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12 U.S.C. § 4521 — Limitation on bonuses to executives of Fannie Mae and Freddie Mac
Federal law — U.S. Code and appendices · legal_authorities
Notwithstanding any other provision in law, senior executives at the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation are prohibited from receiving bonuses during any period of conservatorship for those entities on or after April 4, 2012.
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Source file: Laws/federal/codes/united-states-code/title-12/section-4521-limitation-on-bonuses-to-executives-of-fannie-mae-and-freddie-mac--dfaa15a0e0.md
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Source location: Title 12, Chapter 46, § 4521; chapter-046-government-sponsored-enterprises.md
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Notwithstanding any other provision in law, senior executives at the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation are prohibited from receiving bonuses during any period of conservatorship for those entities on or after April 4, 2012.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Number; election; qualifications; conflicts of interest**
(1) **In general** — Subject to paragraphs (2) through (4), the management of each Federal Home Loan Bank shall be vested in a board of 13 directors, or such other number as the Director determines appropriate.
(2) **Board makeup** — The board of directors of each Bank shall be comprised of—
(A) member directors, who shall comprise at least the majority of the members of the board of directors; and
(B) independent directors, who shall comprise not fewer than ⅖ of the members of the board of directors.
(3) **Selection criteria**
(A) *In general* — Each member of the board of directors shall be—
(i) elected by plurality vote of the members, in accordance with procedures established under this section; and
(ii) a citizen of the United States.
(B) *Independent director criteria*
(i) *In general* — Each independent director that is not a public interest director under clause (ii) shall have demonstrated knowledge of, or experience in, financial management, auditing and accounting, risk management practices, derivatives, project development, or organizational management, or such other knowledge or expertise as the Director may provide by regulation.
(ii) *Public interest* — Not fewer than 2 of the independent directors shall have more than 4 years of experience in representing consumer or community interests on banking services, credit needs, housing, or financial consumer protections.
(iii) *Conflicts of interest* — No independent director may, during the term of service on the board of directors, serve as an officer of any Federal Home Loan Bank or as a director, officer, or employee of any member of a Bank, or of any person that receives advances from a Bank.
(4) **Defi
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1427
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Federal law — U.S. Code and appendices · legal_authorities
Page 1660
TITLE 12—BANKS AND BANKING
§ 4521
1 So in original. The word ‘‘and’’ probably should not appear.
to reflect the probable intent of Congress. The amend-
ment was probably intended to strike out subsec. (b) as
it existed prior to being struck out by Pub. L. 110–289,
§ 1116(3). See below.
Pub. L. 110–289, § 1116(3), (4), added subsec. (b) and
struck out former subsec. (b). Prior to amendment, text
read as follows: ‘‘Not later than the expiration of the
180-day period beginning on October 28, 1992, each en-
terprise shall submit to the Committee on Banking, Fi-
nance and Urban Affairs of the House of Representa-
tives and the Committee on Banking, Housing, and
Urban Affairs of the Senate a report describing the ac-
tions taken by the enterprise pursuant to subsection
(a) of this section.’’
Subsecs. (c), (d). Pub. L. 110–289, § 1116(4), added sub-
secs. (c) and (d).
Subsec. (e). Pub. L. 110–289, § 1116(2), redesignated sub-
sec. (a) as (e) and substituted ‘‘Outreach’’ for ‘‘In gen-
eral’’ in heading and ‘‘Each regulated entity’’ for ‘‘Each
enterprise’’ in text.
Subsec. (f). Pub. L. 110–289, § 1116(5), added subsec. (f).
§ 4521. Annual reports by Director
(a) General report
The Director shall submit to the Committee
on Financial Services of the House of Represent-
atives and the Committee on Banking, Housing,
and Urban Affairs of the Senate, not later than
June 15 of each year, a written report, which
shall include—
(1) a description of the actions taken, and
being undertaken, by the Director to carry out
this chapter;
(2) a description of the financial safety and
soundness of each regulated entity, including
the results and conclusions of the annual ex-
aminations of the regulated entities conducted
under section 4517(a) of this title;
(3)
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4521
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