§ 4513. Duties and authorities of Director

Footnotes

1. 1 So in original. No subsecs. (d) and (e) have been enacted.
2. 2 So in original. The word “the” probably should not appear.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1992

   Federal Housing Enterprises Financial Safety and Soundness Act of 1992

   Pub. L. 102–550 title XIII § 1313 · 106 Stat. 3672

   Enacted · 12 U.S.C. § 4513

   Pub. L. 102–550, title XIII, § 1313, Oct. 28, 1992, 106 Stat. 3945

   Source evidence

   Code source credit
   Pub. L. 102–550, title XIII, § 1313, Oct. 28, 1992, 106 Stat. 3945

   Enacted provision · exact public law section
   SEC. 1313. DUTY AND AUTHORITY OF DIRECTOR. (a) Duty.— The duty of the Director shall be to ensure that the enterprises are adequately capitalized and operating safely, in accordance with this title. (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, sub-title B, and subtitle C (including the establishment of capital standards pursuant to subtitle B); (2) examinations of the enterprises under section 1317; (3) determining the capital levels of the enterprises and classification of the enterprises within capital classifications established under subtitle B; (4) decisions to appoint conservators for the enterprises; (5) administrative and enforcement actions under subtitle B, actions taken under subtitle C with respect to enforcement of subtitle B, and other matters relating to safety and soundness; (6) approval of payments of capital distributions by the enterprises under section 303(c)(2) of the Federal National Mortgage Association Charter Act and section 303(b)(2) of the Federal Home Loan Mortgage Corporation Act; (7) requiring the enterprises to submit reports under section 1314 of this title, section 309(k) of the Federal National Mortgage Association Charter Act, and section 307(c) of the Federal Home Loan Mortgage Corporation Act; (8) prohibiting the payment of excessive compensation by the enterprises to any executive officer of the enterprises under section 1318; (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 title. (c) Authority Subject to Approval of Secretary.— Any determinations, actions, and functions of the Director not referred to in subsection (b) 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.

2. 1998

   Pub. L. 105–276 title II § 202(b) · 112 Stat. 2461

   1. Redesignated · 12 U.S.C. § 4513(b)(9)(12)

      Pub. L. 105–276, which directed the amendment of subsec. (b) by redesignating pars. (9) to (11) as (10) to (12), respectively

   2. Repealed · 12 U.S.C. § 4513(b)(9)(12)

      Pub. L. 105–276, which directed the amendment of subsec. (b) by 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

   Source evidence

   Code amendment note
   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 note
   Pub. L. 105–277, div. A, § 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).

3. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1102(a) · 122 Stat. 2654

   Amended · 12 U.S.C. § 4513

   Pub. L. 110–289, § 1102(a), amended section generally. Prior to amendment, section consisted of subsecs. (a) to (e) relating to duty and authority of the Director of Office of Federal Housing Enterprise Oversight

   Source evidence

   Code amendment note
   Pub. L. 110–289, § 1102(a), amended section generally. Prior to amendment, section consisted of subsecs. (a) to (e) relating to duty and authority of the Director of Office of Federal Housing Enterprise Oversight.

   Enacted provision · exact public law section
   (a) In General.— Section 1313 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4513) is amended to read as follows: “SEC. 1313. DUTIES AND AUTHORITIES OF DIRECTOR. “(a) Duties.— “(1) Principal duties.— The principal duties of the Director shall be— “(A) to oversee the prudential operations of each regulated entity; and “(B) to ensure that— “(i) each regulated entity operates in a safe and sound manner, including maintenance of adequate capital and internal controls; “(ii) the operations and activities of each regulated entity foster liquid, efficient, competitive, and resilient national housing finance markets (including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities); “(iii) each regulated entity complies with this title and the rules, regulations, guidelines, and orders issued under this title and the authorizing statutes; “(iv) each regulated entity carries out its statutory mission only through activities that are authorized under and consistent with this title and the authorizing statutes; and “(v) the activities of each regulated entity and the manner in which such regulated entity is operated are consistent with the public interest. “(2) Scope of authority.— The authority of the Director shall include the authority— “(A) to review and, if warranted based on the principal duties described in paragraph (1), reject any acquisition or transfer of a controlling interest in a regulated entity; and “(B) to exercise such incidental powers as may be necessary or appropriate to fulfill the duties and responsibilities of the Director in the supervision and regulation of each regulated entity. “(b) Delegation of Authority.— The Director may delegate to officers and employees of the Agency any of the functions, powers, or duties of the Director, as the Director considers appropriate. “(c) Litigation Authority.— “(1) In general.— In enforcing any provision of this title, any regulation or order prescribed under this title, or any other provision of law, rule, regulation, or order, or in any other action, suit, or proceeding to which the Director is a party or in which the Director is interested, and in the administration of conservatorships and receiverships, the Director may act in the Director’s own name and through the Director’s own attorneys. “(2) Subject to suit.— Except as otherwise provided by law, the Director shall be subject to suit (other than suits on claims for money damages) by a regulated entity with respect to any matter under this title or any other applicable provision of law, rule, order, or regulation under this title, in the United States district court for the judicial district in which the regulated entity has its principal place of business, or in the United States District Court for the District of Columbia, and the Director may be served with process in the manner prescribed by the Federal Rules of Civil Procedure.” .

4. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1118 · 122 Stat. 2654

   Added · 12 U.S.C. § 4513(a)(3)

   Pub. L. 110–289, § 1118, added par. (3)

   Source evidence

   Code amendment note
   Subsec. (a)(3). Pub. L. 110–289, § 1118, added par. (3).

   Enacted provision · exact public law section
   SEC. 1118. CONSULTATION BETWEEN THE DIRECTOR OF THE FEDERAL HOUSING FINANCE AGENCY AND THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM TO ENSURE FINANCIAL MARKET STABILITY .   Subsection (a) of section 1313 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4513), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new paragraph: “(3) Coordination with the chairman of the board of governors of the federal reserve system.— “(A) Consultation.— The Director shall consult with, and consider the views of, the Chairman of the Board of Governors of the Federal Reserve System, with respect to the risks posed by the regulated entities to the financial system, prior to issuing any proposed or final regulations, orders, and guidelines with respect to the exercise of the additional authority provided in this Act regarding prudential management and operations standards, safe and sound operations of, and capital requirements and portfolio standards applicable to the regulated entities (as such term is defined in section 1303). The Director also shall consult with the Chairman regarding any decision to place a regulated entity into conservatorship or receivership. “(B) Information sharing.— To facilitate the consultative process, the Director shall share information with the Board of Governors of the Federal Reserve System on a regular, periodic basis as determined by the Director and the Board regarding the capital, asset and liabilities, financial condition, and risk management practices of the regulated entities as well as any information related to financial market stability. “(C) Termination of consultation requirement.— The requirement of the Director to consult with the Board of Governors of the Federal Reserve System under this paragraph shall expire at the conclusion of December 31, 2009.” .

5. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1201 · 122 Stat. 2654

   Added · 12 U.S.C. § 4513(f)

   Pub. L. 110–289, § 1201, added subsec. (f)

   Source evidence

   Code amendment note
   Subsec. (f). Pub. L. 110–289, § 1201, added subsec. (f).

   Enacted provision · exact public law section
   SEC. 1201. RECOGNITION OF DISTINCTIONS BETWEEN THE ENTERPRISES AND THE FEDERAL HOME LOAN BANKS.   Section 1313 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4513) is amended by adding at the end the following: “(f) Recognition of Distinctions Between the Enterprises and the Federal Home Loan Banks.— Prior to promulgating any regulation or taking any other formal or informal agency action of general applicability and future effect relating to the Federal Home Loan Banks (other than any regulation, advisory document, or examination guidance of the Federal Housing Finance Board that the Director reissues after the authority of the Director over the Federal Home Loan Banks takes effect), including the issuance of an advisory document or examination guidance, the Director shall consider the differences between the Federal Home Loan Banks and the enterprises with respect to— “(1) the Banks’— “(A) cooperative ownership structure; “(B) the mission of providing liquidity to members; “(C) affordable housing and community development mission; “(D) capital structure; and “(E) joint and several liability; and “(2) any other differences that the Director considers appropriate.” .

4 of 6 references resolved to an enrolled provision · 2 partial