignment of a unique identifier; 
(7) establish standards and procedures for re-
cording the creation, assignment, or transfer of an 
interest in any registered mortgage-related docu-
ment; 
(8) establish standards and procedures for qual-
ification of depositors and participants in the Repos-
itory; 
(9) establish procedures for proper demonstra-
tion of registration of mortgage-related documents 
with the Repository and recordation of an interest 
by the holder of an interest in any such document, 
subject to regulations issued by the Director in ac-
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cordance with section 332 (relating to legal effect of 
registration with the Repository); 
(10) establish and maintain a catalog of the 
mortgage-related documents registered with the Re-
pository; 
(11) establish standards and procedures for dis-
position of mortgage-related documents, including 
safekeeping, long-term storage, or destruction of 
paper documents; 
(12) establish standards and procedures for 
making data publicly available; 
(13) ensure that data collected and maintained 
by the Repository are kept secure and protected 
against unauthorized disclosure, including disclosure 
of personally identifiable information that is not oth-
erwise available as part of any public record; 
(14) establish a process, including notification 
from the public, for identification and correction of 
incorrect information submitted to or maintained by 
the Repository; 
(15) establish fees for registration of mortgage- 
related documents and maintenance and use of data, 
and for the provision of other related services not in-
consistent with the purposes of this subtitle; and 
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181 
(16) perform any other service or engage in any 
other activity that the Director determines, by regu-
lation or order, to be incidental to the activities enu-
merated in this subsection. 
(c) REQUIREMENTS ON PARTICIPANTS.—Each par-
ticipant shall— 
(1) comply with such requirements as may be 
set by the Repository for using data maintained or 
created by the Repository; and 
(2) use such designation as the Repository may 
provide, such as a unique identifier. 
SEC. 332. LEGAL EFFECT OF REGISTRATION WITH REPOSI-
TORY. 
Notwithstanding any provision of State or Federal 
law to the contrary, by proper demonstration of registra-
tion with the Repository, any holder of an interest in any 
mortgage-related note shall satisfy any requirement for 
demonstration of a right to act regarding such note or 
other registered data that exists in State or Federal law, 
including any obligation to produce or possess an original 
note. The Director shall provide for the establishment of 
procedures for proper demonstration of registration of any 
mortgage-related document and of an interest by the hold-
er of an interest in any such document with the Reposi-
tory. Once registered with the Repository, such registra-
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tion shall be a legal right enforceable in any judicial or 
nonjudicial process. 
SEC. 333. GRANTS TO STATES; REPAYMENT. 
(a) GRANTS TO STATES.—There is hereby authorized 
to be appropriated $50,000,000 to the Director for the 
establishment of a fund to be administered by the Agency 
for providing grants to States, on application to the Agen-
cy, to facilitate participation in the Repository by any de-
positor or participant or class of depositors or partici-
pants, or any other person upon appropriate demonstra-
tion to the Agency that such a grant would assist in the 
accomplishment of the purposes of this subtitle. Any such 
amounts appropriated and not granted by the Agency 
within five years of the date of the enactment of this Act 
shall be returned to the Treasury of the United States. 
(b) REPAYMENT.—The Director shall cause to be col-
lected from the Utility and deposit in the Treasury of the 
United States an amount equal to the aggregate amount 
provided as grants to States pursuant to subsection (a) 
within the 10-year period beginning on the date that the 
first grant is made pursuant to subsection (a). 
SEC. 334. JUDICIAL REVIEW. 
Except as otherwise expressly provided under this 
part, no person other than the Director or the Attorney 
General of the United States, or any duly authorized rep-
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resentative of the Director or the Attorney General, may 
proceed against the Repository in any State or Federal 
court. The prohibition in the preceding sentence shall not 
apply to a civil action against the Repository or any duly 
authorized agent thereof for breach of a contract, includ-
ing breach of a representation or warranty, or breach of 
privacy related to data collected and maintained by the 
Repository or any duly authorized agent thereof. 
SEC. 335. TRANSITION PROVISIONS. 
(a) IN GENERAL.—The Agency shall provide for a 
transition period to permit the efficient implementation of 
the provisions of this part. Such transition may include 
periods for testing, early adoption, and final mandatory 
adoption for all recorded mortgages. 
(b) ELECTRONIC
SUBMISSIONS.—The Repository 
shall accept electronic submissions and paper-based docu-
ments submitted electronically subject to rules of the Re-
pository. After the expiration of the 10-year period that 
begins upon the date of the enactment of this Act, subject 
to an extension of such period for up to 5 additional years 
if the Director determines appropriate, the Repository 
shall require only electronic submission. 
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PART 4—CONFORMING AMENDMENTS 
SEC. 341. CONFORMING AMENDMENT TO FEDERAL HOME 
LOAN BANK ACT. 
Section 11 of the Federal Home Loan Bank Act (12 
U.S.C. 1431) is amended by adding at the end the fol-
lowing new subsection: 
‘‘(m) AGGREGATION
OF LOANS ORIGINATED
BY 
MEMBERS.—Any Federal Home Loan Bank may aggre-
gate for securitization through the common securitization 
platform (as such term is defined in section 303 of the 
National Mortgage Market Utility Act of 2013) residential 
mortgage loans originated by any member of such Bank, 
pursuant to regulations issued by the Director.’’. 
SEC. 342. CONFORMING AMENDMENTS TO THE DODD- 
FRANK WALL STREET REFORM AND CON-
SUMER PROTECTION ACT. 
Section 803(8)(A) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 
5462(8)(A)) is amended— 
(1) redesignating clause (iv) as clause (v); and 
(2) inserting after clause (iii) the following new 
clause: 
‘‘(iv) The Federal Housing Finance 
Agency, with respect to a designated finan-
cial market utility that is subject to the ex-
clusive supervision of that Agency pursu-
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ant to the National Mortgage Market Util-
ity Act of 2013.’’. 
SEC. 343. CONFORMING AMENDMENTS TO SECURITIES ACT 
OF 1933. 
(a) EXEMPTED SECURITIES.—Section 3(a) of the Se-
curities Act of 1933 (15 U.S.C. 77c(a)) is amended by 
adding at the end the following new paragraph: 
‘‘(15) Any qualified security, as such term is 
defined in section 321 of the National Mortgage 
Market Utility Act of 2013.’’. 
(b) REMOVAL OF CREDIT RISK RETENTION REF-
ERENCE.—Section 27B of the Securities Act of 1933 (15 
U.S.C. 77z–2a) is amended by striking subsection (d). 
SEC. 344. CONFORMING AMENDMENTS TO TITLE 18, UNITED 
STATES CODE. 
(a) FALSE ADVERTISING.—Section 709 of title 18, 
United States Code, is amended by inserting after ‘‘a Fed-
eral Home Loan Bank; or’’ the following: ‘‘Whoever uses 
the words ‘National Mortgage Data Repository’ or such 
other name as the Director of the Federal Housing Fi-
nance Agency may establish in the charter of the reposi-
tory or any combination of words that appears to indicate 
that such use of the term conflicts with the exclusive oper-
ation of the repository created by part 3 of the National 
Mortgage Market Utility Act of 2013 as a business name 
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or any part of a business name, or falsely publishes, adver-
tises, or represents by any device or symbol or other means 
reasonably calculated to convey the impression that he or 
it is the repository created by such part; or’’. 
(b) FRAUD AND FALSE STATEMENTS.—Chapter 47 
of title 18, United States Code, is amended— 
(1) by adding at the end the following new sec-
tion: 
‘‘§ 1041. Information security; false statements and 
concealment of facts related to the Na-
tional Mortgage Market Utility Act of 
2013 
‘‘Whoever, with regard to any mortgage-related docu-
ment (as such term is defined in section 303 of the Na-
tional Mortgage Market Utility Act of 2013) or the reg-
istration of any document or any interest in any such doc-
ument pursuant to that Act, makes any false statement 
or representation of fact, knowing it to be false, or know-
ingly conceals, covers up or fails to disclose any material 
fact the disclosure of which is required by such Act or 
regulation, shall be fined under this title, or imprisoned 
not more than five years, or both.’’; and 
(2) in the table of contents for such chapter, by 
inserting after the item relating to section 1040 the 
following: 
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‘‘1041. Information security; false statements and concealment of facts related 
to the National Mortgage Market Utility Act of 2013.’’. 
Subtitle B—Covered Bonds 
SEC. 351. SHORT TITLE. 
This subtitle may be cited as the ‘‘United States Cov-
ered Bond Act of 2013’’. 
SEC. 352. DEFINITIONS. 
For purposes of this subtitle, the following definitions 
shall apply: 
(1) ANCILLARY
ASSET.—The term ‘‘ancillary 
asset’’ means— 
(A) any interest rate or currency swap as-
sociated with 1 or more eligible assets, sub-
stitute assets, or other assets in a cover pool; 
(B) any credit enhancement or liquidity ar-
rangement associated with 1 or more eligible 
assets, substitute assets, or other assets in a 
cover pool; 
(C) any guarantee, letter-of-credit right, or 
other secondary obligation that supports any 
payment or performance of 1 or more eligible 
assets, substitute assets, or other assets in a 
cover pool; and 
(D) any proceeds of, or other property in-
cident to, 1 or more eligible assets, substitute 
assets, or other assets in a cover pool. 
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(2) CORPORATION.—The term ‘‘Corporation’’ 
means the Federal Deposit Insurance Corporation. 
(3) COVER
POOL.—The term ‘‘cover pool’’ 
means a dynamic pool of assets that is comprised 
of— 
(A) in the case of any eligible issuer de-
scribed in subparagraph (A), (B), or (C) of 
paragraph (9)— 
(i) 1 or more eligible assets from a 
single eligible asset class; and 
(ii) 1 or more substitute assets or an-
cillary assets; and 
(B) in the case of any eligible issuer de-
scribed in paragraph (9)(D)— 
(i) the covered bonds issued by each 
sponsoring eligible issuer; and 
(ii) 1 or more substitute assets or an-
cillary assets. 
(4) COVERED
BOND.—The term ‘‘covered 
bond’’ means any recourse debt obligation of an eli-
gible issuer that— 
(A) has an original term to maturity of not 
less than 1 year; 
(B) is secured by a perfected security in-
terest in or other perfected lien on a cover pool 
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that is owned directly or indirectly by the issuer 
of the obligation; 
(C) is issued under a covered bond pro-
gram that has been approved by the applicable 
covered bond regulator; 
(D) is identified in a register of covered 
bonds that is maintained by the Secretary; and 
(E) is not a deposit (as defined in section 
3(l) of the Federal Deposit Insurance Act (12 
U.S.C. 1813(l))). 
(5) COVERED
BOND
PROGRAM.—The term 
‘‘covered bond program’’ means any program of an 
eligible issuer under which, on the security of a sin-
gle cover pool, 1 or more series of covered bonds 
may be issued. 
(6) COVERED
BOND
REGULATOR.—The term 
‘‘covered bond regulator’’ means— 
(A) for any eligible issuer that is subject to 
the jurisdiction of an appropriate Federal bank-
ing agency (as defined in section 3(q) of the 
Federal Deposit Insurance Act (12 U.S.C. 
1813(q))), the appropriate Federal banking 
agency; 
(B) for any eligible issuer that is described 
in paragraph (9)(D), that is not subject to the 
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jurisdiction of an appropriate Federal banking 
agency, and that is sponsored by only 1 eligible 
issuer, the covered bond regulator for the spon-
sor; 
(C) for any eligible issuer that is described 
in paragraph (9)(D), that is not subject to the 
jurisdiction of an appropriate Federal banking 
agency, and that is sponsored by more than 1 
eligible issuer, the covered bond regulator for 
the sponsor whose covered bonds constitute the 
largest share of the cover pool of the issuer; 
and 
(D) for any other eligible issuer that is not 
subject to the jurisdiction of an appropriate 
Federal banking agency, the Secretary. 
(7) ELIGIBLE
ASSET.—The term ‘‘eligible 
asset’’ means— 
(A) in the case of the residential mortgage 
asset class, any first-lien mortgage loan that— 
(i) is secured by 1- to 4-family resi-
dential property; and 
(ii) is not made, insured, or guaran-
teed by the Government; 
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(B) in the case of the commercial mort-
gage asset class, any commercial mortgage loan 
(including any multifamily mortgage loan); 
(C) in the case of the public sector asset 
class— 
(i) any security issued by a State, mu-
nicipality, or other governmental authority; 
(ii) any loan made to a State, munici-
pality, or other governmental authority; 
and 
(iii) any loan, security, or other obli-
gation that is insured or guaranteed, in 
full or substantially in full, by the full faith 
and credit of the United States Govern-
ment (whether or not such loan, security, 
or other obligation is also part of another 
eligible asset class); 
(D) in the case of the auto asset class, any 
auto loan or lease; 
(E) in the case of the student loan asset 
class, any student loan (whether guaranteed or 
nonguaranteed); 
(F) in the case of the credit or charge card 
asset class, any extension of credit to a person 
under an open-end credit plan; 
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(G) in the case of the small business asset 
class, any loan that is made or guaranteed 
under a program of the Small Business Admin-
istration; and 
(H) in the case of any other eligible asset 
class, any asset designated by the Secretary, by 
rule and in consultation with the covered bond 
regulators, as an eligible asset for purposes of 
such class. 
(8) ELIGIBLE ASSET CLASS.—The term ‘‘eligi-
ble asset class’’ means— 
(A) a residential mortgage asset class; 
(B) a commercial mortgage asset class; 
(C) a public sector asset class; 
(D) an auto asset class; 
(E) a student loan asset class; 
(F) a credit or charge card asset class; 
(G) a small business asset class; and 
(H) any other eligible asset class des-
ignated by the Secretary, by rule and in con-
sultation with the covered bond regulators. 
(9) ELIGIBLE
ISSUER.—The term ‘‘eligible 
issuer’’ means— 
(A) any insured depository institution and 
any subsidiary of such institution; 
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193 
(B) any bank holding company, any sav-
ings and loan holding company, and any sub-
sidiary of any of such companies; 
(C) any nonbank financial company (as de-
fined in section 102(a)(4) of the Dodd-Frank 
Wall Street Reform and Consumer Protection 
Act (12 U.S.C. 5311(a)(4))) that is supervised 
by the Board of Governors of the Federal Re-
serve System under section 113 of the Dodd- 
Frank Wall Street Reform and Consumer Pro-
tection Act (12 U.S.C. 5323), including any in-
termediate holding company supervised as a 
nonbank financial company, and any subsidiary 
of such a nonbank financial company; and 
(D) any issuer that is sponsored by 1 or 
more eligible issuers for the sole purpose of 
issuing covered bonds on a pooled basis. 
(10) OVERSIGHT PROGRAM.—The term ‘‘over-
sight program’’ means the covered bond regulatory 
oversight program established under section 353(a). 
(11) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Department of the 
Treasury. 
(12) SUBSTITUTE
ASSET.—The term ‘‘sub-
stitute asset’’ means— 
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(A) cash; 
(B) any direct obligation of the United 
States Government, and any security or other 
obligation whose full principal and interest are 
insured or guaranteed by the full faith and 
credit of the United States Government; 
(C) any direct obligation of a United 
States Government corporation or Government- 
sponsored enterprise of the highest credit qual-
ity, and any other security or other obligation 
of the highest credit quality whose full principal 
and interest are insured or guaranteed by such 
corporation or enterprise, except that the out-
standing principal amount of these obligations 
in any cover pool may not exceed an amount 
equal to 20 percent of the outstanding principal 
amount of all assets in the cover pool without 
the approval of the applicable covered bond reg-
ulator; 
(D) any overnight investment in Federal 
funds; 
(E) any other substitute asset designated 
by the Secretary, by rule and in consultation 
with the covered bond regulators; and 
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195 
(F) any deposit account or securities ac-
count into which only an asset described in sub-
paragraph (A), (B), (C), (D), or (E) may be de-
posited or credited. 
SEC. 353. REGULATORY OVERSIGHT OF COVERED BOND 
PROGRAMS ESTABLISHED. 
(a) ESTABLISHMENT.— 
(1) IN
GENERAL.—Not later than 180 days 
after the date of the enactment of this Act, the Sec-
retary shall, by rule and in consultation with the 
covered bond regulators, establish a covered bond 
regulatory oversight program that provides for— 
(A) covered bond programs to be evaluated 
according to reasonable and objective standards 
in order to be approved under paragraph (2), 
including any additional eligibility standards for 
eligible assets and any other criteria determined 
appropriate by the Secretary to further the pur-
poses of this subtitle; 
(B) covered bond programs to be main-
tained in a manner that is consistent with this 
subtitle and safe and sound asset-liability man-
agement and other financial practices; and 
(C) any estate created under section 354 
to be administered in a manner that is con-
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sistent with maximizing the value and the pro-
ceeds of the related cover pool in a resolution 
under this subtitle. 
(2) APPROVAL OF EACH COVERED BOND PRO-
GRAM.— 
(A) IN GENERAL.—A covered bond shall be 
subject to this subtitle only if the covered bond 
is issued by an eligible issuer under a covered 
bond program that is approved by the applica-
ble covered bond regulator. 
(B) APPROVAL
PROCESS.—Each covered 
bond regulator shall apply the standards estab-
lished by the Secretary under the oversight pro-
gram to evaluate a covered bond program that 
has been submitted by an eligible issuer for ap-
proval. Each covered bond regulator also shall 
take into account relevant supervisory factors, 
including safety and soundness considerations, 
in evaluating a covered bond program that has 
been submitted for approval. Each covered bond 
regulator, promptly after approving a covered 
bond program, shall provide the Secretary with 
the name of the covered bond program, the 
name of the eligible issuer, and all other infor-
mation reasonably requested by the Secretary in 
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197 
order to update the registry under paragraph 
(3)(A). Each eligible issuer, promptly after 
issuing a covered bond under an approved cov-
ered bond program, shall provide the Secretary 
with all information reasonably requested by 
the Secretary in order to update the registry 
under paragraph (3)(B). 
(C) 
EXISTING
COVERED
BOND
PRO-
GRAMS.—A covered bond regulator may approve 
a covered bond program that is in existence on 
the date of the enactment of this Act. Upon 
such approval, each covered bond under the 
covered bond program shall be subject to this 
subtitle, regardless of when the covered bond 
was issued. 
(D) MULTIPLE COVERED BOND PROGRAMS 
PERMITTED.—An eligible issuer may have more 
than 1 covered bond program. 
(E) CEASE AND DESIST AUTHORITY.—The 
applicable covered bond regulator may direct an 
eligible issuer to cease issuing covered bonds 
under an approved covered bond program if the 
covered bond program is not maintained in a 
manner that is consistent with this subtitle and 
the oversight program and if, after notice that 
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198 
is reasonable under the circumstances, the 
issuer does not remedy all deficiencies identified 
by the applicable covered bond regulator. 
(F) CAP
ON
THE
AMOUNT
OF
OUT-
STANDING COVERED BONDS.— 
(i) IN
GENERAL.—With respect to 
each eligible issuer that submits a covered 
bond program for approval, the applicable 
covered bond regulator shall set, consistent 
with safety and soundness considerations 
and the financial condition of the eligible 
issuer, the maximum amount, as a percent-
age of the eligible issuer’s total assets, of 
outstanding covered bonds that the eligible 
issuer may issue. 
(ii) REVIEW OF CAP.—The applicable 
covered bond regulator may, not more fre-
quently than quarterly, review the percent-
age set under clause (i) and, if safety and 
soundness considerations or the financial 
condition 
of 
the 
eligible 
issuer 
has 
changed, increase or decrease such per-
centage. Any decrease made pursuant to 
this clause shall have no effect on existing 
covered bonds issued by the eligible issuer. 
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199 
(3) REGISTRY.—Under the oversight program, 
the Secretary shall maintain a registry that is pub-
lished on a Web site available to the public and that, 
for each covered bond program approved by a cov-
ered bond regulator, contains— 
(A) the name of the covered bond program, 
the name of the eligible issuer, and all other in-
formation that the Secretary considers nec-
essary to adequately identify the covered bond 
program and the eligible issuer; and 
(B) all information that the Secretary con-
siders necessary to adequately identify all out-
standing covered bonds issued under the cov-
ered bond program (including the reports de-
scribed in paragraphs (3) and (4) of subsection 
(b)). 
(4) FEES.—Each covered bond regulator may 
levy, on the issuers of covered bonds under the pri-
mary supervision of such covered bond regulator, 
reasonably apportioned fees that such covered bond 
regulator considers necessary, in the aggregate, to 
defray the costs of such covered bond regulator car-
rying out the provisions of this subtitle. Such funds 
shall not be construed to be Government funds or 
appropriated monies and shall not be subject to ap-
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