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12 U.S.C. § 4518a — Funding
Federal law — U.S. Code and appendices · legal_authorities
**(a) Annual assessments** The Director shall establish and collect from the regulated entities annual assessments in an amount not exceeding the amount sufficient to provide for reasonable costs (including administrative costs) and expenses of the Agency, including—
(1) the expenses of any examinations under [section 4517 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4517&num=0&edition=prelim) and under [section 1440 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1440&num=0&edition=prelim);
(2) the expenses of obtaining any reviews and credit assessments under [section 4519 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4519&num=0&edition=prelim);
(3) such amounts in excess of actual expenses for any given year as deemed necessary by the Director to maintain a working capital fund in accordance with subsection (e); and
(4) the windup of the affairs of the Office of Federal Housing Enterprise Oversight and the Federal Housing Finance Board under title III of the Federal Housing Finance Regulatory Reform Act of 2008.
**(b) Allocation of annual assessment to enterprises**
(1) **Amount of payment** — Each enterprise shall pay to the Director a proportion of the annual assessment made pursuant to subsection (a) that bears the same ratio to the total annual assessment that the total assets of each enterprise bears 11 So in original. Probably should be “bear”. to the total assets of both enterprises.
(2) **Separate treatment of Federal home loan bank and enterprise assessments** — Assessments collected from the enterprises shall not exceed the amounts sufficient to provide for the costs and expenses described in subsection (a) relating to
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Source location: Title 12, Chapter 46, § 4518a; chapter-046-government-sponsored-enterprises.md
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**(a) Annual assessments** The Director shall establish and collect from the regulated entities annual assessments in an amount not exceeding the amount sufficient to provide for reasonable costs (including administrative costs) and expenses of the Agency, including—
(1) the expenses of any examinations under [section 4517 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4517&num=0&edition=prelim) and under [section 1440 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1440&num=0&edition=prelim);
(2) the expenses of obtaining any reviews and credit assessments under [section 4519 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4519&num=0&edition=prelim);
(3) such amounts in excess of actual expenses for any given year as deemed necessary by the Director to maintain a working capital fund in accordance with subsection (e); and
(4) the windup of the affairs of the Office of Federal Housing Enterprise Oversight and the Federal Housing Finance Board under title III of the Federal Housing Finance Regulatory Reform Act of 2008.
**(b) Allocation of annual assessment to enterprises**
(1) **Amount of payment** — Each enterprise shall pay to the Director a proportion of the annual assessment made pursuant to subsection (a) that bears the same ratio to the total annual assessment that the total assets of each enterprise bears 11 So in original. Probably should be “bear”. to the total assets of both enterprises.
(2) **Separate treatment of Federal home loan bank and enterprise assessments** — Assessments collected from the enterprises shall not exceed the amounts sufficient to provide for the costs and expenses described in subsection (a) relating to the enterprises. Assessments collected from the Federal Home Loan Banks shall not exceed the amounts sufficient to provide for the costs and expenses described in subsection (a) relating to the Federal Home Loan Banks.
(3) **Timing of payment** — The annual assessment shall be payable semiannually for each fiscal year, on October 1 and April 1.
(4) **“Total assets” defined** — For the purpose of this section, the term “total assets” means, with respect to an enterprise, the sum of—
(A) on-balance-sheet assets of the enterprise, as determined in accordance with generally accepted accounting principles;
(B) the unpaid principal balance of outstanding mortgage-backed securities issued or guaranteed by the enterprise that are not included in subparagraph (A); and
(C) other off-balance-sheet obligations as determined by the Director.
**(c) Increased costs of regulation**
(1) **Increase for inadequate capitalization** — The semiannual payments made pursuant to subsection (b) by any regulated entity that is not classified (for purposes of subchapter II) as adequately capitalized may be increased, as necessary, in the discretion of the Director to pay additional estimated costs of regulation of the regulated entity.
(2) **Adjustment for enforcement activities** — The Director may adjust the amounts of any semiannual payments for an assessment under subsection (a) that are to be paid pursuant to subsection (b) by a regulated entity, as necessary in the discretion of the Director, to ensure that the costs of enforcement activities under this Act for a regulated entity are borne only by such regulated entity.
(3) **Additional assessment for deficiencies** — If at any time, as a result of increased costs of regulation of a regulated entity that is not classified (for purposes of subchapter II) as adequately capitalized or as the result of supervisory or enforcement activities under this Act for a regulated entity, the amount available from any semiannual payment made by such regulated entity pursuant to subsection (b) is insufficient to cover the costs of the Agency with respect to such entity, the Director may make and collect from such regulated entity an immediate assessment to cover the amount of such deficiency for the semiannual period. If, at the end of any semiannual period during which such an assessment is made, any amount remains from such assessment, such remaining amount shall be deducted from the assessment for such regulated entity for the following semiannual period.
**(d) Surplus** Except with respect to amounts collected pursuant to subsection (a)(3), if any amount from any annual assessment collected from an enterprise remains unobligated at the end of the year for which the assessment was collected, such amount shall be credited to the assessment to be collected from the enterprise for the following year.
**(e) Working capital fund** At the end of each year for which an assessment under this section is made, the Director shall remit to each regulated entity any amount of assessment collected from such regulated entity that is attributable to subsection (a)(3) and is in excess of the amount the Director deems necessary to maintain a working capital fund.
**(f) Treatment of assessments**
(1) **Deposit** — Amounts received by the Director from assessments under this section may be deposited by the Director in the manner provided in [section 192 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section192&num=0&edition=prelim) for monies deposited by the Comptroller of the Currency.
(2) **Not Government funds** — The amounts received by the Director from any assessment under this section shall not be construed to be Government or public funds or appropriated money.
(3) **No apportionment of funds** — Notwithstanding any other provision of law, the amounts received by the Director from any assessment under this section shall not be subject to apportionment for the purpose of chapter 15 of title 31 or under any other authority.
(4) **Use of funds** — The Director may use any amounts received by the Director from assessments under this section for compensation of the Director and other employees of the Agency and for all other expenses of the Director and the Agency.
(5) **Availability of oversight fund amounts** — Notwithstanding any other provision of law, any amounts remaining in the Federal Housing Enterprises Oversight Fund established under this section (as in effect before the effective date of the Federal Housing Finance Regulatory Reform Act of 2008, and any amounts remaining from assessments on the Federal Home Loan Banks pursuant to section 1438(b) 22 See References in Text note below. of this title), shall, upon such effective date, be treated for purposes of this subsection as amounts received from assessments under this section.
(6) **Treasury investments**
(A) *Authority* — The Director may request the Secretary of the Treasury to invest such portions of amounts received by the Director from assessments paid under this section that, in the Director’s discretion, are not required to meet the current working needs of the Agency.
(B) *Government obligations* — Pursuant to a request under subparagraph (A), the Secretary of the Treasury shall invest such amounts in Government obligations guaranteed as to principal and interest by the United States with maturities suitable to the needs of the Agency and bearing interest at a rate determined by the Secretary of the Treasury taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturity.
**(g) Budget and financial management**
(1) **Financial operating plans and forecasts** — The Director shall provide to the Director of the Office of Management and Budget copies of the Director’s financial operating plans and forecasts, as prepared by the Director in the ordinary course of the Agency’s operations, and copies of the quarterly reports of the Agency’s financial condition and results of operations, as prepared by the Director in the ordinary course of the Agency’s operations.
(2) **Financial statements** — The Agency shall prepare annually a statement of—
(A) assets and liabilities and surplus or deficit;
(B) income and expenses; and
(C) sources and application of funds.
(3) **Financial management systems** — The Agency shall implement and maintain financial management systems that—
(A) comply substantially with Federal financial management systems requirements and applicable Federal accounting standards; and
(B) use a general ledger system that accounts for activity at the transaction level.
(4) **Assertion of internal controls** — The Director shall provide to the Comptroller General of the United States an assertion as to the effectiveness of the internal controls that apply to financial reporting by the Agency, using the standards established in [section 3512(c) of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3512/c&num=0&edition=prelim).
(5) **Rule of construction** — This subsection may not be construed as implying any obligation on the part of the Director to consult with or obtain the consent or approval of the Director of the Office of Management and Budget with respect to any report, plan, forecast, or other information referred to in paragraph (1) or any jurisdiction or oversight over the affairs or operations of the Agency.
**(h) Audit of Agency**
(1) **In general** — The Comptroller General shall annually audit the financial transactions of the Agency in accordance with the United States generally accepted government auditing standards as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where accounts of the Agency are normally kept. The representatives of the Government Accountability Office shall have access to the personnel and to all books, accounts, documents, papers, records (including electronic records), reports, files, and all other papers, automated data, things, or property belonging to or under the control of or used or employed by the Agency pertaining to its financial transactions and necessary to facilitate the audit, and such representatives shall be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians. All such books, accounts, documents, records, reports, files, papers, and property of the Agency shall remain in possession and custody of the Agency. The Comptroller General may obtain and duplicate any such books, accounts, documents, records, working papers, automated data and files, or other information relevant to such audit without cost to the Comptroller General and the Comptroller General’s right of access to such information shall be enforceable pursuant to [section 716(c) of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section716/c&num=0&edition=prelim).
(2) **Report** — The Comptroller General shall submit to the Congress a report of each annual audit conducted under this subsection. The report to the Congress shall set forth the scope of the audit and shall include the statement of assets and liabilities and surplus or deficit, the statement of income and expenses, the statement of sources and application of funds, and such comments and information as may be deemed necessary to inform Congress of the financial operations and condition of the Agency, together with such recommendations with respect thereto as the Comptroller General may deem advisable. A copy of each report shall be furnished to the President and to the Agency at the time submitted to the Congress.
(3) **Assistance and costs** — For the purpose of conducting an audit under this subsection, the Comptroller General may, in the discretion of the Comptroller General, employ by contract, without regard to [section 6101 of title 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title41-section6101&num=0&edition=prelim), professional services of firms and organizations of certified public accountants for temporary periods or for special purposes. Upon the request of the Comptroller General, the Director of the Agency shall transfer to the Government Accountability Office from funds available, the amount requested by the Comptroller General to cover the full costs of any audit and report conducted by the Comptroller General. The Comptroller General shall credit funds transferred to the account established for salaries and expenses of the Government Accountability Office, and such amount shall be available upon receipt and without fiscal year limitation to cover the full costs of the audit and report.
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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.
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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
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Ongoing study of fees** The Director shall conduct an ongoing study of fees charged by enterprises for guaranteeing a mortgage.
**(b) Collection of data** The Director shall, by regulation or order, establish procedures for the collection of data from enterprises for purposes of this subsection,11 So in original. Probably should be “section”. including the format and the process for collection of such data.
**(c) Reports to Congress** The Director shall annually submit a report to Congress on the results of the study conducted under subsection (a), based on the aggregated data collected under subsection (a) for the subject year, regarding the amount of such fees and the criteria used by the enterprises to determine such fees.
**(d) Contents of reports** The reports required under subsection (c) shall identify and analyze—
(1) the factors considered in determining the amount of the guarantee fees charged;
(2) the total revenue earned by the enterprises from guarantee fees;
(3) the total costs incurred by the enterprises for providing guarantees;
(4) the average guarantee fee charged by the enterprises;
(5) an analysis of any increase or decrease in guarantee fees from the preceding year;
(6) a breakdown of the revenue and costs associated with providing guarantees, based on product type and risk classifications; and
(7) a breakdown of guarantee fees charged based on asset size of the originator and the number of loans sold or transferred to an enterprise.
**(e) Protection of information** Nothing in this section may be construed to require or authorize the Director to publicly disclose information that is confidential or proprietary.
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Federal law — U.S. Code and appendices · legal_authorities
The Director shall from time to time, at least annually, require examinations and reports of condition of all Federal Home Loan Banks in such form as the Director shall prescribe and shall furnish periodically statements based upon the reports of the banks to the Director. For the purposes of this chapter, examiners appointed by the Director shall be subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the National Bank Act [[12 U.S.C. 21](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section21&num=0&edition=prelim) et seq.] and the Federal Reserve Act [[12 U.S.C. 221](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section221&num=0&edition=prelim) et seq.], and shall have, in the exercise of functions under this chapter, the same powers and privileges as are vested in such examiners by law. In addition to such examinations, the Comptroller General may audit or examine the Director and the Banks, to determine the extent to which the Director and the Banks are fairly and effectively fulfilling the purposes of this chapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** In this section—
(1) **Appropriation.—** — The term “appropriation” includes amounts made available by legislation under [section 9104 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section9104&num=0&edition=prelim).
(2) **Federal government.—** — The term “Federal Government” includes the government of the District of Columbia.
**(b) Purchases.—**
(1) **In general.—** — Unless otherwise provided in the appropriation concerned or other law, purchases and contracts for supplies or services for the Federal Government may be made or entered into only after advertising for proposals for a sufficient time.
(2) **Limitations on applicability.—** — Paragraph (1) does not apply when—
(A) the amount involved in any one case does not exceed $25,000;
(B) public exigencies require the immediate delivery of articles or performance of services;
(C) only one source of supply is available and the Federal Government purchasing or contracting officer so certifies; or
(D) services are required to be performed by a contractor in person and are—
(i) of a technical and professional nature; or
(ii) under Federal Government supervision and paid for on a time basis.
**(c) Sales.—** Except when otherwise authorized by law or when the reasonable value involved in any one case does not exceed $500, sales and contracts of sale by the Federal Government are governed by the requirements of this section for advertising.
**(d) Application to Wholly Owned Government Corporations.—** For wholly owned Government corporations, this section applies only to administrative transactions.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Annual examination** The Director shall annually conduct an on-site examination under this section of each regulated entity to determine the condition of the regulated entity for the purpose of ensuring its financial safety and soundness.
**(b) Other examinations** In addition to annual examinations under subsection (a), the Director may conduct an examination under this section of a regulated entity whenever the Director determines that an examination is necessary or appropriate.
**(c) Examiners** The Director shall appoint examiners to conduct examinations under this section. The Director may contract with the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation for the services of examiners to conduct examinations under this section. The Director shall reimburse such agencies for any costs of providing examiners from amounts available in the Federal Housing Enterprises Oversight Fund.
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section403/a&num=0&edition=prelim).
**(e) Law applicable to examiners** The Director and each examiner shall have the same authority and each examiner shall be subject to the same disclosures, prohibitions, obligations, and penalties as are applicable to examiners employed by the Federal Reserve banks.
**(f) Technical experts** The Director may obtain the services of any technical experts the Director considers appropriate to provide temporary technical assistance relating to examinations to the Director, officers, and employees of the Office. The Director shall describe, in the record o
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Federal law — U.S. Code and appendices · legal_authorities
On becoming satisfied, as specified in sections 131 and 132 11 See References in Text note below. of this title, that any association is in default, the Comptroller of the Currency may forthwith appoint a receiver, and require of him such bond and security as he deems proper. Such receiver, under the direction of the Comptroller, shall take possession of the books, records, and assets of every description of such association, collect all debts, dues, and claims belonging to it, and, upon the order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts, and, on a like order, may sell all the real and personal property of such association, on such terms as the court shall direct. Such receiver shall pay over all money so made to the Treasurer of the United States, subject to the order of the Comptroller, and also make report to the Comptroller of all his acts and proceedings.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Director shall prohibit the regulated entities from providing compensation to any executive officer of the regulated entity that is not reasonable and comparable with compensation for employment in other similar businesses (including other publicly held financial institutions or major financial services companies) involving similar duties and responsibilities.
**(b) Factors** In making any determination under subsection (a), the Director may take into consideration any factors the Director considers relevant, including any wrongdoing on the part of the executive officer, and such wrongdoing shall include any fraudulent act or omission, breach of trust or fiduciary duty, violation of law, rule, regulation, order, or written agreement, and insider abuse with respect to the regulated entity. The approval of an agreement or contract pursuant to [section 1723a(d)(3)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1723a/d/3/B&num=0&edition=prelim) or [section 1452(h)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1452/h/2&num=0&edition=prelim) shall not preclude the Director from making any subsequent determination under subsection (a).
**(c) Withholding of compensation** In carrying out subsection (a), the Director may require a regulated entity to withhold any payment, transfer, or disbursement of compensation to an executive officer, or to place such compensation in an escrow account, during the review of the reasonableness and comparability of compensation.
**(d) Prohibition of setting compensation** In carrying out subsection (a), the Director may not prescribe or set a specific level or range of compensation.
**(e) Authority to regulate or prohibit cer
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Federal law — U.S. Code and appendices · legal_authorities
Page 1658
TITLE 12—BANKS AND BANKING
§ 4518a
(i) any legal or other professional ex-
pense incurred in connection with any
claim, proceeding, or action;
(ii) the amount of, and any cost incurred
in connection with, any settlement of any
claim, proceeding, or action; and
(iii) the amount of, and any cost in-
curred in connection with, any judgment
or penalty imposed with respect to any
claim, proceeding, or action.
(C) Payment
The term ‘‘payment’’ includes—
(i) any direct or indirect transfer of any
funds or any asset; and
(ii) any segregation of any funds or as-
sets for the purpose of making, or pursu-
ant to an agreement to make, any pay-
ment after the date on which such funds or
assets are segregated, without regard to
whether the obligation to make such pay-
ment is contingent on—
(I) the determination, after such date,
of the liability for the payment of such
amount; or
(II) the liquidation, after such date, of
the amount of such payment.
(6) Certain commercial insurance coverage not
treated as covered benefit payment
No provision of this subsection shall be con-
strued as prohibiting any regulated entity
from purchasing any commercial insurance
policy or fidelity bond, except that, subject to
any
requirement
described
in
paragraph
(5)(A)(iii), such insurance policy or bond shall
not cover any legal or liability expense of the
regulated entity which is described in para-
graph (5)(A).
(Pub. L. 102–550, title XIII, § 1318, Oct. 28, 1992, 106
Stat. 3949; Pub. L. 110–289, div. A, title I,
§§ 1113(a), 1114, July 30, 2008, 122 Stat. 2678, 2679.)
Editorial Notes
AMENDMENTS
2008—Pub. L. 110–289, § 1113(a)(1), substituted ‘‘and
withholding of executive’’ for ‘‘of excessive’’ in section
catchline.
Subsec. (a). Pub. L. 110–289, § 1113(
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4518a
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