12 U.S.C. § 4588 — Subpoena authority

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- quest the Attorney General of the United States to bring an action in the United States district court for the judicial district in which such pro- ceeding is being conducted, or where the witness resides or conducts business, or the United States District Court for the District of Colum- bia, for enforcement of any subpoena or sub- poena duces tecum issued pursuant to this sec- tion. Such courts shall have jurisdiction and power to order and require compliance there- with. (d) Fees and expenses Witnesses subpoenaed under this section shall be paid the same fees and mileage that are paid witnesses in the district courts of the United States. Any court having jurisdiction of any proceeding instituted under this section by an enterprise may allow to any such party such reasonable expenses and attorneys fees as the court deems just and proper. Such expenses and fees shall be paid by the enterprise or from its assets. (Pub. L. 102–550, title XIII, § 1348, Oct. 28, 1992, 106 Stat. 3968; Pub. L. 110–289, div. A, title I, § 1130(e)(2), (3)(E), July 30, 2008, 122 Stat. 2711.) Editorial Notes AMENDMENTS 2008—Subsec. (a). Pub. L. 110–289, § 1130(e)(3)(E), sub- stituted ‘‘Director’’ for ‘‘Secretary’’ in introductory provisions and in par. (4). Subsec. (c). Pub. L. 110–289, § 1130(e)(3)(E), substituted ‘‘Director’’ for ‘‘Secretary’’. Pub. L. 110–289, § 1130(e)(2), inserted ‘‘may bring an ac- tion or’’ before ‘‘may request’’. § 4589. Repealed. Pub. L. 110–289, div. A, title I, § 1122(a)(2), July 30, 2008, 122 Stat. 2689 Section, Pub. L. 102–550, title XIII, § 1349, Oct. 28, 1992, 106 Stat. 3969, related to issuance by Secretary of final regulations to implement this part. PART C—MISCELLANEOUS PROVISIONS § 4601. Review of underwriting guidelines (a) Study Each of the enterprises shall conduct a study to review the underwriting guidelines of the en- terprise. The studies shall examine— (1) the extent to which the underwriting guidelines prevent or inhibit the purchase or securitization of mortgages for housing lo- cated in mixed-use, urban center, and pre- dominantly minority neighborhoods and for housing for low- and moderate-income fami- lies; (2) the standards employed by private mort- gage insurers and the extent to which such standards inhibit the purchase and securitization by the enterprises of mortgages described in paragraph (1); and (3) the implications of implementing under- writing standards that— (A) establish a downpayment requirement for mortgagors of 5 percent or less; (B) allow the use of cash on hand as a source for downpayments; and (C) approve borrowers who have a credit history of delinquencies if the borrower can demonstrate a satisfactory credit history for at least the 12-month period ending on the date of the application for the mortgage. (b) Report Not later than the expiration of the 1-year pe- riod beginning on October 28, 1992, each enter- prise shall submit to the Secretary, the Com- mittee on Banking, Finance and Urban Affairs of the House of Representatives, and the Com- mittee on Banking, Housing, and Urban Affairs of the Senate a report regarding the study con- ducted by the enterprise under subsection (a). Each report shall include any recommendations of the enterprise for better meeting the housing needs of low- and moderate-income families.