
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: 12USC4566]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
         SUBCHAPTER I--SUPERVISION AND REGULATION OF ENTERPRISES
 
                     Part B--Authority of Secretary
 
                        subpart 2--housing goals
 
Sec. 4566. Monitoring and enforcing compliance with housing 
        goals
        

(a) In general

                            (1) Authority

        The Secretary shall monitor and enforce compliance with the 
    housing goals established under sections 4562, 4563, and 4564 of 
    this title, as provided in this section.

                           (2) Guidelines

        The Secretary shall establish guidelines to measure the extent 
    of compliance with the housing goals, which may assign full credit, 
    partial credit, or no credit toward achievement of the housing goals 
    to different categories of mortgage purchase activities of the 
    enterprises, based on such criteria as the Secretary deems 
    appropriate.

                      (3) Extent of compliance

        In determining compliance with the housing goals established 
    under this subpart, the Secretary--
            (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.

(b) Notice and determination of failure to meet goals

                             (1) Notice

        If the Secretary determines that an enterprise has failed, or 
    that there is a substantial probability that an enterprise will 
    fail, to meet any housing goal established under section 4562, 4563, 
    or 4564 of this title, the Secretary shall provide written notice to 
    the enterprise of such a determination, the reasons for such 
    determination, the requirement to submit a housing plan under 
    subsection (c) of this section, and the information on which the 
    Secretary based the determination or imposed such requirement.

                         (2) Response period

        (A) In general

            During the 30-day period beginning on the date that an 
        enterprise is provided notice under paragraph (1), the 
        enterprise may submit to the Secretary any written information 
        that the enterprise considers appropriate for consideration by 
        the Secretary in determining whether such failure has occurred 
        or whether the achievement of such goal was or is feasible.

        (B) Extended period

            The Secretary may extend the period under subparagraph (A) 
        for good cause for not more than 30 additional days.

        (C) Shortened period

            The Secretary may shorten the period under subparagraph (A) 
        for good cause.

        (D) Failure to respond

            The failure of an enterprise to provide information during 
        the 30-day period under this paragraph (as extended or 
        shortened) shall waive any right of the enterprise to comment on 
        the proposed determination or action of the Secretary.

         (3) Consideration of information and 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 Secretary shall 
        determine (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

            In making such determinations, the Secretary shall take into 
        consideration any relevant information submitted by the 
        enterprise during the response period.

        (C) Notice

            The Secretary shall provide written notice to the 
        enterprise, the Committee on Banking, Finance and Urban Affairs 
        of the House of Representatives, and the Committee on Banking, 
        Housing, and Urban Affairs of the Senate, of--
                (i) each determination that an enterprise has failed, or 
            that there is a substantial probability that the enterprise 
            will fail, to meet a housing goal;
                (ii) each determination that the achievement of a 
            housing goal was or is feasible; and
                (iii) the reasons for each such determination.

        Such notice shall respond to any information submitted during 
        the response period.

(c) Housing plans

                           (1) Requirement

        If the Secretary finds pursuant to subsection (b) of this 
    section, that an enterprise has failed, or that there is a 
    substantial probability that an enterprise will fail, to meet any 
    housing goal established under section 4562, 4563, or 4564 of this 
    title, and that the achievement of the housing goal was or is 
    feasible, the Secretary shall require the enterprise to submit a 
    housing plan under this subsection for approval by the Secretary.

                            (2) Contents

        Each housing plan shall be a feasible plan describing the 
    specific actions the enterprise will take--
            (A) to achieve the goal for the next calendar year; or
            (B) if the Secretary determines that there is a substantial 
        probability that the enterprise will fail to meet a goal in the 
        current year, to make such improvements as are reasonable in the 
        remainder of such year.

    The plan shall be sufficiently specific to enable the Secretary to 
    monitor compliance periodically.

                     (3) Deadline for submission

        The Secretary shall, by regulation, establish a deadline for an 
    enterprise to submit a housing plan to the Secretary, which may not 
    be more than 45 days after the enterprise is provided notice under 
    subsection (b)(3) of this section that a housing plan is required. 
    The regulations shall provide that the Secretary may extend the 
    deadline to the extent that the Secretary determines necessary. Any 
    extension of the deadline shall be in writing and for a time 
    certain.

                            (4) Approval

        The Secretary shall review each housing plan submitted under 
    this subsection and, not later than 30 days after submission of the 
    plan, approve or disapprove the plan. The Secretary may extend the 
    period for approval or disapproval for a single additional 30-day 
    period if the Secretary determines it necessary. The Secretary shall 
    approve any plan that the Secretary determines is likely to succeed, 
    and conforms with the Federal National Mortgage Association Charter 
    Act [12 U.S.C. 1716 et seq.] or the Federal Home Loan Mortgage 
    Corporation Act [12 U.S.C. 1451 et seq.] (as applicable), this 
    chapter, and any other applicable laws and regulations.

               (5) Notice of approval and disapproval

        The Secretary shall provide written notice to any enterprise 
    submitting a housing plan of the approval or disapproval of the plan 
    (which shall include the reasons for any disapproval of the plan) 
    and of any extension of the period for approval or disapproval.

                          (6) Resubmission

        If the initial housing plan submitted by an enterprise is 
    disapproved, the enterprise shall submit an amended plan acceptable 
    to the Secretary within 30 days or such longer period that the 
    Secretary determines is in the public interest.

(Pub. L. 102-550, title XIII, Sec. 1336, Oct. 28, 1992, 106 Stat. 3962.)

                       References in Text

    The Federal National Mortgage Association Charter Act, referred to 
in subsec. (c)(4), is title III of act June 27, 1934, ch. 847, 48 Stat. 
1252, as amended, which is classified generally to subchapter III 
(Sec. 1716 et seq.) of chapter 13 of this title. For complete 
classification of this Act to the Code, see Short Title note set out 
under section 1716 of this title and Tables.
    The Federal Home Loan Mortgage Corporation Act, referred to in 
subsec. (c)(4), is title III of Pub. L. 91-351, July 24, 1970, 84 Stat. 
451, as amended, which is classified generally to chapter 11A (Sec. 1451 
et seq.) of this title. For complete classification of this Act to the 
Code, see Short Title and Statement of Purpose note set out under 
section 1451 of this title and Tables.
    This chapter, referred to in subsec. (c)(4), 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.

                         Change of Name

    Committee on Banking, Finance and Urban Affairs of House of 
Representatives treated as referring to Committee on Banking and 
Financial Services of House of Representatives by section 1(a) of Pub. 
L. 104-14, set out as a note preceding section 21 of Title 2, The 
Congress. Committee on Banking and Financial Services of House of 
Representatives abolished and replaced by Committee on Financial 
Services of House of Representatives, and jurisdiction over matters 
relating to securities and exchanges and insurance generally transferred 
from Committee on Energy and Commerce of House of Representatives by 
House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.

                  Section Referred to in Other Sections

    This section is referred to in sections 4562, 4563, 4564, 4581, 
4585, 4631, 4636 of this title.
