§ 4514. Authority to require reports by regulated entities

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 § 1314 · 106 Stat. 3672

   Enacted · 12 U.S.C. § 4514

   Pub. L. 102–550, title XIII, § 1314, Oct. 28, 1992, 106 Stat. 3946

   Source evidence

   Code source credit
   Pub. L. 102–550, title XIII, § 1314, Oct. 28, 1992, 106 Stat. 3946

   Enacted provision · exact public law section
   SEC. 1314. AUTHORITY TO REQUIRE REPORTS BY ENTERPRISES. (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 309(k) of the Federal National Mortgage Association Charter Act and section 307(c) of the Federal Home Loan Mortgage Corporation Act). (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 title. (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 sub-section 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’ 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.

2. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1104(a)(1) · 122 Stat. 2654

   Substituted · 12 U.S.C. § 4514

   Pub. L. 110–289, § 1104(a)(1), substituted “regulated entities” for “enterprises” in section catchline

   Source evidence

   Code amendment note
   Pub. L. 110–289, § 1104(a)(1), substituted “regulated entities” for “enterprises” in section catchline.

   Enacted provision · exact public law section
   (1) in the section heading, by striking “enterprises” and inserting “regulated entities”;

3. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1104(a)(4)(A) · 122 Stat. 2654

   1. Substituted · 12 U.S.C. § 4514(a)

      Pub. L. 110–289, § 1104(a)(4)(A), substituted “Regular and special reports” for “Special reports and reports of financial condition” in par. (1)

   2. Substituted · 12 U.S.C. § 4514(a)

      Pub. L. 110–289, § 1104(a)(4)(A), substituted “Regular reports” for “Financial condition” in par. (1)

   3. Substituted · 12 U.S.C. § 4514(a)

      Pub. L. 110–289, § 1104(a)(4)(A), substituted “The Director may require, by general or specific orders, a regulated entity to submit regular reports, including financial statements determined on a fair value basis, on the condition (including financial condition), management, activities, or operations of the regulated entity, as the Director considers appropriate” for “The Director may require an enterprise to submit reports of financial condition and operations” in par. (1)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 110–289, § 1104(a)(4)(A), substituted “Regular and special reports” for “Special reports and reports of financial condition” in subsec. heading, “Regular reports” for “Financial condition” in par. (1) heading, and “The Director may require, by general or specific orders, a regulated entity to submit regular reports, including financial statements determined on a fair value basis, on the condition (including financial condition), management, activities, or operations of the regulated entity, as the Director considers appropriate” for “The Director may require an enterprise to submit reports of financial condition and operations” in par. (1).

   Enacted provision · exact public law section
   (A) by striking the subsection heading and all that follows through “and operations” in paragraph (1) and inserting the following: “(a) Regular and Special Reports.— “(1) Regular reports.— The Director may require, by general or specific orders, a regulated entity to submit regular reports, including financial statements determined on a fair value basis, on the condition (including financial condition), management, activities, or operations of the regulated entity, as the Director considers appropriate” ; and

4. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1104(a)(4)(B) · 122 Stat. 2654

   1. Inserted · 12 U.S.C. § 4514(a)(2)

      Pub. L. 110–289, § 1104(a)(4)(B), inserted “, by general or specific orders,” after “may also require”

   2. Substituted · 12 U.S.C. § 4514(a)(2)

      Pub. L. 110–289, § 1104(a)(4)(B), substituted “on any of the topics specified in paragraph (1) or any other relevant topics, if” for “whenever”

   Source evidence

   Code amendment note
   Subsec. (a)(2). Pub. L. 110–289, § 1104(a)(4)(B), inserted “, by general or specific orders,” after “may also require” and substituted “on any of the topics specified in paragraph (1) or any other relevant topics, if” for “whenever”.

   Enacted provision · exact public law section
   (B) in paragraph (2)— (i) by inserting “, by general or specific orders,” after “may also require”; and (ii) by striking “whenever” and inserting “on any of the topics specified in paragraph (1) or any other relevant topics, if”; and

5. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1104(a)(2) · 122 Stat. 2654

   Substituted · 12 U.S.C. § 4514(a)(2)

   Pub. L. 110–289, § 1104(a)(2), substituted “a regulated entity” for “an enterprise”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 110–289, § 1104(a)(2), substituted “a regulated entity” for “an enterprise”.

   Enacted provision · exact public law section
   (2) by striking “an enterprise” each place that term appears and inserting “a regulated entity”;

6. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1104(a)(3) · 122 Stat. 2654

   Substituted · 12 U.S.C. § 4514(a)(3); 12 U.S.C. § 4514(a)(4)

   Pub. L. 110–289, § 1104(a)(3), which directed amendment of this section by substituting “the regulated entity” for “the enterprise”, was executed by making the substitution wherever appearing to reflect the probable intent of Congress

   Source evidence

   Code amendment note
   Subsec. (a)(3), (4). Pub. L. 110–289, § 1104(a)(3), which directed amendment of this section by substituting “the regulated entity” for “the enterprise”, was executed by making the substitution wherever appearing to reflect the probable intent of Congress.

   Enacted provision · exact public law section
   (3) by striking “the enterprise” and inserting “the regulated entity”;

7. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1104(a)(3) · 122 Stat. 2654

   Substituted · 12 U.S.C. § 4514(b)

   Pub. L. 110–289, § 1104(a)(3), which directed amendment of this section by substituting “the regulated entity” for “the enterprise”, was executed by making the substitution wherever appearing to reflect the probable intent of Congress

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 110–289, § 1104(a)(3), which directed amendment of this section by substituting “the regulated entity” for “the enterprise”, was executed by making the substitution wherever appearing to reflect the probable intent of Congress.

   Enacted provision · exact public law section
   (3) by striking “the enterprise” and inserting “the regulated entity”;

8. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1104(a)(2) · 122 Stat. 2654

   Substituted · 12 U.S.C. § 4514(b)

   Pub. L. 110–289, § 1104(a)(2), substituted “a regulated entity” for “an enterprise”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 110–289, § 1104(a)(2), substituted “a regulated entity” for “an enterprise”.

   Enacted provision · exact public law section
   (2) by striking “an enterprise” each place that term appears and inserting “a regulated entity”;

9. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1104(a)(5) · 122 Stat. 2654

   Added · 12 U.S.C. § 4514(c)

   Pub. L. 110–289, § 1104(a)(5), added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 110–289, § 1104(a)(5), added subsec. (c).

   Enacted provision · exact public law section
   (5) by adding at the end the following: “(c) Penalties for Failure To Make Reports.— “(1) Violations.— It shall be a violation of this section for any regulated entity— “(A) to fail to make, transmit, or publish any report or obtain any information required by the Director under this section, section 309(k) of the Federal National Mortgage Association Charter Act, section 307(c) of the Federal Home Loan Mortgage Corporation Act, or section 20 of the Federal Home Loan Bank Act, within the period of time specified in such provision of law or otherwise by the Director; or “(B) to submit or publish any false or misleading report or information under this section. “(2) Penalties.— “(A) First tier.— “(i) In general.— A violation described in paragraph (1) shall be subject to a penalty of not more than $2,000 for each day during which such violation continues, in any case in which— “(I) the subject regulated entity maintains procedures reasonably adapted to avoid any inadvertent error and the violation was unintentional and a result of such an error; or “(II) the violation was an inadvertent transmittal or publication of any report which was minimally late. “(ii) Burden of proof.— For purposes of this subparagraph, the regulated entity shall have the burden of proving that the error was inadvertent or that a report was inadvertently transmitted or published late. “(B) Second tier.— A violation described in paragraph (1) shall be subject to a penalty of not more than $20,000 for each day during which such violation continues or such false or misleading information is not corrected, in any case that is not addressed in subparagraph (A) or (C). “(C) Third tier.— A violation described in paragraph (1) shall be subject to a penalty of not more than $1,000,000 per day for each day during which such violation continues or such false or misleading information is not corrected, in any case in which the subject regulated entity committed such violation knowingly or with reckless disregard for the accuracy of any such information or report. “(3) Assessments.— Any penalty imposed under this subsection shall be in lieu of a penalty under section 1376, but shall be assessed and collected by the Director in the manner provided in section 1376 for penalties imposed under that section, and any such assessment (including the determination of the amount of the penalty) shall be otherwise subject to the provisions of section 1376. “(4) Hearing.— A Deadline. regulated entity against which a penalty is assessed under this section shall be afforded an agency hearing if the regulated entity submits a request for a hearing not later than 20 days after the date of the issuance of the notice of assessment. Applicability. Section 1374 shall apply to any such proceedings.” .

12 of 12 references resolved to an enrolled provision