§ 4566. Monitoring and enforcing compliance with housing goals

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 § 1336 · 106 Stat. 3672

   Enacted · 12 U.S.C. § 4566

   Pub. L. 102–550, title XIII, § 1336, Oct. 28, 1992, 106 Stat. 3962

   Source evidence

   Code source credit
   Pub. L. 102–550, title XIII, § 1336, Oct. 28, 1992, 106 Stat. 3962

   Enacted provision · exact public law section
   SEC. 1336. MONITORING AND ENFORCING COMPLIANCE WITH HOUSING GO AIR. (a) In General.— (1) Authority.— The Secretary shall monitor and enforce compliance with the housing goals established under sections 1332,1333, and 1334, as provided in this section. (2) Guidelines.— The Secretary shall establish guidelines to measure the extent of compliance with the housing goals, which may assign full credit, partial credit, or no credit toward achievement or the housing goals to different categories of mortgage purchase activities of the enterprises, based on such criteria as the Secretary deems appropriate. (3) Extent of compliance.— In determining compliance with the housing goals established under this subpart, the Secretary— (A) shall consider any single mortgage purchased by an enterprise as contributing to the achievement of each housing goal for which such mortgage purchase qualifies; and (B) may take into consideration the number of housing units financed by any mortgage on housing purchased by an enterprise. (b) Notice and Determination of Failure To Meet Goals.— (1) Notice.— If the Secretary determines that an enterprise has failed, or that there is a substantial probability that an enterprise will fail, to meet any housing goal established under section 1332, 1333, or 1334, the Secretary shall provide written notice to the enterprise of such a determination, the reasons for such determination, the requirement to submit a housing plan under subsection (c) of this section, and the information on which the Secretary based the determination or imposed such requirement. (2) Response period.— (A) In general.— During the 30-day period beginning on the date that an enterprise is provided notice under paragraph (1), the enterprise may submit to the Secretary any written information that the enterprise considers appropriate for consideration by the Secretary in determining whether such failure has occurred or whether the achievement of such goal was or is feasible. (B) Extended period.— The Secretary may extend the period under subparagraph (A) for good cause for not more than 30 additional days. (C) Shortened period.— The Secretary may shorten the period under subparagraph (A) for good cause. (D) Failure to respond.— The failure of an enterprise to provide information during the 30-day period under this paragraph (as extended or shortened) shall waive any right of the enterprise to comment on the proposed determination or action of the Secretary. (3) Consideration of information and determination.— (A) In general.— After the expiration of the response period under paragraph (2) or upon receipt of information provided during such period by the enterprise, whichever occurs earlier, the Secretary shall determine (i) whether the enterprise has failed, or there is a substantial prob-ability that the enterprise will fail, to meet the housing goal, and (ii) whether (taking into consideration market and economic conditions and the financial condition of the enterprise) the achievement of the housing goal was or is feasible. (B) Considerations.— In making such determinations, the Secretary shall take into consideration any relevant information submitted by the enterprise during the response period, (C) Notice.— The Secretary shall provide written notice to the enterprise, 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, of— (i) each determination that an enterprise has failed, or that there is a substantial probability that the enterprise will fail, to meet a housing goal; (ii) each determination that the achievement of a housing goal was or is feasible; and (iii) the reasons for each such determination. Such notice shall respond to any information submitted during the response period. (c) Housing Plans.— (1) Requirement.— If the Secretary finds pursuant to sub-section (b), that an enterprise has failed, or that there is a substantial probability that an enterprise will fail, to meet any housing goal established under section 1332, 1333, or 1334, and that the achievement of the housing goal was or is feasible, the Secretary shall require the enterprise to submit a housing plan under this subsection for approval by the Secretary. (2) Contents.— Each housing plan shall be a feasible plan describing the specific actions the enterprise will take— (A) to achieve the goal for the next calendar year; or (B) if the Secretary determines that there is a substantial probability that the enterprise will fail to meet a goal in the current year, to make such improvements as are reasonable in the remainder of such year. The plan shall be sufficiently specific to enable the Secretary to monitor compliance periodically. (3) Deadline for submission.— The Secretary shall, by Regulations. regulation, establish a deadline for an enterprise to submit a housing plan to the Secretary, which may not be more than 45 days after the enterprise is provided notice under subsection (b)(3) that a housing plan is required. The regulations shall provide that the Secretary may extend the deadline to the extent that the Secretary determines necessary. Any extension of the deadline shall be in writing and for a time certain. (4) Approval.— The Secretary shall review each housing plan submitted under this subsection and, not later than 30 days after submission of the plan, approve or disapprove the plan. The Secretary may extend the period for approval or disapproval for a single additional 30-day period if the Secretary determines it necessary. The Secretary shall approve any plan that the Secretary determines is likely to succeed, and conforms with the Federal National Mortgage Association Charter Act or the Federal Home Loan Mortgage Corporation Act (as applicable), this title, and any other applicable laws and regulations. (5) Notice of approval and disapproval.— The Secretary shall provide written notice to any enterprise submitting a housing 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. (6) Resubmission.— If the initial housing plan submitted by an enterprise is disapproved, the enterprise shall submit an amended plan acceptable to the Secretary within 30 days or such longer period that the Secretary determines is in the public interest.

2. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1122(a)(1) · 122 Stat. 2654

   Substituted · 12 U.S.C. § 4566(a)

   Pub. L. 110–289, § 1122(a)(1), substituted “Director” for “Secretary” wherever appearing in pars. (1) to (3)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 110–289, § 1122(a)(1), substituted “Director” for “Secretary” wherever appearing in pars. (1) to (3).

   Enacted provision · exact public law section
   (1) by striking “Secretary” each place that term appears and inserting “Director” in each of 12 USC 4543, 4546–4548, 4566. sections 1323, 1326, 1327, 1328, and 1336; and

3. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1129(b)(1) · 122 Stat. 2654

   Inserted · 12 U.S.C. § 4566(a)(1)

   Pub. L. 110–289, § 1129(b)(1), inserted “and with the duty under section 4565(a) of this title of each enterprise with respect to underserved markets,” before “as provided in this section”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 110–289, § 1129(b)(1), inserted “and with the duty under section 4565(a) of this title of each enterprise with respect to underserved markets,” before “as provided in this section”.

   Enacted provision · exact public law section
   (1) in paragraph (1), by inserting “and with the duty under section 1335(a) of each enterprise with respect to underserved markets,” before “as provided in this section”; and

4. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1128(c)(2) · 122 Stat. 2654

   Substituted · 12 U.S.C. § 4566(a)(1)

   Pub. L. 110–289, § 1128(c)(2), substituted “this subpart” for “sections 4562, 4563, and 4564 of this title,”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 110–289, § 1128(c)(2), substituted “this subpart” for “sections 4562, 4563, and 4564 of this title,”.

   Enacted provision · exact public law section
   (2) in section 1336(a)(1) (12 U.S.C. 4566(a)(1)), by striking “sections 1332, 1333, and 1334,” and inserting “this subpart”.

5. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1129(c)(1) · 122 Stat. 2654

   Inserted · 12 U.S.C. § 4566(a)(2)

   Pub. L. 110–289, § 1129(c)(1), inserted “, except as provided in paragraph (5),” before “may assign”

   Source evidence

   Code amendment note
   Subsec. (a)(2). Pub. L. 110–289, § 1129(c)(1), inserted “, except as provided in paragraph (5),” before “may assign”.

   Enacted provision · exact public law section
   (1) in paragraph (2), by inserting “, except as provided in paragraph (5),” after “which”; and

6. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1129(b)(2) · 122 Stat. 2654

   Added · 12 U.S.C. § 4566(a)(4)

   Pub. L. 110–289, § 1129(b)(2), added par. (4)

   Source evidence

   Code amendment note
   Subsec. (a)(4). Pub. L. 110–289, § 1129(b)(2), added par. (4).

   Enacted provision · exact public law section
   (2) by adding at the end of such subsection, as amended by the preceding provisions of this title, the following new paragraph: “(4) Enforcement of duty to provide mortgage credit to underserved markets.— The duty under section 1335(a) of each enterprise to serve underserved markets (as determined in accordance with section 1335(c)) shall be enforceable under this section to the same extent and under the same provisions that the housing goals established under this subpart are enforceable. Such duty shall be enforceable only under this section, except that such duty shall not be subject to subsection (c)(7) of this section and shall not be enforceable under any other provision of this title (including subpart C of this part) or under any provision of the Federal National Mortgage Association Charter Act or the Federal Home Loan Mortgage Corporation Act.” .

7. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1129(c)(2) · 122 Stat. 2654

   Added · 12 U.S.C. § 4566(a)(5)

   Pub. L. 110–289, § 1129(c)(2), added par. (5)

   Source evidence

   Code amendment note
   Subsec. (a)(5). Pub. L. 110–289, § 1129(c)(2), added par. (5).

   Enacted provision · exact public law section
   (2) by adding at the end the following new paragraph: “(5) Additional credit.— The Director may assign additional credit toward achievement, under this section, of the housing goals for mortgage purchase activities of the enterprises that comply with the requirements of such goals and support housing that includes a licensed childcare center. The availability of additional credit under this paragraph shall not be used to increase any housing goal, subgoal, or target established under this subpart.” .

8. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1130(a) · 122 Stat. 2654

   1. Added · 12 U.S.C. § 4566(b); 12 U.S.C. § 4566(c)

      Pub. L. 110–289, § 1130(a), added subsecs. (b) and (c)

   2. Struck · 12 U.S.C. § 4566(b); 12 U.S.C. § 4566(c)

      Pub. L. 110–289, § 1130(a), struck out former subsecs. (b) and (c) which related to notice and determination of failure to meet housing goals and submission of housing plans, respectively

   Source evidence

   Code amendment note
   Subsecs. (b), (c). Pub. L. 110–289, § 1130(a), added subsecs. (b) and (c) and struck out former subsecs. (b) and (c) which related to notice and determination of failure to meet housing goals and submission of housing plans, respectively.

   Enacted provision · exact public law section
   (a) In General.— Section 1336 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4566) is amended by striking subsections (b) and (c) and inserting the following: “(b) Notice and Preliminary Determination of Failure To Meet Goals.— “(1) Notice.— If the Director preliminarily determines that an enterprise has failed, or that there is a substantial probability that an enterprise will fail, to meet any housing goal under this subpart, the Director shall provide written notice to the enterprise of such a preliminary determination, the reasons for such determination, and the information on which the Director based the determination. “(2) Response period.— “(A) In general.— During the 30-day period beginning on the date on which an enterprise is provided notice under paragraph (1), the enterprise may submit to the Director any written information that the enterprise considers appropriate for consideration by the Director in finally determining whether such failure has occurred or whether the achievement of such goal was or is feasible. “(B) Extended period.— The Director may extend the period under subparagraph (A) for good cause for not more than 30 additional days. “(C) Shortened period.— The Director may shorten the period under subparagraph (A) for good cause. “(D) Failure to respond.— The failure of an enterprise to provide information during the 30-day period under this paragraph (as extended or shortened) shall waive any right of the enterprise to comment on the proposed determination or action of the Director. “(3) Consideration of information and final determination.— “(A) In general.— After the expiration of the response period under paragraph (2), or upon receipt of information provided during such period by the enterprise, whichever occurs earlier, the Director shall issue a final determination on— “(i) whether the enterprise has failed, or there is a substantial probability that the enterprise will fail, to meet the housing goal; and “(ii) whether (taking into consideration market and economic conditions and the financial condition of the enterprise) the achievement of the housing goal was or is feasible. “(B) Considerations.— In making a final determination under subparagraph (A), the Director shall take into consideration any relevant information submitted by the enterprise during the response period. “(C) Notice.— The Director shall provide written notice, including a response to any information submitted during the response period, to the enterprise, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives, of— “(i) each final determination under this paragraph that an enterprise has failed, or that there is a substantial probability that the enterprise will fail, to meet a housing goal; “(ii) each final determination that the achievement of a housing goal was or is feasible; and “(iii) the reasons for each such final determination. “(c) Cease and Desist, Civil Money Penalties, and Remedies Including Housing Plans.— “(1) Requirement.— If the Director finds, pursuant to subsection (b), that there is a substantial probability that an enterprise will fail, or has actually failed, to meet any housing goal under this subpart, and that the achievement of the housing goal was or is feasible, the Director may require that the enterprise submit a housing plan under this subsection. If the Director makes such a finding and the enterprise refuses to submit such a plan, submits an unacceptable plan, or fails to comply with the plan, the Director may issue a cease and desist order in accordance with section 1341 and impose civil money penalties in accordance with section 1345. “(2) Housing plan.— If the Director requires a housing plan under this subsection, such a plan shall be— “(A) a feasible plan describing the specific actions the enterprise will take— “(i) to achieve the goal for the next calendar year; and “(ii) if the Director determines that there is a substantial probability that the enterprise will fail to meet a goal in the current year, to make such improvements and changes in its operations as are reasonable in the remainder of such year; and “(B) sufficiently specific to enable the Director to monitor compliance periodically. “(3) Deadline for submission.— The Director shall establish a deadline for an enterprise to submit a housing plan to the Director, which may not be more than 45 days after the enterprise is provided notice. The Director may extend the deadline to the extent that the Director determines necessary. Any extension of the deadline shall be in writing and for a time certain. “(4) Approval.— The Director Review. Deadline. shall review each submission by an enterprise, including a housing plan submitted under this subsection, and, not later than 30 days after submission, approve or disapprove the plan or other action. The Director may extend the period for approval or disapproval for a single additional 30-day period if the Director determines it necessary. The Director shall approve any plan that the Director determines is likely to succeed, and conforms with the Federal National Mortgage Association Charter Act or the Federal Home Loan Mortgage Corporation Act (as applicable), this title, and any other applicable provision of law. “(5) Notice of approval and disapproval.— The Director shall provide written notice to any enterprise submitting a housing 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. “(6) Resubmission.— If Deadline. the initial housing plan submitted by an enterprise under this section is disapproved, the enterprise shall submit an amended plan acceptable to the Director not later than 15 days after such disapproval, or such longer period that the Director determines is in the public interest. “(7) Cease and desist orders; civil money penalties.— Solely with respect to the housing goals established under sections 1332(a) and 1333(a)(1), if the Director requires an enterprise to submit a housing plan under this subsection and the enterprise refuses to submit such a plan, submits an unacceptable plan, or fails to comply with the plan, the Director may issue a cease and desist order in accordance with section 1341, impose civil money penalties in accordance with section 1345, exercise other appropriate enforcement authority or seek other appropriate actions.” .

9 of 9 references resolved to an enrolled provision