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Code · BILL · 113th Congress · H.R. 2767 (Introduced in House) — To protect American taxpayers and homeowners by creating a sustainable housing finance system for the 21st century. · Sec. 315

Sec. 315. Regulation, supervision, and enforcement

374 words·~2 min read·/bill/113/hr/2767/ih/section-315·

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The Director shall exercise, by rule, order, or guidance, oversight of the Utility, which shall include the authority to regulate, supervise, and examine the Utility and take enforcement actions against the Utility or any Utility-affiliated party, consistent with the provisions of the Federal Housing Enterprise Financial Safety and Soundness Act of 1992. The authority of the Director under this section shall include the authority to exercise such incidental powers as may be necessary or appropriate to fulfill the duties and responsibilities of the Director in the oversight, supervision, and regulation of the Utility.
The Director shall establish within the Agency a Division of Utility Regulation, which shall— be headed by a Deputy Director designated by the Director from among individuals who are citizens of the United States who have a demonstrated understanding of financial management or oversight and of mortgage securities markets and housing finance; and as requested by the Director, conduct examination and supervision activities, gather any information attendant to such activities, and provide recommendations to the Director regarding the safe and sound operation of the Utility and regarding any requests to revise, alter, or amend existing or proposed activities.
In exercising authority to regulate and supervise the Utility, the Director shall consult with other Federal departments and agencies that regulate or supervise entities, institutions, or companies that are or may become subject to standards, rules, processes, or procedures developed by the Utility (including issuers through the Platform and depositors or participants in the Repository), including the Bureau of Consumer Financial Protection and any appropriate Federal banking agency (as defined under section 3 of the Federal Deposit Insurance Act).
The Director shall establish and collect from the Utility an annual assessment in an amount not exceeding the amount sufficient to provide for reasonable costs (including administrative costs) and expenses of the Agency related to its oversight of the Utility. The amounts received by the Director from assessments under this section shall not be construed to be Government or public funds or appropriated money. Notwithstanding any other provision of law, the amounts received by the Director from assessments under this section shall not be subject to apportionment for the purpose of chapter 15 of title 31, United States Code, or under any other authority.
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