Sec. 301. Powers and duties transferred
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There are transferred to the Corporation all functions of the Federal Housing Finance Agency and the Director of the Federal Housing Finance Agency relating to— the supervision of the Federal Home Loan Banks and the Federal Home Loan Bank System; and all rulemaking authority of the Federal Housing Finance Agency and the Director of the Federal Housing Finance Agency relating to the Federal Home Loan Banks and the Federal Home Loan Bank System. The Corporation shall succeed to all powers, authorities, rights, and duties that were vested in the Federal Housing Finance Agency and the Director of the Federal Housing Finance Agency, including all conservatorship or receivership authorities, on the day before the transfer date in connection with the functions and authorities transferred under paragraph (1).
The transfer of functions under this paragraph shall take effect on the transfer date. All regulations, orders, determinations, and resolutions described under paragraph
(2)shall remain in effect according to the terms of such regulations, orders, determinations, and resolutions, and shall be enforceable by or against the Corporation until modified, terminated, set aside, or superseded in accordance with applicable law by the Corporation, any court of competent jurisdiction, or operation of law. A regulation, order, determination, or resolution is described under this subsection if it— was issued, made, prescribed, or allowed to become effective by— the Federal Housing Finance Agency; or a court of competent jurisdiction, and relates to functions transferred by this Act; relates to the performance of functions that are transferred by this section; and is in effect on the transfer date. During the period preceding the transfer date, the Director of the Federal Housing Finance Agency, for the purpose of winding up the affairs of the Federal Housing Finance Agency in connection with the performance of functions that are transferred by this section— shall manage the employees of such Agency and provide for the payment of the compensation and benefits of any such employees which accrue before the transfer date; and may take any other action necessary for the purpose of winding up the affairs of the Office. The Corporation may use the property and services of the Federal Housing Finance Agency to perform functions which have been transferred to the Corporation until such time as the Agency is abolished under section 303 to facilitate the orderly transfer of functions transferred under this section, any other provision of this Act, or any amendment made by this Act to any other provision of law. Any agency, department, or other instrumentality of the United States, and any successor to any such agency, department, or instrumentality, that was providing supporting services to the Agency before the transfer date in connection with functions that are transferred to the Corporation shall— continue to provide such services, on a reimbursable basis, until the transfer of such functions is complete; and consult with any such agency to coordinate and facilitate a prompt and reasonable transition. The Corporation may use the services of employees and other personnel of the Federal Housing Finance Agency, on a reimbursable basis, to perform functions which have been transferred to the Corporation for such time as is reasonable to facilitate the orderly transfer of functions pursuant to this section, any other provision of this Act, or any amendment made by this Act to any other provision of law. Subsection
(a)and section 303 shall not affect the validity of any right, duty, or obligation of the United States, the Director of the Federal Housing Finance Agency, the Federal Housing Finance Agency, or any other person, that existed on the day before transfer date. No action or other proceeding commenced by or against the Director of the Federal Housing Finance Agency in connection with the functions that are transferred to the Corporation under this section shall abate by reason of the enactment of this Act, except that the Corporation shall be substituted for the Director of the Federal Housing Finance Agency as a party to any such action or proceeding. The Federal Home Loan Bank Act ( 12 U.S.C. 1421 et seq. ) is amended— by striking the Director and inserting the Corporation each place that term appears; by striking The Director and inserting The Corporation each place that term appears; by striking Chairman of the Director of Governors and inserting Chairman of the Board of Governors each place that term appears; by striking the Agency and inserting the Corporation each place that term appears; in section 2, by striking paragraphs
(11)and
(12)and inserting the following: The term Corporation means the Federal Mortgage Insurance Corporation established under title I of the Housing Finance Reform and Taxpayer Protection Act of 2013 . ; and in section 11(l)(5), in the header to such paragraph, by striking . of the director Section 1316 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4516) is amended— in subsection (a)— in the matter preceding paragraph (1), by striking the regulated entities and inserting each enterprise ; and in paragraph (1), by striking and under section 20 of the Federal Home Loan Bank Act ; in subsection (b), by striking paragraph (2); in subsection (c)— by striking any regulated entity and inserting any enterprise ; by striking the regulated entity and inserting the enterprise ; by striking a regulated entity and inserting an enterprise each place that term appears; by striking such regulated entity and inserting such enterprise each place that term appears; and by striking such entity and inserting such enterprise ; and in subsection (e)— by striking each regulated entity and inserting each enterprise ; and by striking such regulated entity and inserting such enterprise . Section 1113(o) of the Right to Financial Privacy Act of 1978 ( 12 U.S.C. 3413(o) ) is amended— in the heading to the subsection, by and inserting Federal Housing Finance Agency ; Federal Mortgage Insurance Corporation by striking Federal Housing Finance Agency and inserting Federal Mortgage Insurance Corporation ; and by striking Federal Housing Finance Agency's and inserting Federal Mortgage Insurance Corporation's . The amendments made by this subsection shall take effect on the transfer date.
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