12 U.S.C. § 4407 — National emergencies

Page 1637 TITLE 12—BANKS AND BANKING § 4407 1 See References in Text note below. bank or uninsured Federal branch or Federal agency, a corporation chartered under section 25A of the Federal Reserve Act [12 U.S.C. 611 et seq.], or an uninsured State member bank which operates, or operates as, a multilateral clearing organization pursuant to section 4422 1 of this title, except that for such purpose— (1) any reference to the ‘‘Corporation as re- ceiver’’ or ‘‘the receiver or the Corporation’’ shall refer to the receiver appointed by the Comptroller of the Currency in the case of an uninsured national bank or uninsured Federal branch or agency, or to the receiver appointed by the Board of Governors of the Federal Re- serve System in the case of a corporation chartered under section 25A of the Federal Re- serve Act [12 U.S.C. 611 et seq.] or an unin- sured State member bank; (2) any reference to the ‘‘Corporation’’ (other than in section 11(e)(8)(D) of such Act [12 U.S.C. 1821(e)(8)(D)]), the ‘‘Corporation, whether acting as such or as conservator or re- ceiver’’, a ‘‘receiver’’, or a ‘‘conservator’’ shall refer to the receiver or conservator appointed by the Comptroller of the Currency in the case of an uninsured national bank or uninsured Federal branch or agency, or to the receiver or conservator appointed by the Board of Gov- ernors of the Federal Reserve System in the case of a corporation chartered under section 25A of the Federal Reserve Act [12 U.S.C. 611 et seq.] or an uninsured State member bank; and (3) any reference to an ‘‘insured depository institution’’ or ‘‘depository institution’’ shall refer to an uninsured national bank, an unin- sured Federal branch or Federal agency, a cor- poration chartered under section 25A of the Federal Reserve Act [12 U.S.C. 611 et seq.], or an uninsured State member bank which oper- ates, or operates as, a multilateral clearing or- ganization pursuant to section 4422 1 of this title. (b) Liability The liability of a receiver or conservator of an uninsured national bank, uninsured Federal branch or agency, a corporation chartered under section 25A of the Federal Reserve Act [12 U.S.C. 611 et seq.], or an uninsured State member bank which operates, or operates as, a multilateral clearing organization pursuant to section 4422 1 of this title, shall be determined in the same manner and subject to the same limitations that apply to receivers and conservators of insured depository institutions under section 11(e) of the Federal Deposit Insurance Act [12 U.S.C. 1821(e)]. (c) Regulatory authority (1) In general The Comptroller of the Currency in the case of an uninsured national bank or uninsured Federal branch or agency and the Board of Governors of the Federal Reserve System in the case of a corporation chartered under sec- tion 25A of the Federal Reserve Act [12 U.S.C. 611 et seq.], or an uninsured State member bank that operates, or operates as, a multilat- eral clearing organization pursuant to section 4422 1 of this title, in consultation with the Federal Deposit Insurance Corporation, may each promulgate regulations solely to imple- ment this section. (2) Specific requirement In promulgating regulations, limited solely to implementing paragraphs (8), (9), (10), and (11) of section 11(e) of the Federal Deposit In- surance Act [12 U.S.C. 1821(e)], the Comp- troller of the Currency and the Board of Gov- ernors of the Federal Reserve System each shall ensure that the regulations generally are consistent with the regulations and policies of the Federal Deposit Insurance Corporation adopted pursuant to the Federal Deposit In- surance Act [12 U.S.C. 1811 et seq.]. (d) Definitions For purposes of this section, the terms ‘‘Fed- eral branch’’, ‘‘Federal agency’’, and ‘‘foreign bank’’ have the same meanings as in section 3101 of this title. (Pub. L. 102–242, title IV, § 407, as added Pub. L. 109–8, title IX, § 906(d)(2), Apr. 20, 2005, 119 Stat. 169.) Editorial Notes REFERENCES IN TEXT Section 25A of the Federal Reserve Act, referred to in subsecs. (a), (b), and (c)(1), popularly known as the Edge Act, is classified to subchapter II (§ 611 et seq.) of chap- ter 6 of this title. For complete classification of this Act to the Code, see Short Title note set out under sec- tion 611 of this title and Tables. Section 4422 of this title, referred to in subsecs. (a) to (c)(1), was repealed by Pub. L. 111–203, title VII, § 740, July 21, 2010, 124 Stat. 1729. Section 11(e)(8)(D) of such Act, referred to in subsec. (a)(2), probably means section 11(e)(8)(D) of the Federal Deposit Insurance Act, which is classified to section 1821(e)(8)(D) of this title. The Federal Deposit Insurance Act, referred to in subsec. (c)(2), is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under sec- tion 1811 of this title and Tables. PRIOR PROVISIONS A prior section 407 of Pub. L. 102–242 was renumbered section 407A and is classified to section 4407 of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under Title 11, Bankruptcy, before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as an Effective Date of 2005 Amendment note under section 101 of Title 11. § 4407. National emergencies The provisions of this chapter may not be con- strued to limit the authority of the President under the Trading With the Enemy Act (50 U.S.C. App. 1 et seq.) [now 50 U.S.C. 4301 et seq.] or the International Emergency Economic Pow- ers Act (50 U.S.C. 1701 et seq.). (Pub. L. 102–242, title IV, § 407A, formerly § 407, Dec. 19, 1991, 105 Stat. 2375; renumbered § 407A, Page 1638 TITLE 12—BANKS AND BANKING §§ 4421, 4422 Pub. L. 109–8, title IX, § 906(d)(1), Apr. 20, 2005, 119 Stat. 169.) Editorial Notes REFERENCES IN TEXT The Trading With the Enemy Act, referred to in text, is act Oct. 6, 1917, ch. 106, 40 Stat. 411, which was classi- fied to sections 1 to 6, 7 to 39 and 41 to 44 of the former Appendix to Title 50, War and National Defense, prior to editorial reclassification and renumbering as chap- ter 53 (§ 4301 et seq.) of Title 50. For complete classifica- tion of this Act to the Code, see Tables. The International Emergency Economic Powers Act, referred to in text, is Pub. L. 95–223, title II, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chap- ter 35 (§ 1701 et seq.) of Title 50, War and National De- fense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables. SUBCHAPTER II—MULTILATERAL CLEARING ORGANIZATIONS §§ 4421, 4422. Repealed. Pub. L. 111–203, title VII, § 740, July 21, 2010, 124 Stat. 1729 Section 4421, Pub. L. 102–242, title IV, § 408, as added Pub. L. 106–554, § 1(a)(5) [title I, § 112(a)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–391; amended Pub. L. 111–203, title VII, § 749(i), July 21, 2010, 124 Stat. 1748, defined terms used in this subchapter. Section 4422, Pub. L. 102–242, title IV, § 409, as added Pub. L. 106–554, § 1(a)(5) [title I, § 112(a)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–392, related to multilateral clear- ing organizations. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rule- making, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 note under section 1a of Title 7, Agriculture. CHAPTER 46—GOVERNMENT SPONSORED ENTERPRISES Sec. 4501. Congressional findings. 4502. Definitions. 4503. Protection of taxpayers against liability. SUBCHAPTER I—SUPERVISION AND REGULATION OF ENTERPRISES PART A—FINANCIAL SAFETY AND SOUNDNESS REGULATOR 4511. Establishment of the Federal Housing Fi- nance Agency. 4512. Director. 4513. Duties and authorities of Director. 4513a. Federal Housing Finance Oversight Board. 4513b. Prudential management and operations standards. 4514. Authority to require reports by regulated en- tities. 4514a. Study and reports on guarantee fees. 4515. Personnel. 4516. Funding. 4517. Examinations. 4518. Prohibition and withholding of executive compensation. 4518a. Limitation on bonuses to executives of Fannie Mae and Freddie Mac. Sec. 4519. Authority to provide for review of regulated entities. 4520. Minority and women inclusion; diversity re- quirements. 4521. Annual reports by Director. 4522. Public disclosure of final orders and agree- ments. 4523. Limitation on subsequent employment. 4524. Audits by GAO. 4525. Information, records, and meetings. 4526. Regulations and orders. 4527. Data standards. 4528. Open data publication. PART B—ADDITIONAL AUTHORITIES OF THE DIRECTOR SUBPART 1—GENERAL AUTHORITY 4541. Prior approval authority for products. 4542. Housing Price Index. 4543. Public access to mortgage information. 4544. Annual housing report. 4545. Fair housing. 4546. Prohibition of public disclosure of propri- etary information. 4547. Enterprise guarantee fees. 4548. Regulations for use of credit scores. SUBPART 2—HOUSING GOALS 4561. Establishment of housing goals. 4562. Single-family housing goals. 4563. Multifamily special affordable housing goal. 4564. Discretionary adjustment of housing goals. 4565. Duty to serve underserved markets and other requirements. 4566. Monitoring and enforcing compliance with housing goals. 4567. Affordable housing allocations. 4568. Housing Trust Fund. 4569. Capital Magnet Fund. SUBPART 3—ENFORCEMENT 4581. Cease and desist proceedings. 4582. Hearings. 4583. Judicial review. 4584. Enforcement and jurisdiction. 4585. Civil money penalties. 4586. Public disclosure of final orders and agree- ments. 4587. Notice of service. 4588. Subpoena authority. 4589. Repealed. PART C—MISCELLANEOUS PROVISIONS 4601. Review of underwriting guidelines. 4602. Studies of effects of privatization of FNMA and FHLMC. 4603. Transition. SUBCHAPTER II—REQUIRED CAPITAL LEVELS FOR REGULATED ENTITIES, SPECIAL ENFORCE- MENT POWERS, AND REVIEWS OF ASSETS AND LIABILITIES 4611. Risk-based capital levels for regulated enti- ties. 4612. Minimum capital levels. 4613. Critical capital levels. 4614. Capital classifications. 4615. Supervisory actions applicable to under- capitalized regulated entities. 4616. Supervisory actions applicable to signifi- cantly undercapitalized regulated entities. 4617. Authority over critically undercapitalized regulated entities. 4618. Notice of classification and enforcement ac- tion. 4619 to 4621. Repealed. 4622. Capital restoration plans. 4623. Judicial review of Director action.