12 U.S.C. § 4513 | 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 chapter and the rules, regulations, guidelines, and orders issued under this chapter and the authorizing statutes;

(iv)

each regulated entity carries out its statutory mission only through activities that are authorized under and consistent with this chapter 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.

(3)

Coordination with the Chairman of the Board of Governors of the Federal Reserve System

(A)

Consultation

section 4502 of this titleThe 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 ). 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

December 31, 2009The 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 .

(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 chapter, any regulation or order prescribed under this chapter, 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 chapter or any other applicable provision of law, rule, order, or regulation under this chapter, 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.

(f)

1
1 So in original. No subsecs. (d) and (e) have been enacted.
  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)

2 So in original. The word “the” probably should not appear.

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.

Pub. L. 102–550, title XIII, § 1313Oct. 28, 1992106 Stat. 3945 Pub. L. 105–276, title II, § 202(b)Oct. 21, 1998112 Stat. 2483 Pub. L. 105–277, div. A, § 122Oct. 21, 1998112 Stat. 2681–546 Pub. L. 110–289, div. A, title IJuly 30, 2008122 Stat. 2663(, , ; , , ; , , ; , §§ 1102(a), 1118, title II, § 1201, , , 2688, 2782.)

Editorial Notes

References in Text

Pub. L. 102–550Oct. 28, 1992106 Stat. 3941 section 4501 of this titleThis chapter, referred to in subsecs. (a)(1)(B)(iii), (iv) and (c), was in the original “this title”, meaning title XIII of , , , which is classified principally to this chapter. For complete classification of title XIII to the Code, see Short Title note set out under and Tables.

Pub. L. 102–550Oct. 28, 1992106 Stat. 3672 section 5301 of Title 42This Act, referred to in subsec. (a)(3)(A), is , , , known as the Housing and Community Development Act of 1992. For complete classification of this Act to the Code, see Short Title of 1992 Amendment note set out under , The Public Health and Welfare, and Tables.

The Federal Rules of Civil Procedure, referred to in subsec. (c)(2), are set out in the Appendix to Title 28, Judiciary and Judicial Procedure.

Amendments

Pub. L. 110–289, § 1102(a)2008—, 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.

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

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

Pub. L. 105–276 section 1454(a)(2)(D) of this title Pub. L. 105–277 Pub. L. 105–2761998—Subsec. (b)(9) to (12). , 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 ;” was repealed by , effective upon enactment of .

Statutory Notes and Related Subsidiaries

Effective Date of 1998 Amendment

Pub. L. 105–277, div. A, § 122Oct. 21, 1998112 Stat. 2681–546 Pub. L. 105–276Oct. 21, 1998, , , provided that the amendment made by section 122 is effective upon enactment of ().