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12 U.S.C. § 5614 — Liquidity event determination

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5614 — Liquidity event determination

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Stable record: federal_law:legal_authorities:record_usc_10cd9066f1c1ba85dcf1916c
Source file: Laws/federal/codes/united-states-code/title-12/section-5614-liquidity-event-determination--70a4a89e90.md
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Source location: Title 12, Chapter 53, § 5614; chapter-053-wall-street-reform-and-consumer-protection.md

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**(a) Determination and written recommendation** (1) **Determination request** — The Secretary may request the Corporation and the Board of Governors to determine whether a liquidity event exists that warrants use of the guarantee program authorized under [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim). (2) **Requirements of determination** — Any determination pursuant to paragraph (1) shall— (A) be written; and (B) contain an evaluation of the evidence that— (i) a liquidity event exists; (ii) failure to take action would have serious adverse effects on financial stability or economic conditions in the United States; and (iii) actions authorized under [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim) are needed to avoid or mitigate potential adverse effects on the United States financial system or economic conditions. **(b) Procedures** Notwithstanding any other provision of Federal or State law, upon the determination of both the Corporation (upon a vote of not fewer than ⅔ of the members of the Corporation then serving) and the Board of Governors (upon a vote of not fewer than ⅔ of the members of the Board of Governors then serving) under subsection (a) that a liquidity event exists that warrants use of the guarantee program authorized under [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim), and with the written consent of the Secretary— (1) the Corporation shall take action in accordance with [section 5612(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612/a&num=0&edition=prelim); and (2) the Secretary (in consultation with the President) shall take action in accordance with [section 5612(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612/c&num=0&edition=prelim). **(c) Documentation and review** (1) **Documentation** — The Secretary shall— (A) maintain the written documentation of each determination of the Corporation and the Board of Governors under this section; and (B) provide the documentation for review under paragraph (2). (2) **GAO review** — The Comptroller General of the United States shall review and report to Congress on any determination of the Corporation and the Board of Governors under subsection (a), including— (A) the basis for the determination; and (B) the likely effect of the actions taken. **(d) Report to Congress** On the earlier of the date of a submission made to Congress under [section 5612(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612/c&num=0&edition=prelim), or within 30 days of the date of a determination under subsection (a), the Secretary shall provide written notice of the determination of the Corporation and the Board of Governors to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, including a description of the basis for the determination.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5301 — Regulations

**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter. **(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5612 — Reverse mortgage study and regulations

**(a) Study** Not later than 1 year after the designated transfer date, the Bureau shall conduct a study on reverse mortgage transactions. **(b) Regulations** (1) **In general** — If the Bureau determines through the study required under subsection (a) that conditions or limitations on reverse mortgage transactions are necessary or appropriate for accomplishing the purposes and objectives of this title,11 See References in Text note below. including protecting borrowers with respect to the obtaining of reverse mortgage loans for the purpose of funding investments, annuities, and other investment products and the suitability of a borrower in obtaining a reverse mortgage for such purpose.22 So in original. Sentence does not appear to be complete. (2) **Identified practices and integrated disclosures** — The regulations prescribed under paragraph (1) may, as the Bureau may so determine— (A) identify any practice as unfair, deceptive, or abusive in connection with a reverse mortgage transaction; and (B) provide for an integrated disclosure standard and model disclosures for reverse mortgage transactions, consistent with section 4302(d),1 that combines the relevant disclosures required under the Truth in Lending Act ([15 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1601&num=0&edition=prelim) et seq.) and the Real Estate Settlement Procedures Act [[12 U.S.C. 2601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2601&num=0&edition=prelim) et seq.], with the disclosures required to be provided to consumers for Home Equity Conversion Mortgages under [section 1715z–20 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-20&num=0&edition=prelim). **(c) Rule

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5614 — Exercise of Federal Reserve authority

Page 2009 TITLE 12—BANKS AND BANKING § 5614 (A) an exceptional and broad reduction in the general ability of financial market par- ticipants— (i) to sell financial assets without an un- usual and significant discount; or (ii) to borrow using financial assets as collateral without an unusual and signifi- cant increase in margin; or (B) an unusual and significant reduction in the ability of financial market participants to obtain unsecured credit. (4) Solvent The term ‘‘solvent’’ means that the value of the assets of an entity exceed its obligations to creditors. (h) Approval of guarantee program during the COVID–19 crisis (1) In general For purposes of the congressional joint reso- lution of approval provided for in subsections (c)(1) and (2) and (d), notwithstanding any other provision of this section, the Federal De- posit Insurance Corporation is approved upon enactment of this Act to establish a program provided for in subsection (a), provided that any such program and any such guarantee shall terminate not later than December 31, 2020. (2) Maximum amount Any debt guarantee program authorized by this subsection shall include a maximum amount of outstanding debt that is guaran- teed. (Pub. L. 111–203, title XI, § 1105, July 21, 2010, 124 Stat. 2121; Pub. L. 116–136, div. A, title IV, § 4008(a), Mar. 27, 2020, 134 Stat. 477.) Editorial Notes REFERENCES IN TEXT Section 1105 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in subsec. (d)(4)(C), (D), is section 1105 of Pub. L. 111–203, which is classified to this section. Section 208(n)(5)(E), referred to in subsec. (e)(5), prob- ably means section 210(n)(5)(E) of Pub. L. 111–203, which is classified to section 5390(n)(5)(E) of this title, because section 208

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