12 U.S.C. § 4514a — Study and reports on guarantee fees

Page 1651 TITLE 12—BANKS AND BANKING § 4514a laration, that the report is true and correct to the best of such officer’s knowledge and belief. (b) Capital distributions The Director may require a regulated entity to submit a report to the Director after the dec- laration of any capital distribution by the regu- lated entity and before making the capital dis- tribution. The report shall be made in such form and under such circumstances and shall contain such information as the Director shall require. (c) Penalties for failure to make reports (1) Violations It shall be a violation of this section for any regulated entity— (A) to fail to make, transmit, or publish any report or obtain any information re- quired by the Director under this section, section 1723a(k) of this title, section 1456(c) of this title, or section 1440 of this title, within the period of time specified in such provision of law or otherwise by the Direc- tor; or (B) to submit or publish any false or mis- leading report or information under this sec- tion. (2) Penalties (A) First tier (i) In general A violation described in paragraph (1) shall be subject to a penalty of not more than $2,000 for each day during which such violation continues, in any case in which— (I) the subject regulated entity main- tains procedures reasonably adapted to avoid any inadvertent error and the vio- lation was unintentional and a result of such an error; or (II) the violation was an inadvertent transmittal or publication of any report which was minimally late. (ii) Burden of proof For purposes of this subparagraph, the regulated entity shall have the burden of proving that the error was inadvertent or that a report was inadvertently trans- mitted or published late. (B) Second tier A violation described in paragraph (1) shall be subject to a penalty of not more than $20,000 for each day during which such viola- tion continues or such false or misleading information is not corrected, in any case that is not addressed in subparagraph (A) or (C). (C) Third tier A violation described in paragraph (1) shall be subject to a penalty of not more than $1,000,000 per day for each day during which such violation continues or such false or misleading information is not corrected, in any case in which the subject regulated enti- ty committed such violation knowingly or with reckless disregard for the accuracy of any such information or report. (3) Assessments Any penalty imposed under this subsection shall be in lieu of a penalty under section 4636 of this title, but shall be assessed and col- lected by the Director in the manner provided in section 4636 of this title for penalties im- posed under that section, and any such assess- ment (including the determination of the amount of the penalty) shall be otherwise sub- ject to the provisions of section 4636 of this title. (4) Hearing A regulated entity against which a penalty is assessed under this section shall be afforded an agency hearing if the regulated entity sub- mits a request for a hearing not later than 20 days after the date of the issuance of the no- tice of assessment. Section 4634 of this title shall apply to any such proceedings. (Pub. L. 102–550, title XIII, § 1314, Oct. 28, 1992, 106 Stat. 3946; Pub. L. 110–289, div. A, title I, § 1104(a), July 30, 2008, 122 Stat. 2666.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsec. (a)(2), was in the original ‘‘this title’’, meaning title XIII of Pub. L. 102–550, Oct. 28, 1992, 106 Stat. 3941, which is classified principally to this chapter. For complete classification of title XIII to the Code, see Short Title note set out under section 4501 of this title and Tables. AMENDMENTS 2008—Pub. L. 110–289, § 1104(a)(1), substituted ‘‘regu- lated entities’’ for ‘‘enterprises’’ in section catchline. Subsec. (a). Pub. L. 110–289, § 1104(a)(4)(A), substituted ‘‘Regular and special reports’’ for ‘‘Special reports and reports of financial condition’’ in subsec. heading, ‘‘Regular reports’’ for ‘‘Financial condition’’ in par. (1) heading, and ‘‘The Director may require, by general or specific orders, a regulated entity to submit regular re- ports, including financial statements determined on a fair value basis, on the condition (including financial condition), management, activities, or operations of the regulated entity, as the Director considers appro- priate’’ for ‘‘The Director may require an enterprise to submit reports of financial condition and operations’’ in par. (1). Subsec. (a)(2). Pub. L. 110–289, § 1104(a)(4)(B), inserted ‘‘, by general or specific orders,’’ after ‘‘may also re- quire’’ and substituted ‘‘on any of the topics specified in paragraph (1) or any other relevant topics, if’’ for ‘‘whenever’’. Pub. L. 110–289, § 1104(a)(2), substituted ‘‘a regulated entity’’ for ‘‘an enterprise’’. Subsec. (a)(3), (4). Pub. L. 110–289, § 1104(a)(3), which directed amendment of this section by substituting ‘‘the regulated entity’’ for ‘‘the enterprise’’, was exe- cuted by making the substitution wherever appearing to reflect the probable intent of Congress. Subsec. (b). Pub. L. 110–289, § 1104(a)(3), which directed amendment of this section by substituting ‘‘the regu- lated entity’’ for ‘‘the enterprise’’, was executed by making the substitution wherever appearing to reflect the probable intent of Congress. Pub. L. 110–289, § 1104(a)(2), substituted ‘‘a regulated entity’’ for ‘‘an enterprise’’. Subsec. (c). Pub. L. 110–289, § 1104(a)(5), added subsec. (c). § 4514a. Study and reports on guarantee fees (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, es- tablish procedures for the collection of data Page 1652 TITLE 12—BANKS AND BANKING § 4515 1 So in original. Probably should be ‘‘section’’. from enterprises for purposes of this subsection,1 including the format and the process for collec- tion 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 sub- ject 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 enter- prises from guarantee fees; (3) the total costs incurred by the enter- prises 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 as- sociated 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 en- terprise. (e) Protection of information Nothing in this section may be construed to require or authorize the Director to publicly dis- close information that is confidential or propri- etary. (Pub. L. 110–289, div. A, title VI, § 1601, July 30, 2008, 122 Stat. 2824.) Editorial Notes CODIFICATION Section was enacted as part of the Federal Housing Finance Regulatory Reform Act of 2008, and also as part of the Housing and Economic Recovery Act of 2008, and not as part of the Federal Housing Enterprises Fi- nancial Safety and Soundness Act of 1992 which com- prises this chapter. Statutory Notes and Related Subsidiaries DEFINITIONS For definitions of terms used in this section, see sec- tion 1002(b) of Pub. L. 110–289, set out as a note under section 4511 of this title. § 4515. Personnel (a) In general Subject to title III of the Federal Housing Fi- nance Regulatory Reform Act of 2008, the Direc- tor 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. Offi- cers and employees may be paid without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5 relating to classifica- tion 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 Gov- ernors 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, inde- pendent agency, or department on a reimburs- able 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 con- sultants as the Director determines necessary to assist the work of the Agency. (Pub. L. 102–550, title XIII, § 1315, Oct. 28, 1992, 106 Stat. 3947; Pub. L. 110–289, div. A, title I, § 1161(a)(1), July 30, 2008, 122 Stat. 2778; Pub. L. 111–203, title III, § 365(1), July 21, 2010, 124 Stat. 1555.) Editorial Notes REFERENCES IN TEXT The Federal Housing Finance Regulatory Reform Act of 2008, referred to in subsec. (a), is div. A of Pub. L. 110–289, July 30, 2008, 122 Stat. 2659. Title III of div. A of the Pub. L. 110–289 is set out as a note under section 4511 of this title. For complete classification of Pub. L. 110–289 to the Code, see Short Title note under section 4501 of this title and Tables. AMENDMENTS 2010—Subsec. (b). Pub. L. 111–203 substituted ‘‘and the Federal Deposit Insurance Corporation.’’ for ‘‘the Fed- eral Deposit Insurance Corporation, and the Office of Thrift Supervision.’’ 2008—Subsec. (a). Pub. L. 110–289, § 1161(a)(1)(A), sub- stituted ‘‘In General’’ for ‘‘Office personnel’’ in head- ing, ‘‘Subject to title III of the Federal Housing Fi- nance Regulatory Reform Act of 2008, the’’ for ‘‘The’’, and ‘‘the Agency’’ for ‘‘the Office’’ in two places. Subsec. (c). Pub. L. 110–289, § 1161(a)(1)(B), substituted ‘‘the Agency’’ for ‘‘the Office’’. Subsec. (d). Pub. L. 110–289, § 1161(a)(1)(D), redesig- nated subsec. (e) as (d) and struck out former subsec. (d). Prior to amendment, text read as follows: ‘‘The Di- rector shall reimburse the Department of Housing and Urban Development for reasonable costs incurred by the Department that are directly related to the oper- ations of the Office.’’ Subsec. (e). Pub. L. 110–289, § 1161(a)(1)(C), (D), sub- stituted ‘‘the Agency’’ for ‘‘the Office’’ and redesig- nated subsec. (e) as (d). Subsec. (f). Pub. L. 110–289, § 1161(a)(1)(E), struck out subsec. (f). Text read as follows: ‘‘Not later than the ex- piration of the 180-day period beginning upon the ap- pointment of the Director under section 4512 of this title, the Director shall submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Hous- ing, and Urban Affairs of the Senate a report con- taining— ‘‘(1) a complete description of the equal oppor- tunity, affirmative action, and minority business en- terprise utilization programs of the Office; and