§ 4622. Capital restoration plans

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 § 1369C · 106 Stat. 3672

   Enacted · 12 U.S.C. § 4622

   Pub. L. 102–550, title XIII, § 1369C, Oct. 28, 1992, 106 Stat. 3985

   Source evidence

   Code source credit
   Pub. L. 102–550, title XIII, § 1369C, Oct. 28, 1992, 106 Stat. 3985

   Enacted provision · exact public law section
   SEC. 1369C. CAPITAL RESTORATION PLANS. (a) Contents.— Each capital restoration plan submitted under this subtitle shall set forth a feasible plan for restoring the core capital of the enterprise subject to the plan to an amount not less than the minimum capital level for the enterprise and for restoring the total capital of the enterprise to an amount not less than the risk-based capital level for the enterprise. Each capital restoration plan shall— (1) specify the level of capital the enterprise will achieve and maintain; (2) describe the actions that the enterprise will take to become classified as adequately capitalized; (3) establish a schedule for completing the actions set forth in the plan; (4) specify the types and levels of activities (including existing and new programs) in which the enterprise will engage during the term of the plan; and (5) describe the actions that the enterprise will take to comply with any mandatory and discretionary requirements imposed under this subtitle. (b) Deadlines for Submission.— The Director shall, by regulation, Regulations. establish a deadline for submission of a capital restoration plan, which may not be more than 46 days after the enterprise is notified in writing that a plan is required. The regulations shall provide that the Director may extend the deadline to the extent that the Director determines it necessary. Any extension of the deadline shall be in writing and for a time certain. (c) Approval.— The Director shall review each capital restoration plan submitted under this section and, not later than 30 days after submission of the plan, approve or disapprove the plan. The Director may extend the period for approval or disapproval for any plan for a single additional 30-day period if the Director determines it necessary. The Director shall provide written notice to any enterprise submitting a 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. (d) Resubmission.— If the Director disapproves the initial cap-ital restoration plan submitted by the enterprise, the enterprise shall submit an amended plan acceptable to the Director within 30 days or such longer period that the Director determines is in the public interest.

2. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 div. A title I § 1145(b)(2) · 122 Stat. 2654

   Substituted · 12 U.S.C. § 4622

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

   Source evidence

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

   Enacted provision · exact public law section
   (2) in section 1369C (12 U.S.C. 4622), by striking “enterprise” each place that term appears and inserting “regulated entity”;

2 of 2 references resolved to an enrolled provision