Source: https://www.law.cornell.edu/uscode/text/12/2279bb-4
Timestamp: 2016-12-04 22:56:45
Document Index: 698580895

Matched Legal Cases: ['§ 2279', '§ 2279', '§ 2279', '§ 8', '§ 503', '§ 116', 'art 650', 'art 651', 'art 652']

12 U.S. Code § 2279bb–4 - Enforcement levels | US Law | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 23 › Subchapter VIII › Part B › § 2279bb–4 12 U.S. Code § 2279bb–4 - Enforcement levels
In general The Director shall classify the Corporation, for purposes of this part, according to the following enforcement levels:
Level I The Corporation shall be classified as within level I if the Corporation—
maintains an amount of regulatory capital that is equal to or exceeds the risk-based capital level established under section 2279bb–1 of this title; and
equals or exceeds the minimum capital level established under section 2279bb–2 of this title.
Level II The Corporation shall be classified as within level II if—
maintains an amount of regulatory capital that is less than the risk-based capital level; and
equals or exceeds the minimum capital level; or
the Corporation is otherwise classified as within level II under subsection (b) of this section.
Level III The Corporation shall be classified as within level III if—
does not equal or exceed the minimum capital level; and
equals or exceeds the critical capital level established under section 2279bb–3 of this title; or
the Corporation is otherwise classified as within level III under subsection (b) of this section.
Level IV The Corporation shall be classified as within level IV if the Corporation—
does not equal or exceed the critical capital level; or
is otherwise classified as within level IV under subsection (b) of this section.
Discretionary classification If at any time the Director determines in writing (and provides written notification to the Corporation and the Farm Credit Administration) that the Corporation is taking any action not approved by the Director that could result in a rapid depletion of core capital or that the value of the property subject to mortgages securitized by the Corporation or property underlying securities guaranteed by the Corporation, has decreased significantly, the Director may classify the Corporation—
as within level II, if the Corporation is otherwise within level I;
as within level III, if the Corporation is otherwise within level II; or
as within level IV, if the Corporation is otherwise within level III.
Quarterly determination The Director shall determine the classification of the Corporation for purposes of this part on not less than a quarterly basis (and as appropriate under subsection (b) of this section). The first such determination shall be made for the quarter ending March 31, 1992.
Notice Upon determining under subsection (b) or (c) of this section that the Corporation is within level II or III, the Director shall provide written notice to the Congress and to the Corporation—
that the Corporation is within such level;
that the Corporation is subject to the provisions of section 2279bb–5 or 2279bb–6 of this title, as applicable; and
stating the reasons for the classification of the Corporation within such level.
Implementation Notwithstanding paragraphs (1) and (2) of subsection (a) of this section, during the period beginning on December 13, 1991, and ending on the effective date of the risk based capital regulation issued by the Director under section 2279bb–1 of this title, the Corporation shall be classified as within level I if the Corporation equals or exceeds the minimum capital level established under section 2279bb–2 of this title.
(Pub. L. 92–181, title VIII, § 8.35, as added Pub. L. 102–237, title V, § 503(b)(2),Dec. 13, 1991, 105 Stat. 1874; amended Pub. L. 104–105, title I, § 116,Feb. 10, 1996, 110 Stat. 168.)
1996—Subsec. (e). Pub. L. 104–105substituted “during the period beginning on December 13, 1991, and ending on the effective date of the risk based capital regulation issued by the Director under section 2279bb–1 of this title,” for “during the 30-month period beginning on December 13, 1991,”.
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 650 - FEDERAL AGRICULTURAL MORTGAGE CORPORATION GENERAL PROVISIONS12 CFR Part 651 - FEDERAL AGRICULTURAL MORTGAGE CORPORATION GOVERNANCE12 CFR Part 652 - FEDERAL AGRICULTURAL MORTGAGE CORPORATION FUNDING AND FISCAL AFFAIRS