12 USC 4516 - Funding

U.S Code last checked for updates: Nov 23, 2024

§ 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 administrative costs) and expenses of the Agency, including—

(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 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

(2)

Separate treatment of Federal home loan bank and enterprise assessments

(3)

Timing of payment

(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

(2)

Adjustment for enforcement activities

(3)

Additional assessment for deficiencies

(d)

Surplus

(e)

Working capital fund

(f)

Treatment of assessments

(1)

Deposit

(2)

Not Government funds

(3)

No apportionment of funds

(4)

Use of funds

(5)

Availability of oversight fund amounts

(6)

Treasury investments

(A)

Authority

(B)

Government obligations

(g)

Budget and financial management

(1)

Financial operating plans and forecasts

(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

(5)

Rule of construction

(h)

Audit of Agency

(1)

In general

(2)

Report

(3)

Assistance and costs

(Pub. L. 102–550, title XIII, § 1316, Oct. 28, 1992, 106 Stat. 3947; Pub. L. 104–134, title I, § 101(e) [title II, § 211], Apr. 26, 1996, 110 Stat. 1321–257, 1321–288; renumbered title I, Pub. L. 104–140, § 1(a), May 2, 1996, 110 Stat. 1327; Pub. L. 110–289, div. A, title I, § 1106, July 30, 2008, 122 Stat. 2669.)

cite as: 12 USC 4516