
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC4516]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
         SUBCHAPTER I--SUPERVISION AND REGULATION OF ENTERPRISES
 
            Part A--Financial Safety and Soundness Regulator
 
Sec. 4516. Funding


(a) Annual assessments

    The Director may, to the extent provided in appropriation Acts, 
establish and collect from the enterprises annual assessments in an 
amount not exceeding the amount sufficient to provide for reasonable 
costs and expenses of the Office, including the expenses of any 
examinations under section 4517 of this title. The initial annual 
assessment shall include any startup costs of the Office and any 
anticipated costs and expenses of the Office for the following fiscal 
year.

(b) Allocation of annual assessment to enterprises

                        (1) Amount of payment

        Each enterprise shall pay to the Director a proportion of the 
    annual assessment made pursuant to subsection (a) of this section 
    that bears the same ratio to the total annual assessment that the 
    total assets of each enterprise bears \1\ to the total assets of 
    both enterprises.
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    \1\ So in original. Probably should be ``bear''.
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                        (2) Timing of payment

        The annual assessment shall be payable semiannually for each 
    fiscal year, on October 1 and April 1.

                    (3) ``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) Deficiencies due to increased costs of regulation

    The semiannual payments made pursuant to subsection (b) of this 
section by any enterprise that is not classified (for purposes of 
subchapter II of this chapter) as adequately capitalized may be 
increased, as necessary, in the discretion of the Director to pay 
additional estimated costs of regulation of the enterprise.

(d) Surplus

    If any amount from any annual assessment collected from an 
enterprise remains unobligated at the end of the year for which the 
assessment was collected, such amount shall be credited to the 
assessment to be collected from the enterprise for the following year.

(e) Initial special assessment

    Not later than the expiration of the 30-day period beginning on 
October 28, 1992, the enterprises shall each pay into the Federal 
Housing Enterprises Oversight Fund established under subsection (f) of 
this section an initial assessment of $1,500,000 to cover the startup 
costs of the Office, including space and modifications thereof, capital 
equipment, supplies, recruitment, and activities of the Office during 
the period preceding the first annual assessment under subsection (a) of 
this section. Any amounts collected from an enterprise under this 
subsection shall be credited against the first annual assessment 
collected pursuant to subsection (a) of this section, and are hereby 
appropriated, and shall be available and used, without fiscal year 
limitation, as provided in this section.

(f) Fund

    There is established in the Treasury of the United States a fund to 
be known as the Federal Housing Enterprises Oversight Fund. Any 
assessments collected pursuant to this section shall be deposited in the 
Fund. Amounts in the Fund shall be available, to the extent provided in 
appropriation Acts and subsection (e) of this section, for--
        (1) carrying out the responsibilities of the Director relating 
    to the enterprises; and
        (2) necessary administrative and nonadministrative expenses of 
    the Office to carry out the purposes of this chapter.

(g) Budget and financial reports

             (1) Financial operating plans and forecasts

        Before the beginning of each fiscal year, the Director shall 
    submit a copy of the financial operating plans and forecasts for the 
    Office to the Secretary and the Director of the Office of Management 
    and Budget.

                      (2) Reports of operations

        As soon as practicable after the end of each fiscal year and 
    each quarter thereof, the Director shall submit a copy of the report 
    of the results of the operations of the Office during such period to 
    the Secretary and the Director of the Office of Management and 
    Budget.

                 (3) Inclusion in President's budget

        The annual plans, forecasts, and reports required under this 
    subsection shall be included (A) in the Budget of the United States 
    in the appropriate form, and (B) in the congressional justifications 
    of the Department of Housing and Urban Development for each fiscal 
    year in a form determined by the Secretary.

(Pub. L. 102-550, title XIII, Sec. 1316, Oct. 28, 1992, 106 Stat. 3947; 
Pub. L. 104-134, title I, Sec. 101(e) [title II, Sec. 211], Apr. 26, 
1996, 110 Stat. 1321-257, 1321-288; renumbered title I, Pub. L. 104-140, 
Sec. 1(a), May 2, 1996, 110 Stat. 1327.)

                       References in Text

    This chapter, referred to in subsec. (f)(2), was in the original 
``this title'', meaning title XIII of Pub. L. 102-550, Oct. 28, 1992, 
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.


                               Amendments

    1996--Subsec. (b)(2). Pub. L. 104-134 added par. (2) and struck out 
heading and text of former par. (2). Text read as follows: ``The annual 
assessment shall be payable semiannually on September 1 and March 1 of 
the year for which the assessment is made.''


                Non-Reduction of First Annual Assessment

    Pub. L. 103-124, title II, Oct. 28, 1993, 107 Stat. 1290, provided 
in part: ``That notwithstanding the last sentence in section 1316(e) of 
such Act [12 U.S.C. 4516(e)], the amount of this first annual assessment 
shall not be reduced by any part of the amount of the initial special 
assessment under section 1316(e)''.

                  Section Referred to in Other Sections

    This section is referred to in sections 1455, 1719, 4548 of this 
title.
