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12 U.S.C. § 4514 — Duties and authorities of Director
Federal law — U.S. Code and appendices · legal_authorities
**(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* — The Director shall consult with, and consider the v
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Source file: Laws/federal/codes/united-states-code/title-12/section-4514-duties-and-authorities-of-director--879c746436.md
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Source location: Title 12, Chapter 46, § 4514; chapter-046-government-sponsored-enterprises.md
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**(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* — The 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 [section 4502 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4502&num=0&edition=prelim)). 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* — The 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 December 31, 2009.
**(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) 11 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) the 22 So in original. The word “the” probably should not appear. 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.
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Federal law — U.S. Code and appendices · legal_authorities
Any service required or authorized to be made by the Director under this subchapter may be made by registered mail, or in such other manner reasonably calculated to give actual notice as the Director may by regulation or otherwise provide.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4501
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Critical social, economic, and environmental problems facing Nation’s urban communities** The Congress finds and declares that the Nation’s cities, towns, and smaller urban communities face critical social, economic, and environmental problems arising in significant measure from—
(1) the growth of population in metropolitan and other urban areas, and the concentration of persons of lower income in central cities;
(2) inadequate public and private investment and reinvestment in housing and other physical facilities, and related public and social services, resulting in the growth and persistence of urban slums and blight and the marked deterioration of the quality of the urban environment; and
(3) increasing energy costs which have seriously undermined the quality and overall effectiveness of local community and housing development activities.
**(b) Establishment and maintenance of viable urban communities; systematic and sustained action by Federal, State, and local governments; expansion of and continuity in Federal assistance; increased private investment; streamlining programs and improvement of functioning of agencies; action to address consequences of scarce fuel supplies** The Congress further finds and declares that the future welfare of the Nation and the well-being of its citizens depend on the establishment and maintenance of viable urban communities as social, economic, and political entities, and require—
(1) systematic and sustained action by Federal, State, and local governments to eliminate blight, to conserve and renew older urban areas, to improve the living environment of low- and moderate-income families, and to develop new centers of population growth and economic activity;
(2) substantial expansion of and greater continuity in the scope a
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 5301
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In the course of or in connection with any proceeding, examination, or investigation under this chapter, the Director or any designated representative thereof, including any person designated to conduct any hearing under this subchapter shall have the authority—
(1) to administer oaths and affirmations;
(2) to take and preserve testimony under oath;
(3) to issue subpoenas and subpoenas duces tecum; and
(4) to revoke, quash, or modify subpoenas and subpoenas duces tecum.
**(b) Witnesses and documents** The attendance of witnesses and the production of documents provided for in this section may be required from any place in any State or in any territory or other place subject to the jurisdiction of the United States at any designated place where such proceeding is being conducted.
**(c) Enforcement**
(1) **In general** — The Director, or any party to proceedings under this subchapter, may apply to the United States District Court for the District of Columbia, or the United States district court for the judicial district of the United States in any territory in which such proceeding is being conducted, or where the witness resides or carries on business, for enforcement of any subpoena or subpoena duces tecum issued pursuant to this section.
(2) **Power of court** — The courts described under paragraph (1) shall have the jurisdiction and power to order and require compliance with any subpoena issued under paragraph (1).
**(d) Fees and expenses** Witnesses subpoenaed under this section shall be paid the same fees and mileage that are paid witnesses in the district courts of the United States. Any court having jurisdiction of any proceeding instituted under this section by an regulated entity enterprise-affiliated party 11 So in original. may allo
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4502
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Rights and remedies of Corporation; State qualifications or similar statutes** All rights and remedies of the Corporation, including without limitation on the generality of the foregoing any rights and remedies of the Corporation on, under, or with respect to any mortgage or any obligation secured thereby, shall be immune from impairment, limitation, or restriction by or under (1) any law (except laws enacted by the Congress expressly in limitation of this sentence) which becomes effective after the acquisition by the Corporation of the subject or property on, under, or with respect to which such right or remedy arises or exists or would so arise or exist in the absence of such law, or (2) any administrative or other action which becomes effective after such acquisition. The Corporation is authorized to conduct its business without regard to any qualification or similar statute in any State.
**(b) Government audits; procedure; access to records, etc.; reimbursement of costs**
(1) The programs, activities, receipts, expenditures, and financial transactions of the Corporation shall be subject to audit by the Comptroller General of the United States under such rules and regulations as may be prescribed by the Comptroller General. The representatives of the Government Accountability Office shall have access to all books, accounts, financial records, reports, files and all other papers, things, or property belonging to or in use by the Corporation and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositaries, fiscal agents, and custodians. A report on each such audit shall be made by the Comptroller General to the Congress. The Corporation shall reimburse the Governmen
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1456
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Seal, and other matters incident to operation** Each of the bodies corporate named in [section 1717(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1717/a/2&num=0&edition=prelim) shall have power to adopt, alter, and use a corporate seal, which shall be judicially noticed; to enter into and perform contracts, leases, cooperative agreements, or other transactions, on such terms as it may deem appropriate, with any agency or instrumentality of the United States, or with any State, Territory, or possession, or the Commonwealth of Puerto Rico, or with any political subdivision thereof, or with any person, firm, association, or corporation; to execute, in accordance with its bylaws, all instruments necessary or appropriate in the exercise of any of its powers; in its corporate name, to sue and to be sued, and to complain and to defend, in any court of competent jurisdiction, State or Federal, but no attachment, injunction, or other similar process, mesne or final, shall be issued against the property of the Association or against the Association with respect to its property; to conduct its business without regard to any qualification or similar statute in any State of the United States, including the District of Columbia, the Commonwealth of Puerto Rico, and the Territories and possessions of the United States; to lease, purchase, or acquire any property, real, personal, or mixed, or any interest therein, to hold, rent, maintain, modernize, renovate, improve, use, and operate such property, and to sell, for cash or credit, lease, or otherwise dispose of the same, at such time and in such manner as and to the extent that it may deem necessary or appropriate; to prescribe, repeal, and amend or modify, rules, regulations, o
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1747g
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Federal law — U.S. Code and appendices · legal_authorities
Page 1650
TITLE 12—BANKS AND BANKING
§ 4514
(i) if such standard is established by reg-
ulation, the Director shall require the reg-
ulated entity to submit an acceptable plan
to the Director within the time allowed
under subparagraph (C); and
(ii) if such standard is established by
guideline, the Director may require the
regulated entity to submit a plan de-
scribed in clause (i).
(B) Contents
Any plan required under subparagraph (A)
shall specify the actions that the regulated
entity will take to correct the deficiency. If
the regulated entity is undercapitalized, the
plan may be a part of the capital restoration
plan for the regulated entity under section
4622 of this title.
(C) Deadlines for submission and review
The Director shall by regulation establish
deadlines that—
(i) provide the regulated entities with
reasonable time to submit plans required
under subparagraph (A), and generally re-
quire a regulated entity to submit a plan
not later than 30 days after the Director
determines that the entity fails to meet
any standard established under subsection
(a); and
(ii) require the Director to act on plans
expeditiously, and generally not later than
30 days after the plan is submitted.
(2) Required order upon failure to submit or
implement plan
If a regulated entity fails to submit an ac-
ceptable plan within the time allowed under
paragraph (1)(C), or fails in any material re-
spect to implement a plan accepted by the Di-
rector, the following shall apply:
(A) Required correction of deficiency
The Director shall, by order, require the
regulated entity to correct the deficiency.
(B) Other authority
The Director may, by order, take one or
more of the following actions until the defi-
ciency is corrected:
(i) Prohibit the regulated e
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4514
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