The Director shall establish standards, by regulation or guideline, for each regulated entity relating to-
If the Director determines that a regulated entity fails to meet any standard established under subsection (a)-
Any plan required under subparagraph (A) shall specify the actions that the regulated entity will take to correct the deficiency. If the regulated entity is undercapitalized, the plan may be a part of the capital restoration plan for the regulated entity under section 4622 of this title.
The Director shall by regulation establish deadlines that-
If a regulated entity fails to submit an acceptable plan within the time allowed under paragraph (1)(C), or fails in any material respect to implement a plan accepted by the Director, the following shall apply:
The Director shall, by order, require the regulated entity to correct the deficiency.
The Director may, by order, take one or more of the following actions until the deficiency is corrected:
In complying with paragraph (2), the Director shall take one or more of the actions described in clauses (i) through (iii) of paragraph (2)(B) if-
The authority of the Director under this section is in addition to any other authority of the Director.
12 U.S.C. § 4513b
EDITORIAL NOTES
REFERENCES IN TEXTThis chapter, referred to in subsec. (a)(7), was in the original "this title", meaning title XIII of Pub. L. 102-550, 106 Stat. 3941, which is classified principally to this chapter. For complete classification of title XIII to the Code, see Short Title note set out under section 4501 of this title and Tables.
- Board
- The term "Board" means the Federal Housing Finance Oversight Board established under section 4513a of this title.
- Director
- The term "Director" means the Director of the Bureau.
- authorizing statutes
- The term "authorizing statutes" means-(A) the Federal National Mortgage Association Charter Act;(B) the Federal Home Loan Mortgage Corporation Act; and(C) the Federal Home Loan Bank Act.
- core capital
- The term "core capital" means, with respect to an enterprise, the sum of the following (as determined in accordance with generally accepted accounting principles):(A) The par or stated value of outstanding common stock.(B) The par or stated value of outstanding perpetual, noncumulative preferred stock.(C) Paid-in capital.(D) Retained earnings.The core capital of an enterprise shall not include any amounts that the enterprise could be required to pay, at the option of investors, to retire capital instruments.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.
- enterprise
- The term "enterprise" means-(A) the Federal National Mortgage Association and any affiliate thereof; and(B) the Federal Home Loan Mortgage Corporation and any affiliate thereof.
- regulated entity
- The term "regulated entity" means-(A) the Federal National Mortgage Association and any affiliate thereof;(B) the Federal Home Loan Mortgage Corporation and any affiliate thereof; and(C) any Federal Home Loan Bank.
- total capital
- The term "total capital" means, with respect to an enterprise, the sum of the following:(A) The core capital of the enterprise; 1(B) A general allowance for foreclosure losses, which-(i) shall include an allowance for portfolio mortgage losses, an allowance for nonreimbursable foreclosure costs on government claims, and an allowance for liabilities reflected on the balance sheet for the enterprise for estimated foreclosure losses on mortgage-backed securities; and(ii) shall not include any reserves of the enterprise made or held against specific assets.(C) Any other amounts from sources of funds available to absorb losses incurred by the enterprise, that the Director by regulation determines are appropriate to include in determining total capital.