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12 U.S.C. § 4518 — Personnel
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Subject to title III of the Federal Housing Finance Regulatory Reform Act of 2008, the Director may appoint and fix the compensation of such officers and employees of the Agency as the Director considers necessary to carry out the functions of the Director and the Agency. Officers and employees may be paid without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5 relating to classification and General Schedule pay rates.
**(b) Comparability of compensation with Federal banking agencies** In fixing and directing compensation under subsection (a), the Director shall consult with, and maintain comparability with compensation of officers and employees of the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.
**(c) Personnel of other Federal agencies** In carrying out the duties of the Agency, the Director may use information, services, staff, and facilities of any executive agency, independent agency, or department on a reimbursable basis, with the consent of such agency or department.
**(d) Outside experts and consultants** Notwithstanding any provision of law limiting pay or compensation, the Director may appoint and compensate such outside experts and consultants as the Director determines necessary to assist the work of the Agency.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4518
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Stable record: federal_law:legal_authorities:record_usc_e18139fdef7993042971383a
Source file: Laws/federal/codes/united-states-code/title-12/section-4518-personnel--b2236699c7.md
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Source location: Title 12, Chapter 46, § 4518; chapter-046-government-sponsored-enterprises.md
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**(a) In general** Subject to title III of the Federal Housing Finance Regulatory Reform Act of 2008, the Director may appoint and fix the compensation of such officers and employees of the Agency as the Director considers necessary to carry out the functions of the Director and the Agency. Officers and employees may be paid without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5 relating to classification and General Schedule pay rates.
**(b) Comparability of compensation with Federal banking agencies** In fixing and directing compensation under subsection (a), the Director shall consult with, and maintain comparability with compensation of officers and employees of the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.
**(c) Personnel of other Federal agencies** In carrying out the duties of the Agency, the Director may use information, services, staff, and facilities of any executive agency, independent agency, or department on a reimbursable basis, with the consent of such agency or department.
**(d) Outside experts and consultants** Notwithstanding any provision of law limiting pay or compensation, the Director may appoint and compensate such outside experts and consultants as the Director determines necessary to assist the work of the Agency.
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter:
(1) **Affiliate** — Except as provided by the Director, the term “affiliate” means any entity that controls, is controlled by, or is under common control with, an enterprise.
(2) **Agency** — The term “Agency” means the Federal Housing Finance Agency established under [section 4511 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4511&num=0&edition=prelim).
(3) **Authorizing statutes** — The term “authorizing statutes” means—
(A) the Federal National Mortgage Association Charter Act;
(B) the Federal Home Loan Mortgage Corporation Act; and
(C) the Federal Home Loan Bank Act.
(4) **Board** — The term “Board” means the Federal Housing Finance Oversight Board established under [section 4513a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4513a&num=0&edition=prelim).
(5) **Capital distribution**
(A) *In general* — The term “capital distribution” means—
(i) any dividend or other distribution in cash or in kind made with respect to any shares of, or other ownership interest in, an enterprise, except a dividend consisting only of shares of the enterprise;
(ii) any payment made by an enterprise to repurchase, redeem, retire, or otherwise acquire any of its shares, including any extension of credit made to finance an acquisition by the enterprise of such shares; and
(iii) any transaction that the Director determines by regulation to be, in substance, the distribution of capital.
(B) *Exception* — Any payment made by an enterprise to repurchase its shares for the purpose of fulfilling an obligation of the enterprise under an employee stock ownership plan that is qualified under [section 401 of title 26](https://uscode.house.gov/view
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4512
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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
The Congress finds that—
(1) the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (referred to in this section collectively as the “enterprises”), and the Federal Home Loan Banks (referred to in this section as the “Banks”), have important public missions that are reflected in the statutes and charter Acts establishing the Banks and the enterprises;
(2) because the continued ability of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to accomplish their public missions is important to providing housing in the United States and the health of the Nation’s economy, more effective Federal regulation is needed to reduce the risk of failure of the enterprises;
(3) considering the current operating procedures of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Federal Home Loan Banks, the enterprises and the Banks currently pose low financial risk of insolvency;
(4) neither the enterprises nor the Banks, nor any securities or obligations issued by the enterprises or the Banks, are backed by the full faith and credit of the United States;
(5) an entity regulating the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation should have sufficient autonomy from the enterprises and special interest groups;
(6) an entity regulating such enterprises should have the authority to establish capital standards, require financial disclosure, prescribe adequate standards for books and records and other internal controls, conduct examinations when necessary, and enforce compliance with the standards and rules that it establishes;
(7) the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation have an affirma
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4511
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Repealed. Pub. L. 111–139, title I, § 10(a), Feb. 12, 2010, 124 Stat. 21**
**(b) Student loans** For all student loans under part B or D of title IV of the Higher Education Act of 1965 [[20 U.S.C. 1071](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1071&num=0&edition=prelim) et seq., 1087a et seq.] made during the period when a sequestration order under [section 904 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section904&num=0&edition=prelim) is in effect as required by section 902 or 903 of this title, origination fees under sections 438(c)(2) and (6) and 455(c) [[20 U.S.C. 1087–1(c)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087–1/c/2&num=0&edition=prelim), (6), 1087e(c)] and loan processing and issuance fees under section 428(f)(1)(A)(ii) of that Act [[20 U.S.C. 1078(f)(1)(A)(ii)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078/f/1/A/ii&num=0&edition=prelim)] shall each be increased by the uniform percentage specified in that sequestration order, and, for student loans originated during the period of the sequestration, special allowance payments under section 438(b) of that Act [[20 U.S.C. 1087–1(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087–1/b&num=0&edition=prelim)] accruing during the period of the sequestration shall be reduced by the uniform percentage specified in that sequestration order.
**(c) Repealed. Pub. L. 111–139, title I, § 10(c), Feb. 12, 2010, 124 Stat. 22**
**(d) Special rules for Medicare program**
(1) **Calculation of reduction in payment amounts** — To achieve the total percentage reduction in those programs required by section 902 or 903 of this title, subject
Source: Supplied U.S. Code snapshot — release unconfirmed · 2 U.S.C. § 906
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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
**(a) Creation; Board of Directors; policies; principal office; membership; term; vacancies**
(1) There is hereby created the Federal Home Loan Mortgage Corporation, which shall be a body corporate under the direction of a Board of Directors. Within the limitations of law and regulation, the Board of Directors shall determine the general policies that govern the operations of the Corporation. The principal office of the Corporation shall be in the District of Columbia or at any other place determined by the Corporation.
(2)
(A) The Board of Directors of the Corporation shall consist of 13 persons, or such other number as the Director determines appropriate, who shall be elected annually by the voting common stockholders. Except to the extent action under [section 4636a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4636a&num=0&edition=prelim) temporarily results in a lesser number, the Board of Directors shall at all times have as members at least 1 person from the homebuilding industry, at least 1 person from the mortgage lending industry, at least 1 person from the real estate industry, and at least 1 person from an organization that has represented consumer or community interests for not less than 2 years or 1 person who has demonstrated a career commitment to the provision of housing for low-income households.
(B) Each member of the Board of Directors shall be elected for a term ending on the date of the next annual meeting of the voting common stockholders.
(C) Any seat on the Board of Directors that becomes vacant after the annual election of the directors shall be filled by the Board of Directors, but only for the unexpired portion of the term.
(D) Any member of the Board of Directors who is a full-time of
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1452
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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 1656
TITLE 12—BANKS AND BANKING
§ 4518
(d) Inspector General
There shall be within the Agency an Inspector
General, who shall be appointed in accordance
with section 403(a) of title 5.
(e) Law applicable to examiners
The Director and each examiner shall have the
same authority and each examiner shall be sub-
ject to the same disclosures, prohibitions, obli-
gations, and penalties as are applicable to exam-
iners employed by the Federal Reserve banks.
(f) Technical experts
The Director may obtain the services of any
technical experts the Director considers appro-
priate to provide temporary technical assistance
relating to examinations to the Director, offi-
cers, and employees of the Office. The Director
shall describe, in the record of each examina-
tion, the nature and extent of any such tem-
porary technical assistance.
(g) Oaths, evidence, and subpoena powers
In connection with examinations under this
section, the Director shall have the authority
provided under section 4641 of this title.
(h) Appointment of accountants, economists, and
examiners
(1) Applicability
This section shall apply with respect to any
position of examiner, accountant, economist,
and specialist in financial markets and in
technology at the Agency, with respect to su-
pervision and regulation of the regulated enti-
ties, that is in the competitive service.
(2) Appointment authority
The Director may appoint candidates to any
position described in paragraph (1)—
(A) in accordance with the statutes, rules,
and regulations governing appointments in
the excepted service; and
(B) notwithstanding any statutes, rules,
and regulations governing appointments in
the competitive service.
(i) Ombudsman
The Director shall establish, by regulation, an
Office of the Ombuds
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4518
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.