dreamproit/uscode huggingface dataset:
12 U.S.C. § 4601 (BANKS AND BANKING)
§ 4601. Review of underwriting guidelines
(a) Study
Each of the enterprises shall conduct a study to review the underwriting guidelines of the enterprise. The studies shall examine—
(1) the extent to which the underwriting guidelines prevent or inhibit the purchase or securitization of mortgages for housing located in mixed-use, urban center, and predominantly minority neighborhoods and for housing for low- and moderate-income families;
(2) the standards employed by private mortgage insurers and the extent to which such standards inhibit the purchase and securitization by the enterprises of mortgages described in paragraph (1); and
(3) the implications of implementing underwriting standards that—
(A) establish a downpayment requirement for mortgagors of 5 percent or less;
(B) allow the use of cash on hand as a source for downpayments; and
(C) approve borrowers who have a credit history of delinquencies if the borrower can demonstrate a satisfactory credit history for at least the 12-month period ending on the date of the application for the mortgage.
(b) Report
Not later than the expiration of the 1-year period beginning on October 28, 1992, each enterprise shall submit to the Secretary, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate a report regarding the study conducted by the enterprise under subsection (a). Each report shall include any recommendations of the enterprise for better meeting the housing needs of low- and moderate-income families.
(Pub. L. 102–550, title XIII, § 1354, Oct. 28, 1992, 106 Stat. 3970.)
heading: Statutory Notes and Related Subsidiaries
heading: Change of Name
text: Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
12 U.S.C. § 4603 (BANKS AND BANKING)
§ 4603. Transition
Before the expiration of the period ending 18 months after the appointment of the Director under section 4512 of this title, any rules and regulations promulgated before October 28, 1992, by the Secretary pursuant to the Federal National Mortgage Association Charter Act [12 U.S.C. 1716 et seq.] or the Federal Home Loan Mortgage Corporation Act [12 U.S.C. 1451 et seq.] shall remain in effect unless modified, terminated, superseded, or revoked by operation of law or in accordance with law. Such rules and regulations shall terminate, effective upon the expiration of such period.
(Pub. L. 102–550, title XIII, § 1356, Oct. 28, 1992, 106 Stat. 3971.)
heading: Editorial Notes
heading: References in Text
text: The Federal National Mortgage Association Charter Act, referred to in text, is title III of act June 27, 1934, ch. 847, 48 Stat. 1252, as amended, which is classified generally to subchapter III (§ 1716 et seq.) of chapter 13 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1716 of this title and Tables.
The Federal Home Loan Mortgage Corporation Act, referred to in text, is title III of Pub. L. 91–351, July 24, 1970, 84 Stat. 451, as amended, which is classified generally to chapter 11A (§ 1451 et seq.) of this title. For complete classification of this Act to the Code, see Short Title and Statement of Purpose note set out under section 1451 of this title and Tables.
12 U.S.C. § 4611 (BANKS AND BANKING)
§ 4611. Risk-based capital levels for regulated entities
(a) In general
(1) Enterprises
The Director shall, by regulation, establish risk-based capital requirements for the enterprises to ensure that the enterprises operate in a safe and sound manner, maintaining sufficient capital and reserves to support the risks that arise in the operations and management of the enterprises.
(2) Federal Home Loan Banks
The Director shall establish risk-based capital standards under section 1426 of this title for the Federal Home Loan Banks.
(b) No limitation
Nothing in this section shall limit the authority of the Director to require other reports or undertakings, or take other action, in furtherance of the responsibilities of the Director under this Act.
(Pub. L. 102–550, title XIII, § 1361, Oct. 28, 1992, 106 Stat. 3972; Pub. L. 110–289, div. A, title I, § 1110(a), July 30, 2008, 122 Stat. 2675.)
heading: Editorial Notes
heading: References in Text
text: This Act, referred to in subsec. (b), is Pub. L. 102–550, Oct. 28, 1992, 106 Stat. 3672, known as the Housing and Community Development Act of 1992. For complete classification of this Act to the Code, see Short Title of 1992 Amendment note set out under section 5301 of Title 42, The Public Health and Welfare, and Tables.
heading: Amendments
text: 2008—Pub. L. 110–289 amended section generally. Prior to amendment, section related to risk-based capital levels for enterprises.
12 U.S.C. § 4613 (BANKS AND BANKING)
§ 4613. Critical capital levels
(a) Enterprises
For purposes of this subchapter, the critical capital level for each enterprise shall be the sum of—
(1) 1.25 percent of the aggregate on-balance sheet assets of the enterprise, as determined in accordance with generally accepted accounting principles;
(2) 0.25 percent of the unpaid principal balance of outstanding mortgage-backed securities and substantially equivalent instruments issued or guaranteed by the enterprise that are not included in paragraph (1); and
(3) 0.25 percent of other off-balance sheet obligations of the enterprise not included in paragraph (2) (excluding commitments in excess of 50 percent of the average dollar amount of the commitments outstanding each quarter over the preceding 4 quarters), except that the Director shall adjust such percentage to reflect differences in the credit risk of such obligations in relation to the instruments included in paragraph (2).
(b) Federal Home Loan Banks
(1) In general
For purposes of this subchapter, the critical capital level for each Federal Home Loan Bank shall be such amount of capital as the Director shall, by regulation, require.
(2) Consideration of other critical capital levels
In establishing the critical capital level under paragraph (1) for the Federal Home Loan Banks, the Director shall take due consideration of the critical capital level established under subsection (a) for the enterprises, with such modifications as the Director determines to be appropriate to reflect the difference in operations between the banks and the enterprises.
(Pub. L. 102–550, title XIII, § 1363, Oct. 28, 1992, 106 Stat. 3976; Pub. L. 110–289, div. A, title I, § 1141(a), July 30, 2008, 122 Stat. 2730.)
heading: Editorial Notes
heading: Amendments
text: 2008—Pub. L. 110–289 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
heading: Statutory Notes and Related Subsidiaries
heading: Regulations
text: Pub. L. 110–289, div. A, title I, § 1141(b), July 30, 2008, 122 Stat. 2730, provided that: “Not later than the expiration of the 180-day period beginning on the date of enactment of this Act [July 30, 2008], the Director of the Federal Housing Finance Agency shall issue regulations pursuant to section 1363(b) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 [12 U.S.C. 4613(b)] (as added by this section) establishing the critical capital level under such section.”
12 U.S.C. § 4622 (BANKS AND BANKING)
§ 4622. Capital restoration plans
(a) Contents
Each capital restoration plan submitted under this subchapter shall set forth a feasible plan for restoring the core capital of the regulated entity subject to the plan to an amount not less than the minimum capital level for the regulated entity and for restoring the total capital of the regulated entity to an amount not less than the risk-based capital level for the regulated entity. Each capital restoration plan shall—
(1) specify the level of capital the regulated entity will achieve and maintain;
(2) describe the actions that the regulated entity will take to become classified as adequately capitalized;
(3) establish a schedule for completing the actions set forth in the plan;
(4) specify the types and levels of activities (including existing and new programs) in which the regulated entity will engage during the term of the plan; and
(5) describe the actions that the regulated entity will take to comply with any mandatory and discretionary requirements imposed under this subchapter.
(b) Deadlines for submission
The Director shall, by regulation, establish a deadline for submission of a capital restoration plan, which may not be more than 45 days after the regulated entity is notified in writing that a plan is required. The regulations shall provide that the Director may extend the deadline to the extent that the Director determines it necessary. Any extension of the deadline shall be in writing and for a time certain.
(c) Approval
The Director shall review each capital restoration plan submitted under this section and, not later than 30 days after submission of the plan, approve or disapprove the plan. The Director may extend the period for approval or disapproval for any plan for a single additional 30-day period if the Director determines it necessary. The Director shall provide written notice to any regulated entity submitting a plan of the approval or disapproval of the plan (which shall include the reasons for any disapproval of the plan) and of any extension of the period for approval or disapproval.
(d) Resubmission
If the Director disapproves the initial capital restoration plan submitted by the regulated entity, the regulated entity shall submit an amended plan acceptable to the Director within 30 days or such longer period that the Director determines is in the public interest.
(Pub. L. 102–550, title XIII, § 1369C, Oct. 28, 1992, 106 Stat. 3985; Pub. L. 110–289, div. A, title I, § 1145(b)(2), July 30, 2008, 122 Stat. 2767.)
heading: Editorial Notes
heading: Amendments
text: 2008—Pub. L. 110–289 substituted “regulated entity” for “enterprise” wherever appearing.
12 U.S.C. § 4623 (BANKS AND BANKING)
§ 4623. Judicial review of Director action
(a) Jurisdiction
(1) Filing of petition
A regulated entity that is not classified as critically undercapitalized and is the subject of a classification under section 4614 of this title or a discretionary supervisory action taken under this subchapter by the Director (other than action to appoint a conservator under section 4616 or 4617 of this title or action under section 4619 1 of this title) may obtain review of the classification or action by filing, within 10 days after receiving written notice of the Director’s action, a written petition requesting that the classification or action of the Director be modified, terminated, or set aside.
(2) Place for filing
A petition filed pursuant to this subsection shall be filed in the United States Court of Appeals for the District of Columbia Circuit.
(b) Scope of review
The Court may modify, terminate, or set aside an action taken by the Director and reviewed by the Court pursuant to this section only if the court finds, on the record on which the Director acted, that the action of the Director was arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with applicable laws.
(c) Unavailability of stay
The commencement of proceedings for judicial review pursuant to this section shall not operate as a stay of any action taken by the Director. Pending judicial review of the action, the court shall not have jurisdiction to stay, enjoin, or otherwise delay any supervisory action taken by the Director with respect to a regulated entity that is classified as significantly or critically undercapitalized or any action of the Director that results in the classification of a regulated entity as significantly or critically undercapitalized.
(d) Limitation on jurisdiction
Except as provided in this section, no court shall have jurisdiction to affect, by injunction or otherwise, the issuance or effectiveness of any classification or action of the Director under this subchapter (other than appointment of a conservator under section 4616 or 4617 of this title or action under section 4619 1 of this title) or to review, modify, suspend, terminate, or set aside such classification or action.
(Pub. L. 102–550, title XIII, § 1369D, Oct. 28, 1992, 106 Stat. 3985; Pub. L. 110–289, div. A, title I, § 1145(b)(3), July 30, 2008, 122 Stat. 2767.)
heading: Editorial Notes
heading: References in Text
text: Section 4619 of this title, referred to in subsecs. (a)(1) and (d), was repealed by Pub. L. 110–289, div. A, title I, § 1145(b)(4), July 30, 2008, 122 Stat. 2767.
heading: Amendments
text: 2008—Subsec. (a)(1). Pub. L. 110–289, § 1145(b)(3)(B), substituted “A regulated entity” for “An enterprise”.
Subsec. (c). Pub. L. 110–289, § 1145(b)(3)(A), substituted “a regulated entity” for “an enterprise” in two places.
12 U.S.C. § 4624 (BANKS AND BANKING)
§ 4624. Reviews of enterprise assets and liabilities
(a) In general
The Director shall, by regulation, establish criteria governing the portfolio holdings of the enterprises, to ensure that the holdings are backed by sufficient capital and consistent with the mission and the safe and sound operations of the enterprises. In establishing such criteria, the Director shall consider the ability of the enterprises to provide a liquid secondary market through securitization activities, the portfolio holdings in relation to the overall mortgage market, and adherence to the standards specified in section 4513b of this title.
(b) Temporary adjustments
The Director may, by order, make temporary adjustments to the established standards for an enterprise or both enterprises, such as during times of economic distress or market disruption.
(c) Authority to require disposition or acquisition
The Director shall monitor the portfolio of each enterprise. Pursuant to subsection (a) and notwithstanding the capital classifications of the enterprises, the Director may, by order, require an enterprise, under such terms and conditions as the Director determines to be appropriate, to dispose of or acquire any asset, if the Director determines that such action is consistent with the purposes of this Act or any of the authorizing statutes.
(Pub. L. 102–550, title XIII, § 1369E, as added Pub. L. 110–289, div. A, title I, § 1109(a)(2), July 30, 2008, 122 Stat. 2675.)
heading: Editorial Notes
heading: References in Text
text: This Act, referred to in subsec. (c), is Pub. L. 102–550, Oct. 28, 1992, 106 Stat. 3672, known as the Housing and Community Development Act of 1992. For complete classification of this Act to the Code, see Short Title of 1992 Amendment note set out under section 5301 of Title 42, The Public Health and Welfare, and Tables.
heading: Statutory Notes and Related Subsidiaries
heading: Regulations
text: Pub. L. 110–289, div. A, title I, § 1109(b), July 30, 2008, 122 Stat. 2675, provided that: “Not later than the expiration of the 180-day period beginning on the effective date of this Act [probably means date of enactment of Pub. L. 110–289, approved July 30, 2008], the Director [of the Federal Housing Finance Agency] shall issue regulations pursuant to section 1369E(a) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 [12 U.S.C. 4624(a)] (as added by subsection (a) of this section) establishing the portfolio holdings standards under such section.”
12 U.S.C. § 4633 (BANKS AND BANKING)
§ 4633. Hearings
(a) Requirements
(1) Venue and record
Any hearing under section 4631, 4636(c), or 4636a of this title shall be held on the record and in the District of Columbia.
(2) Timing
Any such hearing shall be fixed for a date not earlier than 30 days nor later than 60 days after service of the notice of charges under section 4631 or 4636a of this title or determination to impose a penalty under section 4636 of this title, unless an earlier or a later date is set by the hearing officer at the request of the party served.
(3) Procedure
Any such hearing shall be conducted in accordance with chapter 5 of title 5.
(4) Failure to appear
If the party served fails to appear at the hearing through a duly authorized representative, such party shall be deemed to have consented to the issuance of the cease-and-desist or removal or prohibition order or the imposition of the penalty for which the hearing is held.
(b) Issuance of order
(1) In general
After any such hearing, and within 90 days after the parties have been notified that the case has been submitted to the Director for final decision, the Director shall render the decision (which shall include findings of fact upon which the decision is predicated) and shall issue and serve upon each party to the proceeding an order or orders consistent with the provisions of this subchapter.
(2) Modification
Judicial review of any such order shall be exclusively as provided in section 4634 of this title. Unless such a petition for review is timely filed as provided in section 4634 of this title, and thereafter until the record in the proceeding has been filed as so provided, the Director may at any time, modify, terminate, or set aside any such order, upon such notice and in such manner as the Director considers proper. Upon such filing of the record, the Director may modify, terminate, or set aside any such order with permission of the court.
(Pub. L. 102–550, title XIII, § 1373, Oct. 28, 1992, 106 Stat. 3989; Pub. L. 110–289, div. A, title I, § 1153(b)(1)(B), July 30, 2008, 122 Stat. 2774.)
heading: Editorial Notes
heading: Amendments
text: 2008—Subsec. (a)(1). Pub. L. 110–289, § 1153(b)(1)(B)(i), substituted “section 4631, 4636(c), or 4636a of this title” for “section 4631 or 4636(c) of this title”.
Subsec. (a)(2). Pub. L. 110–289, § 1153(b)(1)(B)(ii), inserted “or 4636a” after “section 4631”.
Subsec. (a)(4). Pub. L. 110–289, § 1153(b)(1)(B)(iii), which directed amendment of par. (4) by inserting “or removal or prohibition” after “cease and desist”, was executed by making the insertion after “cease-and-desist” to reflect the probable intent of Congress.
12 U.S.C. § 4634 (BANKS AND BANKING)
§ 4634. Judicial review
(a) Commencement
Any party to a proceeding under section 4631 1 4513b, 4636, or 4636a of this title may obtain review of any final order issued under this chapter by filing in the United States Court of Appeals for the District of Columbia Circuit, within 30 days after the date of service of such order, a written petition praying that the order of the Director be modified, terminated, or set aside. The clerk of the court shall transmit a copy of the petition to the Director.
(b) Filing of record
Upon receiving a copy of a petition, the Director shall file in the court the record in the proceeding, as provided in section 2112 of title 28.
(c) Jurisdiction
Upon the filing of a petition, such court shall have jurisdiction, which upon the filing of the record by the Director shall (except as provided in the last sentence of section 4633(b)(2) of this title) be exclusive, to affirm, modify, terminate, or set aside, in whole or in part, the order of the Director.
(d) Review
Review of such proceedings shall be governed by chapter 7 of title 5.
(e) Order to pay penalty
Such court shall have the authority in any such review to order payment of any penalty imposed by the Director under this subchapter.
(f) No automatic stay
The commencement of proceedings for judicial review under this section shall not, unless specifically ordered by the court, operate as a stay of any order issued by the Director.
(Pub. L. 102–550, title XIII, § 1374, Oct. 28, 1992, 106 Stat. 3990; Pub. L. 110–289, div. A, title I, § 1153(b)(1)(C), July 30, 2008, 122 Stat. 2775.)
heading: Editorial Notes
heading: References in Text
text: This chapter, referred to in subsec. (a), was in the original “this title”, meaning title XIII of Pub. L. 102–550, Oct. 28, 1992, 106 Stat. 3941, which is classified principally to this chapter. For complete classification of title XIII to the Code, see Short Title note set out under section 4501 of this title and Tables.
heading: Amendments
text: 2008—Subsec. (a). Pub. L. 110–289 substituted “4513b, 4636, or 4636a of this title” for “or 4636 of this title” and “this chapter” for “such section”.
12 U.S.C. § 4635 (BANKS AND BANKING)
§ 4635. Enforcement and jurisdiction
(a) Enforcement
The Director may, in the discretion of the Director, apply to the United States District Court for the District of Columbia, or the United States district court within the jurisdiction of which the headquarters of the regulated entity is located, for the enforcement of any effective and outstanding notice or order issued under this subchapter or subchapter II, or request that the Attorney General of the United States bring such an action. Such court shall have jurisdiction and power to order and require compliance with such notice or order.
(b) Limitation on jurisdiction
Except as otherwise provided in this subchapter and sections 4619 1 and 4623 of this title, no court shall have jurisdiction to affect, by injunction or otherwise, the issuance or enforcement of any notice or order under section 4631, 4632, 4513b, 4636, or 4636a of this title, or subchapter II, or to review, modify, suspend, terminate, or set aside any such notice or order.
(Pub. L. 102–550, title XIII, § 1375, Oct. 28, 1992, 106 Stat. 3990; Pub. L. 110–289, div. A, title I, § 1154, July 30, 2008, 122 Stat. 2775.)
heading: Editorial Notes
heading: References in Text
text: Section 4619 of this title, referred to in subsec. (b), was repealed by Pub. L. 110–289, div. A, title I, § 1145(b)(4), July 30, 2008, 122 Stat. 2767.
heading: Amendments
text: 2008—Subsec. (a). Pub. L. 110–289, § 1154(1), added subsec. (a) and struck out former subsec. (a). Prior to amendment, text read as follows: “The Director may request the Attorney General of the United States to bring an action in the United States District Court for the District of Columbia for the enforcement of any effective notice or order issued under this subchapter or subchapter II of this chapter or may, under the direction and control of the Attorney General, bring such an action. Such court shall have jurisdiction and power to order and require compliance herewith.”
Subsec. (b). Pub. L. 110–289, § 1154(2), substituted “4513b, 4636, or 4636a of this title” for “or 4636 of this title”.
12 U.S.C. § 4636b (BANKS AND BANKING)
§ 4636b. Criminal penalty
Whoever, being subject to an order in effect under section 4636a of this title, without the prior written approval of the Director, knowingly participates, directly or indirectly, in any manner (including by engaging in an activity specifically prohibited in such an order) in the conduct of the affairs of any regulated entity shall, notwithstanding section 3571 of title 18, be fined not more than $1,000,000, imprisoned for not more than 5 years, or both.
(Pub. L. 102–550, title XIII, § 1378, as added Pub. L. 110–289, div. A, title I, § 1156(a), July 30, 2008, 122 Stat. 2777.)
heading: Editorial Notes
heading: Prior Provisions
text: A prior section 1378 of Pub. L. 102–550 was renumbered section 1379A and is classified to section 4638 of this title.