Statutes, codes, and regulations
United States Code
Title 12 - BANKS AND BANKINGChapter 46 - GOVERNMENT SPONSORED ENTERPRISESSubchapter I - SUPERVISION AND REGULATION OF ENTERPRISESPart B - ADDITIONAL AUTHORITIES OF THE DIRECTOR
Subpart 2 - HOUSING GOALS
Section 4564 - Discretionary adjustment of housing goals

12 U.S.C. § 4564

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Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)
Section 4564 - Discretionary adjustment of housing goals
(a) Authority

An enterprise may petition the Director in writing at any time during a year to reduce the level of any goal or subgoal for such year established pursuant to this subpart.

(b) Standard for reduction

The Director may reduce the level for a goal or subgoal pursuant to such a petition only if-

(1) market and economic conditions or the financial condition of the enterprise require such action; or
(2) efforts to meet the goal or subgoal would result in the constraint of liquidity, over-investment in certain market segments, or other consequences contrary to the intent of this subpart, or section 1716(3) of this title or section 301(b)(3) of the Federal Home Loan Mortgage Corporation Act ( 12 U.S.C. 1451 note), as applicable.
(c) Determination

The Director shall, promptly upon receipt of a petition regarding a reduction, seek public comment on the reduction for a period of 30 days. The Director shall make a determination regarding any proposed reduction within 30 days after the expiration of such public comment period. The Director may extend such determination period for a single additional 15-day period, but only if the Director requests additional information from the enterprise.

12 U.S.C. § 4564

Pub. L. 102-550, title XIII, §1334, as added Pub. L. 110-289, div. A, title I, §1128(b), July 30, 2008, 122 Stat. 2701.

EDITORIAL NOTES

REFERENCES IN TEXTSection 301(b)(3) of the Federal Home Loan Mortgage Corporation Act, referred to in subsec. (b)(2), is section 301(b)(3) of Pub. L. 91-351 which is set out as a Short Title and Statement of Purpose note under section 1451 of this title.

PRIOR PROVISIONSA prior section 4564,Pub. L. 102-550, title XIII, §13344564,, 106 Stat. 3960, related to central cities, rural areas, and other underserved areas housing goal, prior to repeal by Pub. L. 110-289, div. A, title I, §1128(a), July 30, 2008, 122 Stat. 2696.

Director
The term "Director" means the Director of the Bureau.
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.