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US (United States) Code. Title 12. Chapter 46: Government Sponsored Enterprises

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-CITE-

12 USC CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

-HEAD-

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

-MISC1-

Sec.

4501. Congressional findings.

4502. Definitions.

4503. Protection of taxpayers against liability.

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

PART A - FINANCIAL SAFETY AND SOUNDNESS REGULATOR

4511. Establishment of Office of Federal Housing Enterprise

Oversight.

4512. Director.

(a) Appointment.

(b) Term.

(d) Service after end of term.

(e) Deputy Director.

4513. Duty and authority of Director.

(a) Duty.

(b) Authority exclusive of Secretary.

(d) Delegation of authority.

(e) Independence in providing information to

Congress.

4514. Authority to require reports by enterprises.

(a) Special reports and reports of financial

condition.

(b) Capital distributions.

4515. Personnel.

(a) Office personnel.

(b) Comparability of compensation with Federal

banking agencies.

(d) Reimbursement of HUD.

(e) Outside experts and consultants.

(f) Equal opportunity report.

4516. Funding.

(a) Annual assessments.

(b) Allocation of annual assessment to enterprises.

regulation.

(d) Surplus.

(e) Initial special assessment.

(f) Fund.

(g) Budget and financial reports.

4517. Examinations.

(a) Annual examination.

(b) Other examinations.

(d) Law applicable to examiners.

(e) Technical experts.

(f) Oaths, evidence, and subpoena powers.

4518. Prohibition of excessive compensation.

(a) In general.

(b) Prohibition of setting compensation.

4519. Authority to provide for review of enterprises by rating

organization.

4520. Equal opportunity in solicitation of contracts.

(a) In general.

(b) Report.

4521. Annual reports by Director.

(a) General report.

(b) Report on enforcement actions.

4522. Public disclosure of final orders and agreements.

(a) In general.

(b) Hearings.

circumstances.

(d) Documents filed under seal in public enforcement

hearings.

(e) Retention of documents.

(f) Disclosures to Congress.

4523. Limitation on subsequent employment.

4524. Audits by GAO.

4525. Information, records, and meetings.

4526. Regulations and orders.

(a) Authority.

(b) Notice and comment.

PART B - AUTHORITY OF SECRETARY

SUBPART 1 - GENERAL AUTHORITY

4541. Regulatory authority.

4542. Prior approval authority for new programs.

(a) Authority.

(b) Standard for approval.

4543. Public access to mortgage information.

(a) In general.

(b) Access.

4544. Annual housing report.

(a) In general.

(b) Contents.

4545. Fair housing.

4546. Prohibition of public disclosure of proprietary information.

(a) In general.

(b) Protection of information on housing activities.

4547. Authority to require reports by enterprises.

4548. Reports by Secretary.

(a) Annual report.

(b) Views on budget and financial plans of

enterprises.

SUBPART 2 - HOUSING GOALS

4561. Establishment.

(a) In general.

(b) Consideration of units in multifamily housing.

4562. Low- and moderate-income housing goal.

(a) In general.

(b) Factors to be applied.

(d) Transition.

4563. Special affordable housing goal.

(a) Establishment.

(b) Full credit activities.

(d) Transition.

4564. Central cities, rural areas, and other underserved areas

housing goal.

(a) In general.

(b) Factors to be applied.

(d) Transition.

4565. Other requirements.

(a) In general.

(b) Affordable housing goals.

4566. Monitoring and enforcing compliance with housing goals.

(a) In general.

(b) Notice and determination of failure to meet

goals.

4567. Reports during transition.

SUBPART 3 - ENFORCEMENT OF HOUSING GOALS

4581. Cease-and-desist proceedings.

(a) Grounds for issuance.

(b) Procedure.

(d) Transition period limitation.

4582. Hearings.

(a) Requirements.

(b) Issuance of order.

4583. Judicial review.

(a) Commencement.

(b) Filing of record.

(d) Review.

(e) Order to pay penalty.

(f) No automatic stay.

4584. Enforcement and jurisdiction.

(a) Enforcement.

(b) Limitation on jurisdiction.

4585. Civil money penalties.

(a) Authority.

(b) Amount of penalty.

(d) Action to collect penalty.

(e) Settlement by Secretary.

(f) Transition period limitation.

(g) Deposit of penalties.

4586. Public disclosure of final orders and agreements.

(a) In general.

(b) Hearings.

circumstances.

(d) Documents filed under seal in public enforcement

hearings.

(e) Retention of documents.

(f) Disclosures to Congress.

4587. Notice of service.

4588. Subpoena authority.

(a) In general.

(b) Witnesses and documents.

(d) Fees and expenses.

4589. Regulations.

PART C - MISCELLANEOUS PROVISIONS

4601. Review of underwriting guidelines.

(a) Study.

(b) Report.

4602. Studies of effects of privatization of FNMA and FHLMC.

(a) In general.

(b) Requirements.

(d) Views of FNMA and FHLMC.

4603. Transition.

SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL

ENFORCEMENT POWERS

4611. Risk-based capital levels.

(a) Risk-based capital test.

(b) Considerations.

(d) Definitions.

(e) Regulations.

(f) Availability of model.

4612. Minimum capital levels.

(a) In general.

(b) Transition.

4613. Critical capital levels.

4614. Capital classifications.

(a) In general.

(b) Discretionary classification.

(d) Implementation.

4615. Supervisory actions applicable to undercapitalized

enterprises.

(a) Mandatory actions.

(b) Discretionary reclassification from

undercapitalized to significantly

undercapitalized.

4616. Supervisory actions applicable to significantly

undercapitalized enterprises.

(a) Mandatory supervisory actions.

(b) Discretionary supervisory actions.

4617. Appointment of conservators for critically undercapitalized

enterprises.

(a) Appointment.

(b) Authority.

(d) Effective date.

4618. Notice of classification and enforcement action.

(a) Notice.

(b) Applicability.

(d) Consideration of information and determination.

(e) Effective date of actions.

4619. Appointment of conservators.

(a) Appointment.

(b) Judicial review.

(d) Examinations.

(e) Termination.

4620. Powers of conservators.

(a) General powers.

(b) Additional power.

(d) Enforcement of contracts.

(e) Stays.

(f) Payment of creditors.

(g) Compensation of conservator and employees.

(h) Expenses.

(i) Conflicts of interest and financial disclosure.

4621. Liability protection for conservators.

(a) Federal agencies and employees.

(b) Other conservators.

4622. Capital restoration plans.

(a) Contents.

(b) Deadlines for submission.

(d) Resubmission.

4623. Judicial review of Director action.

(a) Jurisdiction.

(b) Scope of review.

(d) Limitation on jurisdiction.

SUBCHAPTER III - ENFORCEMENT PROVISIONS

4631. Cease-and-desist proceedings.

(a) Grounds for issuance against adequately

capitalized enterprises.

(b) Grounds for issuance against undercapitalized,

significantly undercapitalized, and critically

undercapitalized enterprises.

(d) Affirmative action to correct conditions

resulting from violations or activities.

(e) Authority to limit activities.

(f) Effective date.

4632. Temporary cease-and-desist orders.

(a) Grounds for issuance and scope.

(b) Effective date.

(d) Judicial review.

(e) Enforcement by Attorney General.

4633. Hearings.

(a) Requirements.

(b) Issuance of order.

4634. Judicial review.

(a) Commencement.

(b) Filing of record.

(d) Review.

(e) Order to pay penalty.

(f) No automatic stay.

4635. Enforcement and jurisdiction.

(a) Enforcement.

(b) Limitation on jurisdiction.

4636. Civil money penalties.

(a) In general.

(b) Amount of penalty.

(d) Action to collect penalty.

(e) Settlement by Director.

(f) Availability of other remedies.

(g) Prohibition of reimbursement or indemnification.

(h) Deposit of penalties.

(i) Applicability.

4637. Notice after separation from service.

4638. Private rights of action.

4639. Public disclosure of final orders and agreements.

(a) In general.

(b) Hearings.

circumstances.

(d) Documents filed under seal in public enforcement

hearings.

(e) Retention of documents.

(f) Disclosures to Congress.

4640. Notice of service.

4641. Subpoena authority.

(a) In general.

(b) Witnesses and documents.

(d) Fees and expenses.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in sections 1422b, 1426 of this

title.

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12 USC Sec. 4501 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

-HEAD-

Sec. 4501. Congressional findings

-STATUTE-

The Congress finds that -

(1) the Federal National Mortgage Association and the Federal

Home Loan Mortgage Corporation (referred to in this section

collectively as the ''enterprises''), and the Federal Home Loan

Banks (referred to in this section as the ''Banks''), have

important public missions that are reflected in the statutes and

charter Acts establishing the Banks and the enterprises;

(2) because the continued ability of the Federal National

Mortgage Association and the Federal Home Loan Mortgage

Corporation to accomplish their public missions is important to

providing housing in the United States and the health of the

Nation's economy, more effective Federal regulation is needed to

reduce the risk of failure of the enterprises;

(3) considering the current operating procedures of the Federal

National Mortgage Association, the Federal Home Loan Mortgage

Corporation, and the Federal Home Loan Banks, the enterprises and

the Banks currently pose low financial risk of insolvency;

(4) neither the enterprises nor the Banks, nor any securities

or obligations issued by the enterprises or the Banks, are backed

by the full faith and credit of the United States;

(5) an entity regulating the Federal National Mortgage

Association and the Federal Home Loan Mortgage Corporation should

have sufficient autonomy from the enterprises and special

interest groups;

(6) an entity regulating such enterprises should have the

authority to establish capital standards, require financial

disclosure, prescribe adequate standards for books and records

and other internal controls, conduct examinations when necessary,

and enforce compliance with the standards and rules that it

establishes;

(7) the Federal National Mortgage Association and the Federal

Home Loan Mortgage Corporation have an affirmative obligation to

facilitate the financing of affordable housing for low- and

moderate-income families in a manner consistent with their

overall public purposes, while maintaining a strong financial

condition and a reasonable economic return; and

(8) the Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.)

should be amended to emphasize that providing for financial

safety and soundness of the Federal Home Loan Banks is the

primary mission of the Federal Housing Finance Board.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1302, Oct. 28, 1992, 106 Stat.

3941.)

-REFTEXT-

REFERENCES IN TEXT

The Federal Home Loan Bank Act, referred to in par. (8), is act

July 22, 1932, ch. 522, 47 Stat. 725, as amended, which is

classified generally to chapter 11 (Sec. 1421 et seq.) of this

title. For complete classification of this Act to the Code, see

section 1421 of this title and Tables.

-MISC2-

SHORT TITLE

Section 1301 of title XIII of Pub. L. 102-550 provided that:

''This title (enacting this chapter, amending sections 1422a, 1430,

1430b, 1451 to 1456, 1716 to 1719, 1723, 1723a, and 1723c of this

title, sections 3132 and 5313 of Title 5, Government Organization

and Employees, section 1905 of Title 18, Crimes and Criminal

Procedure, and section 3534 of Title 42, The Public Health and

Welfare, enacting provisions set out as notes under sections 1451,

1452, 1723, and 4562 of this title, and amending provisions set out

as a note under section 1451 of this title) may be cited as the

'Federal Housing Enterprises Financial Safety and Soundness Act of

1992'.''

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12 USC Sec. 4502 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

-HEAD-

Sec. 4502. Definitions

-STATUTE-

For purposes of this chapter:

(1) Affiliate

Except as provided by the Director, the term ''affiliate''

means any entity that controls, is controlled by, or is under

common control with, an enterprise.

(2) Capital distribution

(A) In general

The term ''capital distribution'' means -

(i) any dividend or other distribution in cash or in kind

made with respect to any shares of, or other ownership

interest in, an enterprise, except a dividend consisting only

of shares of the enterprise;

(ii) any payment made by an enterprise to repurchase,

redeem, retire, or otherwise acquire any of its shares,

including any extension of credit made to finance an

acquisition by the enterprise of such shares; and

(iii) any transaction that the Director determines by

regulation to be, in substance, the distribution of capital.

(B) Exception

Any payment made by an enterprise to repurchase its shares

for the purpose of fulfilling an obligation of the enterprise

under an employee stock ownership plan that is qualified under

section 401 of title 26 or any substantially equivalent plan,

as determined by the Director, shall not be considered a

capital distribution.

(3) Compensation

The term ''compensation'' means any payment of money or the

provision of any other thing of current or potential value in

connection with employment.

(4) Core capital

The term ''core capital'' means, with respect to an enterprise,

the sum of the following (as determined in accordance with

generally accepted accounting principles):

(A) The par or stated value of outstanding common stock.

(B) The par or stated value of outstanding perpetual,

noncumulative preferred stock.

(D) Retained earnings.

The core capital of an enterprise shall not include any amounts

that the enterprise could be required to pay, at the option of

investors, to retire capital instruments.

(5) Director

The term ''Director'' means the Director of the Office of

Federal Housing Enterprise Oversight of the Department of Housing

and Urban Development.

(6) Enterprise

The term ''enterprise'' means -

(A) the Federal National Mortgage Association and any

affiliate thereof; and

(B) the Federal Home Loan Mortgage Corporation and any

affiliate thereof.

(7) Executive officer

The term ''executive officer'' means, with respect to an

enterprise, the chairman of the board of directors, chief

executive officer, chief financial officer, president, vice

chairman, any executive vice president, and any senior vice

president in charge of a principal business unit, division, or

function.

(8) Low-income

The term ''low-income'' means -

(A) in the case of owner-occupied units, income not in excess

of 80 percent of area median income; and

(B) in the case of rental units, income not in excess of 80

percent of area median income, with adjustments for smaller and

larger families, as determined by the Secretary.

(9) Median income

The term ''median income'' means, with respect to an area, the

unadjusted median family income for the area, as determined and

published annually by the Secretary.

(10) Moderate-income

The term ''moderate-income'' means -

(A) in the case of owner-occupied units, income not in excess

of area median income; and

(B) in the case of rental units, income not in excess of area

median income, with adjustments for smaller and larger

families, as determined by the Secretary.

(11) Mortgage purchases

The term ''mortgage purchases'' includes mortgages purchased

for portfolio or securitization.

(12) Multifamily housing

The term ''multifamily housing'' means a residence consisting

of more than 4 dwelling units.

(13) New program

The term ''new program'' means any program for the purchasing,

servicing, selling, lending on the security of, or otherwise

dealing in, conventional mortgages that -

(A) is significantly different from programs that have been

approved under this Act or that were approved or engaged in by

an enterprise before October 28, 1992; or

(B) represents an expansion, in terms of the dollar volume or

number of mortgages or securities involved, of programs above

limits expressly contained in any prior approval.

(14) Office

The term ''Office'' means the Office of Federal Housing

Enterprise Oversight of the Department of Housing and Urban

Development.

(15) Secretary

The term ''Secretary'' means the Secretary of Housing and Urban

Development.

(16) Single family housing

The term ''single family housing'' means a residence consisting

of 1 to 4 dwelling units.

(17) State

The term ''State'' means the States of the United States, the

District of Columbia, the Commonwealth of Puerto Rico, the

Commonwealth of the Northern Mariana Islands, Guam, the Virgin

Islands, American Samoa, the Trust Territory of the Pacific

Islands, and any other territory or possession of the United

States.

(18) Total capital

The term ''total capital'' means, with respect to an

enterprise, the sum of the following:

(A) The core capital of the enterprise; (FOOTNOTE 1)

(FOOTNOTE 1) So in original. The semicolon probably should be a

period.

(B) A general allowance for foreclosure losses, which -

(i) shall include an allowance for portfolio mortgage

losses, an allowance for nonreimbursable foreclosure costs on

government claims, and an allowance for liabilities reflected

on the balance sheet for the enterprise for estimated

foreclosure losses on mortgage-backed securities; and

(ii) shall not include any reserves of the enterprise made

or held against specific assets.

absorb losses incurred by the enterprise, that the Director by

regulation determines are appropriate to include in determining

total capital.

(19) Very low-income

The term ''very low-income'' means -

(A) in the case of owner-occupied units, income not in excess

of 60 percent of area median income; and

(B) in the case of rental units, income not in excess of 60

percent of area median income, with adjustments for smaller and

larger families, as determined by the Secretary.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1303, Oct. 28, 1992, 106 Stat.

3942.)

-REFTEXT-

REFERENCES IN TEXT

This chapter, referred to in text, 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.

This Act, referred to in par. (13)(A), 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.

-TRANS-

TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS

For termination of Trust Territory of the Pacific Islands, see

note set out preceding section 1681 of Title 48, Territories and

Insular Possessions.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1452, 1454, 1717, 1718,

1723a of this title.

-CITE-

12 USC Sec. 4503 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

-HEAD-

Sec. 4503. Protection of taxpayers against liability

-STATUTE-

This chapter may not be construed as obligating the Federal

Government, either directly or indirectly, to provide any funds to

the Federal Home Loan Mortgage Corporation, the Federal National

Mortgage Association, or the Federal Home Loan Banks, or to honor,

reimburse, or otherwise guarantee any obligation or liability of

the Federal Home Loan Mortgage Corporation, the Federal National

Mortgage Association, or the Federal Home Loan Banks. This chapter

may not be construed as implying that any such enterprise or Bank,

or any obligations or securities of such an enterprise or Bank, are

backed by the full faith and credit of the United States.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1304, Oct. 28, 1992, 106 Stat.

3944.)

-REFTEXT-

REFERENCES IN TEXT

This chapter, referred to in text, was in the original ''This

title and the amendments made by 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.

-CITE-

12 USC SUBCHAPTER I - SUPERVISION AND REGULATION OF

ENTERPRISES 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

-HEAD-

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

-CITE-

12 USC Part A - Financial Safety and Soundness Regulator 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

Part A - Financial Safety and Soundness Regulator

-HEAD-

Part A - Financial Safety and Soundness Regulator

-CITE-

12 USC Sec. 4511 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

Part A - Financial Safety and Soundness Regulator

-HEAD-

Sec. 4511. Establishment of Office of Federal Housing Enterprise

Oversight

-STATUTE-

There is hereby established an office within the Department of

Housing and Urban Development, which shall be known as the Office

of Federal Housing Enterprise Oversight.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1311, Oct. 28, 1992, 106 Stat.

3944.)

-CITE-

12 USC Sec. 4512 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

Part A - Financial Safety and Soundness Regulator

-HEAD-

Sec. 4512. Director

-STATUTE-

(a) Appointment

The Office shall be under the management of a Director, who shall

be appointed by the President, by and with the advice and consent

of the Senate, from among individuals who are citizens of the

United States, have a demonstrated understanding of financial

management or oversight, and have a demonstrated understanding of

mortgage security markets and housing finance. An individual may

not be appointed as Director if the individual has served as an

executive officer or director of an enterprise at any time during

the 3-year period ending upon the nomination of such individual for

appointment as Director.

(b) Term

The Director shall be appointed for a term of 5 years.

A vacancy in the position of Director shall be filled in the

manner in which the original appointment was made under subsection

(a) of this section.

(d) Service after end of term

A Director may serve after the expiration of the term for which

the Director was appointed until a successor Director has been

appointed.

(e) Deputy Director

(1) In general

The Office shall have a Deputy Director who shall be appointed

by the Director from among individuals who are citizens of the

United States, have a demonstrated understanding of financial

management or oversight, and have a demonstrated understanding of

mortgage security markets and housing finance. An individual may

not be appointed as Deputy Director if the individual has served

as an executive officer or director of an enterprise at any time

during the 3-year period ending upon the appointment of such

individual as Deputy Director.

(2) Functions

The Deputy Director shall have such functions, powers, and

duties as the Director shall prescribe. In the event of the

death, resignation, sickness, or absence of the Director, the

Deputy Director shall serve as acting Director until the return

of the Director or the appointment of a successor pursuant to

subsection (c) of this section.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1312, Oct. 28, 1992, 106 Stat.

3945.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 4515, 4526, 4603 of this

title.

-CITE-

12 USC Sec. 4513 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

Part A - Financial Safety and Soundness Regulator

-HEAD-

Sec. 4513. Duty and authority of Director

-STATUTE-

(a) Duty

The duty of the Director shall be to ensure that the enterprises

are adequately capitalized and operating safely, in accordance with

this chapter.

(b) Authority exclusive of Secretary

The Director is authorized, without the review or approval of the

Secretary, to make such determinations, take such actions, and

perform such functions as the Director determines necessary

regarding -

(1) the issuance of regulations to carry out this part,

subchapter II of this chapter, and subchapter III of this chapter

(including the establishment of capital standards pursuant to

subchapter II of this chapter);

(2) examinations of the enterprises under section 4517 of this

title;

(3) determining the capital levels of the enterprises and

classification of the enterprises within capital classifications

established under subchapter II of this chapter;

(4) decisions to appoint conservators for the enterprises;

(5) administrative and enforcement actions under subchapter II

of this chapter, actions taken under subchapter III of this

chapter with respect to enforcement of subchapter II of this

chapter, and other matters relating to safety and soundness;

(6) approval of payments of capital distributions by the

enterprises under section 1718(c)(2) of this title and section

1452(b)(2) of this title;

(7) requiring the enterprises to submit reports under section

4514 of this title, section 1723a(k) of this title, and section

1456(c) of this title;

(8) prohibiting the payment of excessive compensation by the

enterprises to any executive officer of the enterprises under

section 4518 of this title;

(9) the management of the Office, including the establishment

and implementation of annual budgets, the hiring of, and

compensation levels for, personnel of the Office, and annual

assessments for the costs of the Office;

(10) conducting research and financial analysis; and

(11) the submission of reports required by the Director under

this chapter.

Any determinations, actions, and functions of the Director not

referred to in subsection (b) of this section shall be subject to

the review and approval of the Secretary.

(d) Delegation of authority

The Director may delegate to officers and employees of the Office

any of the functions, powers, and duties of the Director, as the

Director considers appropriate.

(e) Independence in providing information to Congress

The Director shall not be required to obtain the prior approval,

comment, or review of any officer or agency of the United States

before submitting to the Congress, or any committee or subcommittee

thereof, any reports, recommendations, testimony, or comments if

such submissions include a statement indicating that the views

expressed therein are those of the Director and do not necessarily

represent the views of the Secretary or the President.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1313, Oct. 28, 1992, 106 Stat.

3945; Pub. L. 105-276, title II, Sec. 202(b), Oct. 21, 1998, 112

Stat. 2483; Pub. L. 105-277, div. A, Sec. 122, Oct. 21, 1998, 112

Stat. 2681-546.)

-REFTEXT-

REFERENCES IN TEXT

This chapter, referred to in subsecs. (a) and (b)(11), 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.

-MISC2-

AMENDMENTS

1998 - Subsec. (b)(9) to (12). Pub. L. 105-276, which directed

the amendment of subsec. (b) by redesignating pars. (9) to (11) as

(10) to (12), respectively, and adding a new par. (9) which read

''default loss protection levels under section 1454(a)(2)(D) of

this title;'' was repealed by Pub. L. 105-277, effective upon

enactment of Pub. L. 105-276.

EFFECTIVE DATE OF 1998 AMENDMENT

Pub. L. 105-277, div. A, Sec. 122, Oct. 21, 1998, 112 Stat.

2681-546, provided that the amendment made by section 122 is

effective upon enactment of Pub. L. 105-276 (Oct. 21, 1998).

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 4526, 4541 of this title.

-CITE-

12 USC Sec. 4514 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

Part A - Financial Safety and Soundness Regulator

-HEAD-

Sec. 4514. Authority to require reports by enterprises

-STATUTE-

(a) Special reports and reports of financial condition

(1) Financial condition

The Director may require an enterprise to submit reports of

financial condition and operations (in addition to the annual and

quarterly reports required under section 1723a(k) of this title

and section 1456(c) of this title).

(2) Special reports

The Director may also require an enterprise to submit special

reports whenever, in the judgment of the Director, such reports

are necessary to carry out the purposes of this chapter.

(3) Limitation

The Director may not require the inclusion, in any report

pursuant to paragraph (1) or (2), of any information that is not

reasonably obtainable by the enterprise.

(4) Notice and declaration

The Director shall notify the enterprise, a reasonable period

in advance of the date for submission of any report under this

subsection, of any specific information to be contained in the

report and the date for the submission of the report. Each

report under this subsection shall contain a declaration by the

president, vice president, treasurer, or any other officer

designated by the board of directors of the enterprise to make

such declaration, that the report is true and correct to the best

of such officer's knowledge and belief.

(b) Capital distributions

The Director may require an enterprise to submit a report to the

Director after the declaration of any capital distribution by the

enterprise and before making the capital distribution. The report

shall be made in such form and under such circumstances and shall

contain such information as the Director shall require.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1314, Oct. 28, 1992, 106 Stat.

3946.)

-REFTEXT-

REFERENCES IN 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.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1456, 1723a, 4513 of this

title.

-CITE-

12 USC Sec. 4515 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

Part A - Financial Safety and Soundness Regulator

-HEAD-

Sec. 4515. Personnel

-STATUTE-

(a) Office personnel

The Director may appoint and fix the compensation of such

officers and employees of the Office as the Director considers

necessary to carry out the functions of the Director and the

Office. Officers and employees may be paid without regard to the

provisions of chapter 51 and subchapter III of chapter 53 of title

5 relating to classification and General Schedule pay rates.

(b) Comparability of compensation with Federal banking agencies

In fixing and directing compensation under subsection (a) of this

section, the Director shall consult with, and maintain

comparability with compensation of officers and employees of the

Office of the Comptroller of the Currency, the Board of Governors

of the Federal Reserve System, the Federal Deposit Insurance

Corporation, and the Office of Thrift Supervision.

In carrying out the duties of the Office, the Director may use

information, services, staff, and facilities of any executive

agency, independent agency, or department on a reimbursable basis,

with the consent of such agency or department.

(d) Reimbursement of HUD

The Director shall reimburse the Department of Housing and Urban

Development for reasonable costs incurred by the Department that

are directly related to the operations of the Office.

(e) Outside experts and consultants

Notwithstanding any provision of law limiting pay or

compensation, the Director may appoint and compensate such outside

experts and consultants as the Director determines necessary to

assist the work of the Office.

(f) Equal opportunity report

Not later than the expiration of the 180-day period beginning

upon the appointment of the Director under section 4512 of this

title, the Director shall submit to 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 containing -

(1) a complete description of the equal opportunity,

affirmative action, and minority business enterprise utilization

programs of the Office; and

(2) such recommendations for administrative and legislative

action as the Director determines appropriate to carry out such

programs.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1315, Oct. 28, 1992, 106 Stat.

3947.)

-CHANGE-

CHANGE OF NAME

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.

-CITE-

12 USC Sec. 4516 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

Part A - Financial Safety and Soundness Regulator

-HEAD-

Sec. 4516. Funding

-STATUTE-

(a) Annual assessments

The Director may, to the extent provided in appropriation Acts,

establish and collect from the enterprises annual assessments in an

amount not exceeding the amount sufficient to provide for

reasonable costs and expenses of the Office, including the expenses

of any examinations under section 4517 of this title. The initial

annual assessment shall include any startup costs of the Office and

any anticipated costs and expenses of the Office for the following

fiscal year.

(b) Allocation of annual assessment to enterprises

(1) Amount of payment

Each enterprise shall pay to the Director a proportion of the

annual assessment made pursuant to subsection (a) of this section

that bears the same ratio to the total annual assessment that the

total assets of each enterprise bears (FOOTNOTE 1) to the total

assets of both enterprises.

(FOOTNOTE 1) So in original. Probably should be ''bear''.

(2) Timing of payment

The annual assessment shall be payable semiannually for each

fiscal year, on October 1 and April 1.

(3) ''Total assets'' defined

For the purpose of this section, the term ''total assets''

means, with respect to an enterprise, the sum of -

(A) on-balance-sheet assets of the enterprise, as determined

in accordance with generally accepted accounting principles;

(B) the unpaid principal balance of outstanding

mortgage-backed securities issued or guaranteed by the

enterprise that are not included in subparagraph (A); and

Director.

The semiannual payments made pursuant to subsection (b) of this

section by any enterprise that is not classified (for purposes of

subchapter II of this chapter) as adequately capitalized may be

increased, as necessary, in the discretion of the Director to pay

additional estimated costs of regulation of the enterprise.

(d) Surplus

If any amount from any annual assessment collected from an

enterprise remains unobligated at the end of the year for which the

assessment was collected, such amount shall be credited to the

assessment to be collected from the enterprise for the following

year.

(e) Initial special assessment

Not later than the expiration of the 30-day period beginning on

October 28, 1992, the enterprises shall each pay into the Federal

Housing Enterprises Oversight Fund established under subsection (f)

of this section an initial assessment of $1,500,000 to cover the

startup costs of the Office, including space and modifications

thereof, capital equipment, supplies, recruitment, and activities

of the Office during the period preceding the first annual

assessment under subsection (a) of this section. Any amounts

collected from an enterprise under this subsection shall be

credited against the first annual assessment collected pursuant to

subsection (a) of this section, and are hereby appropriated, and

shall be available and used, without fiscal year limitation, as

provided in this section.

(f) Fund

There is established in the Treasury of the United States a fund

to be known as the Federal Housing Enterprises Oversight Fund. Any

assessments collected pursuant to this section shall be deposited

in the Fund. Amounts in the Fund shall be available, to the extent

provided in appropriation Acts and subsection (e) of this section,

for -

(1) carrying out the responsibilities of the Director relating

to the enterprises; and

(2) necessary administrative and nonadministrative expenses of

the Office to carry out the purposes of this chapter.

(g) Budget and financial reports

(1) Financial operating plans and forecasts

Before the beginning of each fiscal year, the Director shall

submit a copy of the financial operating plans and forecasts for

the Office to the Secretary and the Director of the Office of

Management and Budget.

(2) Reports of operations

As soon as practicable after the end of each fiscal year and

each quarter thereof, the Director shall submit a copy of the

report of the results of the operations of the Office during such

period to the Secretary and the Director of the Office of

Management and Budget.

(3) Inclusion in President's budget

The annual plans, forecasts, and reports required under this

subsection shall be included (A) in the Budget of the United

States in the appropriate form, and (B) in the congressional

justifications of the Department of Housing and Urban Development

for each fiscal year in a form determined by the Secretary.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1316, Oct. 28, 1992, 106 Stat.

3947; Pub. L. 104-134, title I, Sec. 101(e) (title II, Sec. 211),

Apr. 26, 1996, 110 Stat. 1321-257, 1321-288; renumbered title I,

Pub. L. 104-140, Sec. 1(a), May 2, 1996, 110 Stat. 1327.)

-REFTEXT-

REFERENCES IN TEXT

This chapter, referred to in subsec. (f)(2), 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.

-MISC2-

AMENDMENTS

1996 - Subsec. (b)(2). Pub. L. 104-134 added par. (2) and struck

out heading and text of former par. (2). Text read as follows:

''The annual assessment shall be payable semiannually on September

1 and March 1 of the year for which the assessment is made.''

NON-REDUCTION OF FIRST ANNUAL ASSESSMENT

Pub. L. 103-124, title II, Oct. 28, 1993, 107 Stat. 1290,

provided in part: ''That notwithstanding the last sentence in

section 1316(e) of such Act (12 U.S.C. 4516(e)), the amount of this

first annual assessment shall not be reduced by any part of the

amount of the initial special assessment under section 1316(e)''.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1455, 1719, 4548 of this

title.

-CITE-

12 USC Sec. 4517 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

Part A - Financial Safety and Soundness Regulator

-HEAD-

Sec. 4517. Examinations

-STATUTE-

(a) Annual examination

The Director shall annually conduct an on-site examination under

this section of each enterprise to determine the condition of the

enterprise for the purpose of ensuring its financial safety and

soundness.

(b) Other examinations

In addition to annual examinations under subsection (a) of this

section, the Director may conduct an examination under this section

whenever the Director determines that an examination is necessary

to determine the condition of an enterprise for the purpose of

ensuring its financial safety and soundness.

The Director shall appoint examiners to conduct examinations

under this section. The Director may contract with the Comptroller

of the Currency, the Board of Governors of the Federal Reserve

System, the Federal Deposit Insurance Corporation, or the Director

of the Office of Thrift Supervision for the services of examiners.

The Director shall reimburse such agencies for any costs of

providing examiners from amounts available in the Federal Housing

Enterprises Oversight Fund.

(d) Law applicable to examiners

The Director and each examiner shall have the same authority and

each examiner shall be subject to the same disclosures,

prohibitions, obligations, and penalties as are applicable to

examiners employed by the Federal Reserve banks.

(e) Technical experts

The Director may obtain the services of any technical experts the

Director considers appropriate to provide temporary technical

assistance relating to examinations to the Director, officers, and

employees of the Office. The Director shall describe, in the record

of each examination, the nature and extent of any such temporary

technical assistance.

(f) Oaths, evidence, and subpoena powers

In connection with examinations under this section, the Director

shall have the authority provided under section 4641 of this title.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1317, Oct. 28, 1992, 106 Stat.

3949.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 4513, 4516, 4521 of this

title.

-CITE-

12 USC Sec. 4518 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

Part A - Financial Safety and Soundness Regulator

-HEAD-

Sec. 4518. Prohibition of excessive compensation

-STATUTE-

(a) In general

The Director shall prohibit the enterprises from providing

compensation to any executive officer of the enterprise that is not

reasonable and comparable with compensation for employment in other

similar businesses (including other publicly held financial

institutions or major financial services companies) involving

similar duties and responsibilities.

(b) Prohibition of setting compensation

In carrying out subsection (a) of this section, the Director may

not prescribe or set a specific level or range of compensation.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1318, Oct. 28, 1992, 106 Stat.

3949.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 4513 of this title.

-CITE-

12 USC Sec. 4519 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

Part A - Financial Safety and Soundness Regulator

-HEAD-

Sec. 4519. Authority to provide for review of enterprises by rating

organization

-STATUTE-

The Director may, on such terms and conditions as the Director

deems appropriate, contract with any entity effectively recognized

by the Division of Market Regulation of the Securities and Exchange

Commission as a nationally recognized statistical rating

organization for the purposes of the capital rules for

broker-dealers, to conduct a review of the enterprises.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1319, Oct. 28, 1992, 106 Stat.

3950.)

-CITE-

12 USC Sec. 4520 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES

SUBCHAPTER I - SUPERVISION AND REGULATION OF ENTERPRISES

Part A - Financial Safety and Soundness Regulator

-HEAD-

Sec. 4520. Equal opportunity in solicitation of contracts

-STATUTE-

(a) In general

Each enterprise shall establish a minority outreach program to

ensure the inclusion (to the maximum extent possible) in contracts

entered into by the enterprises of minorities and women and

businesses owned by minorities and women, including financial

institutions, investment banking firms, underwriters, accountants,

brokers, and providers of legal services.

(b) Report

Not later than the expiration of the 180-day period beginning on

October 28, 1992, each enterprise shall submit to 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 describing the actions taken by the enterprise

pursuant to subsection (a) of this section.

-SOURCE-

(Pub. L. 102-550, title XIII, Sec. 1319A, Oct. 28, 1992, 106 Stat.