§ 4618. Notice of classification and enforcement action

Footnotes

1. 1 See References in Text note below.

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 § 1368 · 106 Stat. 3672

   Enacted · 12 U.S.C. § 4618

   Pub. L. 102–550, title XIII, § 1368, Oct. 28, 1992, 106 Stat. 3980

   Source evidence

   Code source credit
   Pub. L. 102–550, title XIII, § 1368, Oct. 28, 1992, 106 Stat. 3980

   Enacted provision · exact public law section
   SEC. 1368. NOTICE OF CLASSIFICATION AND ENFORCEMENT ACTION. (a) Notice.— Before taking any action referred to in subsection (b), the Director shall provide to the enterprise written notice of the proposed action, which states the reasons for the proposed action and the information on which the proposed action is based. (b) Applicability.— The requirements of subsection (a) shall apply to the following actions: (1) Classification or reclassification of an enterprise within a particular capital classification under section 1364. (2) Any discretionary supervisory action pursuant to section 1365. (3) Any discretionary supervisory action pursuant to section 1366 except a decision to appoint a conservator under section 1366(b)(6). Notice of classification under paragraph (1) and notice of supervisory actions under paragraph (2) or (3) may be provided together in a single notice under subsection (a). (c) Response Period.— (1) In general.— During the 30-day period beginning on the date that an enterprise is provided notice under subsection (a) of a proposed action, the enterprise may submit to the Director any information relevant to the action that the enterprise considers appropriate for consideration by the Director in determining whether to take such action. The Director may, at the discretion of the Director, hold an informal administrative hearing to receive and discuss such information and the proposed determination. (2) Extended period.— The Director may extend the period under paragraph (1) for good cause for not more than 30 additional days. (3) Shortened period.— The Director may shorten the period under paragraph (1) if the Director determines that the condition of the enterprise bo requires or the enterprise consents. (4) Failure to respond.— The failure of an enterprise to provide information during the response period under this subsection (as extended or shortened) shall waive any right of the enterprise to comment on the proposed action of the Director. (d) Consideration of Information and Determination.— After the expiration of the response period under subsection (c) or upon receipt of information provided during such period by the enterprise, whichever occurs earlier, the Director shall deter-mine whether to take the action proposed, taking into consideration any relevant information submitted by the enterprise during the response period. The Director shall provide written notice of a determination to take action and the reasons for such determination 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. Such notice shall respond to any information submitted during the response period. (e) Effective Date of Actions.— An action referred to in subsection (b) shall take effect upon receipt by the enterprise of notice of the determination of the Director under subsection (d), unless otherwise provided in such notice.

2. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 div. A title I § 1145(b)(1) · 122 Stat. 2654

   1. Substituted · 12 U.S.C. § 4618

      Pub. L. 110–289 substituted “a regulated entity” for “an enterprise” wherever appearing

   2. Substituted · 12 U.S.C. § 4618

      Pub. L. 110–289 substituted “the regulated entity” for “the enterprise” wherever appearing

   Source evidence

   Code amendment note
   Pub. L. 110–289 substituted “a regulated entity” for “an enterprise” and “the regulated entity” for “the enterprise” wherever appearing.

   Enacted provision · exact public law section
   (1) in section 1368 (12 U.S.C. 4618)— (A) by striking “an enterprise” each place that term appears and inserting “a regulated entity”; and (B) by striking “the enterprise” each place that term appears and inserting “the regulated entity”;

3 of 3 references resolved to an enrolled provision