12 USC 4566 - Monitoring and enforcing compliance with housing goals

U.S Code last checked for updates: Nov 22, 2024

§ 4566.

Monitoring and enforcing compliance with housing goals

(a)

In general

(1)

Authority

(2)

Guidelines

(3)

Extent of compliance

In determining compliance with the housing goals established under this subpart, the Director—

(A)

shall consider any single mortgage purchased by an enterprise as contributing to the achievement of each housing goal for which such mortgage purchase qualifies; and

(B)

may take into consideration the number of housing units financed by any mortgage on housing purchased by an enterprise.

(4)

Enforcement of duty to provide mortgage credit to underserved markets

(5)

Additional credit

(b)

Notice and preliminary determination of failure to meet goals

(1)

Notice

(2)

Response period

(A)

In general

(B)

Extended period

(C)

Shortened period

(D)

Failure to respond

(3)

Consideration of information and final determination

(A)

In general

After the expiration of the response period under paragraph (2), or upon receipt of information provided during such period by the enterprise, whichever occurs earlier, the Director shall issue a final determination on—

(i)

whether the enterprise has failed, or there is a substantial probability that the enterprise will fail, to meet the housing goal; and

(ii)

whether (taking into consideration market and economic conditions and the financial condition of the enterprise) the achievement of the housing goal was or is feasible.

(B)

Considerations

(C)

Notice

The Director shall provide written notice, including a response to any information submitted during the response period, to the enterprise, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives, of—

(i)

each final determination under this paragraph that an enterprise has failed, or that there is a substantial probability that the enterprise will fail, to meet a housing goal;

(ii)

each final determination that the achievement of a housing goal was or is feasible; and

(iii)

the reasons for each such final determination.

(c)

Cease and desist, civil money penalties, and remedies including housing plans

(1)

Requirement

(2)

Housing plan

If the Director requires a housing plan under this subsection, such a plan shall be—

(A)

a feasible plan describing the specific actions the enterprise will take—

(i)

to achieve the goal for the next calendar year; and

(ii)

if the Director determines that there is a substantial probability that the enterprise will fail to meet a goal in the current year, to make such improvements and changes in its operations as are reasonable in the remainder of such year; and

(B)

sufficiently specific to enable the Director to monitor compliance periodically.

(3)

Deadline for submission

(4)

Approval

(5)

Notice of approval and disapproval

(6)

Resubmission

(7)

Cease and desist orders; civil money penalties

(Pub. L. 102–550, title XIII, § 1336, Oct. 28, 1992, 106 Stat. 3962; Pub. L. 110–289, div. A, title I, §§ 1122(a)(1), 1128(c)(2), 1129(b), (c), 1130(a), July 30, 2008, 122 Stat. 2689, 2702, 2705, 2706.)

cite as: 12 USC 4566