12 U.S.C. § 4515 — Personnel

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 Page 1653 TITLE 12—BANKS AND BANKING § 4516 1 So in original. Probably should be ‘‘bear’’. ‘‘(2) such recommendations for administrative and legislative action as the Director determines appro- priate to carry out such programs.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the trans- fer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. § 4516. Funding (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 adminis- trative costs) and expenses of the Agency, in- cluding— (1) the expenses of any examinations under section 4517 of this title and under section 1440 of this title; (2) the expenses of obtaining any reviews and credit assessments under section 4519 of this title; (3) such amounts in excess of actual ex- penses 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 enter- prises (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 1 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 pro- vide for the costs and expenses described in subsection (a) relating to the enterprises. As- sessments collected from the Federal Home Loan Banks shall not exceed the amounts suf- ficient to provide for the costs and expenses described in subsection (a) relating to the Fed- eral 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 en- terprise, the sum of— (A) on-balance-sheet assets of the enter- prise, as determined in accordance with gen- erally accepted accounting principles; (B) the unpaid principal balance of out- standing 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 nec- essary in the discretion of the Director, to en- sure 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 su- pervisory or enforcement activities under this Act for a regulated entity, the amount avail- able 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 Direc- tor 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 pur- suant to subsection (a)(3), if any amount from any annual assessment collected from an enter- prise 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 assess- ment under this section is made, the Director shall remit to each regulated entity any amount of assessment collected from such regulated en- tity 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 as- sessments under this section may be deposited by the Director in the manner provided in sec- tion 192 of this title for monies deposited by the Comptroller of the Currency.