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12 U.S.C. § 4585 — Hearings
Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirements**
(1) **Venue and record** — Any hearing under section 4581 or 4585 of this title shall be held on the record and in the District of Columbia.
(2) **Timing** — Any such hearing shall be fixed for a date not earlier than 30 days nor later than 60 days after service of the notice of charges under [section 4581(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4581/b/1&num=0&edition=prelim) or determination to impose a penalty under [section 4585(c)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4585/c/1&num=0&edition=prelim), unless an earlier or a later date is set by the hearing officer at the request of the enterprise served.
(3) **Procedure** — Any such hearing shall be conducted in accordance with chapter 5 of title 5.
(4) **Failure to appear** — If the enterprise served fails to appear at the hearing through a duly authorized representative, such enterprise shall be deemed to have consented to the issuance of the cease-and-desist order or the imposition of the penalty for which the hearing is held.
**(b) Issuance of order**
(1) **In general** — After any such hearing, and within 90 days after the enterprise has been notified that the case has been submitted to the Director for final decision, the Director shall render the decision (which shall include findings of fact upon which the decision is predicated) and shall issue and serve upon the enterprise an order or orders consistent with the provisions of this subpart.
(2) **Modification** — Judicial review of any such order shall be exclusively as provided in [section 4583 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4583&num=0&edition=prelim). Unless su
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Source file: Laws/federal/codes/united-states-code/title-12/section-4585-hearings--3fe2e4944a.md
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Source location: Title 12, Chapter 46, § 4585; chapter-046-government-sponsored-enterprises.md
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**(a) Requirements**
(1) **Venue and record** — Any hearing under section 4581 or 4585 of this title shall be held on the record and in the District of Columbia.
(2) **Timing** — Any such hearing shall be fixed for a date not earlier than 30 days nor later than 60 days after service of the notice of charges under [section 4581(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4581/b/1&num=0&edition=prelim) or determination to impose a penalty under [section 4585(c)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4585/c/1&num=0&edition=prelim), unless an earlier or a later date is set by the hearing officer at the request of the enterprise served.
(3) **Procedure** — Any such hearing shall be conducted in accordance with chapter 5 of title 5.
(4) **Failure to appear** — If the enterprise served fails to appear at the hearing through a duly authorized representative, such enterprise shall be deemed to have consented to the issuance of the cease-and-desist order or the imposition of the penalty for which the hearing is held.
**(b) Issuance of order**
(1) **In general** — After any such hearing, and within 90 days after the enterprise has been notified that the case has been submitted to the Director for final decision, the Director shall render the decision (which shall include findings of fact upon which the decision is predicated) and shall issue and serve upon the enterprise an order or orders consistent with the provisions of this subpart.
(2) **Modification** — Judicial review of any such order shall be exclusively as provided in [section 4583 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4583&num=0&edition=prelim). Unless such a petition for review is timely filed as provided in [section 4583 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4583&num=0&edition=prelim), and thereafter until the record in the proceeding has been filed as so provided, the Director may at any time, modify, terminate, or set aside any such order, upon such notice and in such manner as the Director considers proper. Upon such filing of the record, the Director may modify, terminate, or set aside any such order with permission of the court.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** There is established in the Treasury of the United States a trust fund to be known as the Capital Magnet Fund, which shall be a special account within the Community Development Financial Institutions Fund.
**(b) Deposits to Trust Fund** The Capital Magnet Fund shall consist of—
(1) any amounts transferred to the Fund pursuant to [section 4567 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4567&num=0&edition=prelim); and
(2) any amounts as are or may be appropriated, transferred, or credited to such Fund under any other provisions of law.
**(c) Expenditures from Trust Fund** Amounts in the Capital Magnet Fund shall be available to the Secretary of the Treasury to carry out a competitive grant program to attract private capital for and increase investment in—
(1) the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and
(2) economic development activities or community service facilities, such as day care centers, workforce development centers, and health care clinics, which in conjunction with affordable housing activities implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area.
**(d) Federal assistance** For purposes of the application of Federal civil rights laws, all assistance provided using amounts in the Capital Magnet Fund shall be considered Federal financial assistance.
**(e) Eligible grantees** A grant under this section may be made, pursuant to such requirements as the Secretary of the Treasury shall establish for experience and success in attracting private financing and carrying out the types of activities proposed under the application of the grante
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Authority** — The Director shall monitor and enforce compliance with the housing goals established under this subpart and with the duty under [section 4565(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4565/a&num=0&edition=prelim) of each enterprise with respect to underserved markets, as provided in this section.
(2) **Guidelines** — The Director shall establish guidelines to measure the extent of compliance with the housing goals, which, except as provided in paragraph (5), may assign full credit, partial credit, or no credit toward achievement of the housing goals to different categories of mortgage purchase activities of the enterprises, based on such criteria as the Director deems appropriate.
(3) **Extent of compliance** — In determining compliance with the housing goals established under this subpart, the Director—
(A) shall consider any single mortgage purchased by an enterprise as contributing to the achievement of each housing goal for which such mortgage purchase qualifies; and
(B) may take into consideration the number of housing units financed by any mortgage on housing purchased by an enterprise.
(4) **Enforcement of duty to provide mortgage credit to underserved markets** — The duty under [section 4565(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4565/a&num=0&edition=prelim) of each enterprise to serve underserved markets (as determined in accordance with [section 4565(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4565/c&num=0&edition=prelim)) shall be enforceable under this section to the same extent and under the same provisions that the housing goals established under this su
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Federal law — U.S. Code and appendices · legal_authorities
Page 1685
TITLE 12—BANKS AND BANKING
§ 4585
1 See References in Text note below.
case has been submitted to the Director for
final decision, the Director shall render the
decision (which shall include findings of fact
upon which the decision is predicated) and
shall issue and serve upon the enterprise an
order or orders consistent with the provisions
of this subpart.
(2) Modification
Judicial review of any such order shall be
exclusively as provided in section 4583 of this
title. Unless such a petition for review is time-
ly filed as provided in section 4583 of this title,
and thereafter until the record in the pro-
ceeding has been filed as so provided, the Di-
rector may at any time, modify, terminate, or
set aside any such order, upon such notice and
in such manner as the Director considers prop-
er. Upon such filing of the record, the Director
may modify, terminate, or set aside any such
order with permission of the court.
(Pub. L. 102–550, title XIII, § 1342, Oct. 28, 1992, 106
Stat. 3965; Pub. L. 110–289, div. A, title I,
§ 1130(e)(3)(A), July 30, 2008, 122 Stat. 2711.)
Editorial Notes
AMENDMENTS
2008—Subsec. (b). Pub. L. 110–289 substituted ‘‘Direc-
tor’’ for ‘‘Secretary’’ wherever appearing.
§ 4583. Judicial review
(a) Commencement
An enterprise that is a party to a proceeding
under section 4581 or 4585 of this title may ob-
tain review of any final order issued under such
section by filing in the United States Court of
Appeals for the District of Columbia Circuit,
within 30 days after the date of service of such
order, a written petition praying that the order
of the Director be modified, terminated, or set
aside. The clerk of the court shall transmit a
copy of the petition to the Director.
(b) Filing of record
Upon receiving a
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