12 USC 4513 - Duties and authorities of Director

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

§ 4513.

Duties and authorities of Director

(a)

Duties

(1)

Principal duties

The principal duties of the Director shall be—

(A)

to oversee the prudential operations of each regulated entity; and

(B)

to ensure that—

(i)

each regulated entity operates in a safe and sound manner, including maintenance of adequate capital and internal controls;

(ii)

the operations and activities of each regulated entity foster liquid, efficient, competitive, and resilient national housing finance markets (including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities);

(iii)

each regulated entity complies with this chapter and the rules, regulations, guidelines, and orders issued under this chapter and the authorizing statutes;

(iv)

each regulated entity carries out its statutory mission only through activities that are authorized under and consistent with this chapter and the authorizing statutes; and

(v)

the activities of each regulated entity and the manner in which such regulated entity is operated are consistent with the public interest.

(2)

Scope of authority

The authority of the Director shall include the authority—

(A)

to review and, if warranted based on the principal duties described in paragraph (1), reject any acquisition or transfer of a controlling interest in a regulated entity; and

(B)

to exercise such incidental powers as may be necessary or appropriate to fulfill the duties and responsibilities of the Director in the supervision and regulation of each regulated entity.

(3)

Coordination with the Chairman of the Board of Governors of the Federal Reserve System

(A)

Consultation

(B)

Information sharing

(C)

Termination of consultation requirement

(b)

Delegation of authority

(c)

Litigation authority

(1)

In general

(2)

Subject to suit

(f)

 So in original. No subsecs. (d) and (e) have been enacted.

Recognition of distinctions between the enterprises and the Federal Home Loan Banks

Prior to promulgating any regulation or taking any other formal or informal agency action of general applicability and future effect relating to the Federal Home Loan Banks (other than any regulation, advisory document, or examination guidance of the Federal Housing Finance Board that the Director reissues after the authority of the Director over the Federal Home Loan Banks takes effect), including the issuance of an advisory document or examination guidance, the Director shall consider the differences between the Federal Home Loan Banks and the enterprises with respect to—

(1)

the Banks’—

(A)

cooperative ownership structure;

(B)

the 2

 So in original. The word “the” probably should not appear.

mission of providing liquidity to members;

(C)

affordable housing and community development mission;

(D)

capital structure; and

(E)

joint and several liability; and

(2)

any other differences that the Director considers appropriate.

(Pub. L. 102–550, title XIII, § 1313, Oct. 28, 1992, 106 Stat. 3945; Pub. L. 105–276, title II, § 202(b), Oct. 21, 1998, 112 Stat. 2483; Pub. L. 105–277, div. A, § 122, Oct. 21, 1998, 112 Stat. 2681–546; Pub. L. 110–289, div. A, title I, §§ 1102(a), 1118, title II, § 1201, July 30, 2008, 122 Stat. 2663, 2688, 2782.)

cite as: 12 USC 4513