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12 U.S.C. § 4588 — Civil money penalties
Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority** The Director may impose a civil money penalty, in accordance with the provisions of this section, on any enterprise that has failed to—
(1) submit a report under section 4547 11 See References in Text note below. of this title, following a notice of such failure, an opportunity for comment by the enterprise, and a final determination by the Director;
(2) submit the information required under subsection (m) or (n) of [section 1723a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1723a&num=0&edition=prelim) or subsection (e) or (f) of [section 1456 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1456&num=0&edition=prelim);
(3) solely with respect to the housing goals established under sections 4562(a) and 4563(a)(1) of this title, submit a housing plan or perform its responsibilities under a remedial order issued pursuant to [section 4566(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4566/c&num=0&edition=prelim) within the required period; or
(4) solely with respect to the housing goals established under sections 4562(a) and 4563(a)(1) of this title, comply with a housing plan for the enterprise under [section 4566(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4566/c&num=0&edition=prelim).
**(b) Amount of penalty** The amount of a penalty under this section, as determined by the Director, may not exceed—
(1) for any failure described in paragraph (1), (5), or (6) of subsection (a), $100,000 for each day that the failure occurs; and
(2) for any failure described in paragraph (2), (3), or (4) of subsection (a), $50,000 for each day that the failure occurs.
**(c) Procedu
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Stable record: federal_law:legal_authorities:record_usc_f89bf0cb518ebd2c73292ac4
Source file: Laws/federal/codes/united-states-code/title-12/section-4588-civil-money-penalties--a97c7c0aa6.md
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Source location: Title 12, Chapter 46, § 4588; chapter-046-government-sponsored-enterprises.md
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**(a) Authority** The Director may impose a civil money penalty, in accordance with the provisions of this section, on any enterprise that has failed to—
(1) submit a report under section 4547 11 See References in Text note below. of this title, following a notice of such failure, an opportunity for comment by the enterprise, and a final determination by the Director;
(2) submit the information required under subsection (m) or (n) of [section 1723a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1723a&num=0&edition=prelim) or subsection (e) or (f) of [section 1456 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1456&num=0&edition=prelim);
(3) solely with respect to the housing goals established under sections 4562(a) and 4563(a)(1) of this title, submit a housing plan or perform its responsibilities under a remedial order issued pursuant to [section 4566(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4566/c&num=0&edition=prelim) within the required period; or
(4) solely with respect to the housing goals established under sections 4562(a) and 4563(a)(1) of this title, comply with a housing plan for the enterprise under [section 4566(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4566/c&num=0&edition=prelim).
**(b) Amount of penalty** The amount of a penalty under this section, as determined by the Director, may not exceed—
(1) for any failure described in paragraph (1), (5), or (6) of subsection (a), $100,000 for each day that the failure occurs; and
(2) for any failure described in paragraph (2), (3), or (4) of subsection (a), $50,000 for each day that the failure occurs.
**(c) Procedures**
(1) **Establishment** — The Director shall establish standards and procedures governing the imposition of civil money penalties under this section. Such standards and procedures—
(A) shall provide for the Director to notify the enterprise in writing of the determination of the Director to impose the penalty, which shall be made on the record;
(B) shall provide for the imposition of a penalty only after the enterprise has been given an opportunity for a hearing on the record pursuant to [section 4582 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4582&num=0&edition=prelim); and
(C) may provide for review by the Director of any determination or order, or interlocutory ruling, arising from a hearing.
(2) **Factors in determining amount of penalty** — In determining the amount of a penalty under this section, the Director shall give consideration to factors including—
(A) the gravity of the offense;
(B) any history of prior offenses;
(C) ability to pay the penalty;
(D) injury to the public;
(E) benefits received;
(F) deterrence of future violations;
(G) the length of time that the enterprise should reasonably take to achieve the goal; and
(H) such other factors as the Director may determine, by regulation, to be appropriate.
**(d) Action to collect penalty** If an enterprise fails to comply with an order by the Director imposing a civil money penalty under this section, after the order is no longer subject to review, as provided in sections 4582 and 4583 of this title, the Director may bring an action in the United States District Court for the District of Columbia to obtain a monetary judgment against the enterprise, and such other relief as may be available. The monetary judgment may, in the court’s discretion, include the attorneys’ fees and other expenses incurred by the United States in connection with the action. In an action under this subsection, the validity and appropriateness of the order imposing the penalty shall not be subject to review.
**(e) Settlement by Director** The Director may compromise, modify, or remit any civil money penalty which may be, or has been, imposed under this section.
**(f) Deposit of penalties** The Director shall use any civil money penalties collected under this section to help fund the Housing Trust Fund established under [section 4568 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4568&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment and purpose**
(1) **In general** — The Secretary of Housing and Urban Development (in this section referred to as the “Secretary”) shall establish and manage a Housing Trust Fund, which shall be funded with amounts allocated by the enterprises under [section 4567 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4567&num=0&edition=prelim) and any amounts as are or may be appropriated, transferred, or credited to such Housing Trust Fund under any other provisions of law. The purpose of the Housing Trust Fund under this section is to provide grants to States (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)) for use—
(A) to increase and preserve the supply of rental housing for extremely low- and very low-income families, including homeless families; and
(B) to increase homeownership for extremely low- and very low-income families.
(2) **Federal assistance** — For purposes of the application of Federal civil rights laws, all assistance provided from the Housing Trust Fund shall be considered Federal financial assistance.
**(b) Allocations for HOPE bond payments**
(1) **In general** — Notwithstanding subsection (c), to help address the mortgage crisis, of the amounts allocated pursuant to clauses (i) and (ii) of [section 4567(a)(1)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4567/a/1/B&num=0&edition=prelim) and clauses (i) and (ii) of [section 4567(a)(2)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4567/a/2/B&num=0&edition=prelim) in excess of amounts described in [section 4567(e) of this title](ht
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4582
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Federal law — U.S. Code and appendices · legal_authorities
If the Secretary of Housing and Urban Development finds that, because of higher costs prevailing in Alaska, Guam, Hawaii, or the Virgin Islands, it is not feasible to construct dwellings or manufactured home courts or parks on property located in Alaska, Guam, Hawaii, or the Virgin Islands without sacrifice of sound standards of construction, design, or livability, within the limitations as to maximum or maxima mortgage amounts provided in this chapter, the Secretary may, by regulations or otherwise, prescribe, with respect to dollar amount, a higher maximum or maxima for the principal obligation of mortgages insured under this chapter covering property located in Alaska, Guam, Hawaii, or the Virgin Islands in such amounts as he shall find necessary to compensate for such higher costs but not to exceed, in any event, the maximum or maxima otherwise applicable (including increased mortgage amounts in geographical areas where cost levels so require) by more than one-half thereof. No mortgage with respect to a project or property in Alaska, Guam, Hawaii, or the Virgin Islands shall be accepted for insurance under this chapter unless the Secretary finds that the project or property is an acceptable risk giving consideration to the acute housing shortage in Alaska, Guam, Hawaii, or the Virgin Islands: Provided, That any such mortgage may be insured or accepted for insurance without regard to any requirement in any other section of this chapter that the Secretary find the project or property to be economically sound or an acceptable risk. Notwithstanding any of the provisions of this chapter or any other law, the Alaska Housing Authority or the Government of Guam, the Virgin Islands, or Hawaii or any agency or instrumentality thereof shall be eligible as mortgagor or mortgage
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1723a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Duty to serve underserved markets**
(1) **11 So in original. No par. (2) has been enacted. Duty** — To increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for underserved markets, each enterprise shall provide leadership to the market in developing loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages for very low-, low-, and moderate-income families with respect to the following underserved markets:
(A) *Manufactured housing* — The enterprise shall develop loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages on manufactured homes for very low-, low-, and moderate-income families.
(B) *Affordable housing preservation* — The enterprise shall develop loan products and flexible underwriting guidelines to facilitate a secondary market to preserve housing affordable to very low-, low-, and moderate-income families, including housing projects subsidized under_22 So in original.
(i) the project-based and tenant-based rental assistance programs under [section 1437f of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437f&num=0&edition=prelim);
(ii) the program under [section 1715z–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-1&num=0&edition=prelim);
(iii) the below-market interest rate mortgage program under section 1715l(d)(4) of this title;
(iv) the supportive housing for the elderly program under [section 1701q of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701q&num=0&edition=prelim);
(v) the supportive housing program for persons with di
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4568
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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) In general** After reviewing and analyzing the reports submitted under [section 1723a(n) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1723a/n&num=0&edition=prelim) and [section 1456(f) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1456/f&num=0&edition=prelim), the Director shall submit a report, not later than October 30 of each year, to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, on the activities of each enterprise.
**(b) Contents** The report required under subsection (a) shall—
(1) discuss—
(A) the extent to and manner in which—
(i) each enterprise is achieving the annual housing goals established under subpart 2;
(ii) each enterprise is complying with its duty to serve underserved markets, as established under [section 4565 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4565&num=0&edition=prelim);
(iii) each enterprise is complying with [section 4567 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4567&num=0&edition=prelim);
(iv) each enterprise received credit towards achieving each of its goals resulting from a transaction or activity pursuant to [section 4561(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4561/b/2&num=0&edition=prelim); and
(v) each enterprise is achieving the purposes of the enterprise established by law; and
(B) the actions that each enterprise could undertake to promote and expand the purposes of the enterprise;
(2) aggregate and analyze relevant data on income to assess the compliance
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4547
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Appointment of the Agency as conservator or receiver**
(1) **In general** — Notwithstanding any other provision of Federal or State law, the Director may appoint the Agency as conservator or receiver for a regulated entity in the manner provided under paragraph (2) or (4). All references to the conservator or receiver under this section are references to the Agency acting as conservator or receiver.
(2) **Discretionary appointment** — The Agency may, at the discretion of the Director, be appointed conservator or receiver for the purpose of reorganizing, rehabilitating, or winding up the affairs of a regulated entity.
(3) **Grounds for discretionary appointment of conservator or receiver** — The grounds for appointing conservator or receiver for any regulated entity under paragraph (2) are as follows:
(A) *Assets insufficient for obligations* — The assets of the regulated entity are less than the obligations of the regulated entity to its creditors and others.
(B) *Substantial dissipation* — Substantial dissipation of assets or earnings due to—
(i) any violation of any provision of Federal or State law; or
(ii) any unsafe or unsound practice.
(C) *Unsafe or unsound condition* — An unsafe or unsound condition to transact business.
(D) *Cease and desist orders* — Any willful violation of a cease and desist order that has become final.
(E) *Concealment* — Any concealment of the books, papers, records, or assets of the regulated entity, or any refusal to submit the books, papers, records, or affairs of the regulated entity, for inspection to any examiner or to any lawful agent of the Director.
(F) *Inability to meet obligations* — The regulated entity is likely to be unable to pay its obligations or meet the demands of its creditors in th
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4622
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Federal law — U.S. Code and appendices · legal_authorities
Page 1687
TITLE 12—BANKS AND BANKING
§ 4601
(f) Disclosures to Congress
This section may not be construed to author-
ize the withholding, or to prohibit the disclo-
sure, of any information to the Congress or any
committee or subcommittee thereof.
(Pub. L. 102–550, title XIII, § 1346, Oct. 28, 1992, 106
Stat. 3968; Pub. L. 110–289, div. A, title I,
§ 1130(e)(3)(C), July 30, 2008, 122 Stat. 2711.)
Editorial Notes
AMENDMENTS
2008—Subsecs. (a) to (e). Pub. L. 110–289 substituted
‘‘Director’’ for ‘‘Secretary’’ wherever appearing.
§ 4587. Notice of service
Any service required or authorized to be made
by the Director under this subpart may be made
by registered mail or in such other manner rea-
sonably calculated to give actual notice, as the
Director may by regulation or otherwise pro-
vide.
(Pub. L. 102–550, title XIII, § 1347, Oct. 28, 1992, 106
Stat. 3968; Pub. L. 110–289, div. A, title I,
§ 1130(e)(3)(D), July 30, 2008, 122 Stat. 2711.)
Editorial Notes
AMENDMENTS
2008—Pub. L. 110–289 substituted ‘‘Director’’ for ‘‘Sec-
retary’’ in two places in text.
§ 4588. Subpoena authority
(a) In general
In the course of or in connection with any ad-
ministrative proceeding under this subpart, the
Director 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 issued by the Di-
rector.
(b) Witnesses and documents
The attendance of witnesses and the produc-
tion of documents provided for in this section
may be required from any place in any State at
any designated place where such proceeding is
being conducted.
(c) Enforcement
The Director may bring an action or may re-
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4588
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.