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H.R.1427

Federal Housing Finance Reform Act of 2007 (Introduced in House)

Beginning
March 9, 2007
    SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
    Sec. 1. Short title and table of contents.
    SEC. 2. DEFINITIONS.
TITLE I--REFORM OF REGULATION OF ENTERPRISES AND FEDERAL HOME LOAN BANKS
Subtitle A--Improvement of Safety and Soundness
    SEC. 101. ESTABLISHMENT OF THE FEDERAL HOUSING FINANCE AGENCY.
    `SEC. 1311. ESTABLISHMENT OF THE FEDERAL HOUSING FINANCE AGENCY.
    `SEC. 1312. DIRECTOR.
    SEC. 102. DUTIES AND AUTHORITIES OF DIRECTOR.
    `SEC. 1313. DUTIES AND AUTHORITIES OF DIRECTOR.
    `SEC. 1313A. PRUDENTIAL MANAGEMENT AND OPERATIONS STANDARDS.
    SEC. 103. FEDERAL HOUSING ENTERPRISE BOARD.
    `SEC. 1313B. FEDERAL HOUSING ENTERPRISE BOARD.
    SEC. 104. AUTHORITY TO REQUIRE REPORTS BY REGULATED ENTITIES.
    SEC. 105. DISCLOSURE OF CHARITABLE CONTRIBUTIONS BY ENTERPRISES.
    SEC. 106. ASSESSMENTS.
    SEC. 107. EXAMINERS AND ACCOUNTANTS.
    SEC. 108. PROHIBITION AND WITHHOLDING OF EXECUTIVE COMPENSATION.
    SEC. 109. REVIEWS OF REGULATED ENTITIES.
    `SEC. 1319. REVIEWS OF REGULATED ENTITIES.';
    SEC. 110. REGULATIONS AND ORDERS.
    SEC. 111. RISK-BASED CAPITAL REQUIREMENTS.
    `SEC. 1361. RISK-BASED CAPITAL LEVELS FOR REGULATED ENTITIES.
    SEC. 112. MINIMUM AND CRITICAL CAPITAL LEVELS.
    SEC. 113. REVIEW OF AND AUTHORITY OVER ENTERPRISE ASSETS AND LIABILITIES.
`Subtitle B--Required Capital Levels for Regulated Entities, Special Enforcement Powers, and Reviews of Assets and Liabilities';
    `SEC. 1369E. REVIEWS OF ENTERPRISE ASSETS AND LIABILITIES.
    SEC. 114. CORPORATE GOVERNANCE OF ENTERPRISES.
    `SEC. 1322A. CORPORATE GOVERNANCE OF ENTERPRISES.
    SEC. 115. REQUIRED REGISTRATION UNDER SECURITIES EXCHANGE ACT OF 1934.
    `SEC. 1322B. REQUIRED REGISTRATION UNDER SECURITIES EXCHANGE ACT OF 1934.
    SEC. 116. FINANCIAL INSTITUTIONS EXAMINATION COUNCIL.
    SEC. 117. GUARANTEE FEE STUDY.
    SEC. 118. CONFORMING AMENDMENTS.
Subtitle B--Improvement of Mission Supervision
    SEC. 121. TRANSFER OF PRODUCT APPROVAL AND HOUSING GOAL OVERSIGHT.
`PART 2--PRODUCT APPROVAL BY DIRECTOR, CORPORATE GOVERNANCE, AND ESTABLISHMENT OF HOUSING GOALS';
    SEC. 122. REVIEW OF ENTERPRISE PRODUCTS.
    `SEC. 1321. PRIOR APPROVAL AUTHORITY FOR PRODUCTS OF ENTERPRISES.
    SEC. 123. CONFORMING LOAN LIMITS.
    `SEC. 1322. HOUSING PRICE INDEX.
    SEC. 124. ANNUAL HOUSING REPORT REGARDING REGULATED ENTITIES.
    `SEC. 1324. ANNUAL HOUSING REPORT REGARDING REGULATED ENTITIES.
    SEC. 125. REVISION OF HOUSING GOALS.
    `SEC. 1331. ESTABLISHMENT OF HOUSING GOALS.
    `SEC. 1332. SINGLE-FAMILY HOUSING GOALS.
    `SEC. 1333. MULTIFAMILY SPECIAL AFFORDABLE HOUSING GOAL.
    `SEC. 1334. DISCRETIONARY ADJUSTMENT OF HOUSING GOALS.
    SEC. 126. DUTY TO SERVE UNDERSERVED MARKETS.
    SEC. 127. MONITORING AND ENFORCING COMPLIANCE WITH HOUSING GOALS.
    SEC. 128. AFFORDABLE HOUSING FUND.
    `SEC. 1337. AFFORDABLE HOUSING FUND.
    SEC. 129. CONSISTENCY WITH MISSION.
    `SEC. 1338. CONSISTENCY WITH MISSION.
    SEC. 130. ENFORCEMENT.
`Subpart C--Enforcement'.
    SEC. 131. CONFORMING AMENDMENTS.
Subtitle C--Prompt Corrective Action
    SEC. 141. CAPITAL CLASSIFICATIONS.
    SEC. 142. SUPERVISORY ACTIONS APPLICABLE TO UNDERCAPITALIZED REGULATED ENTITIES.
    SEC. 143. SUPERVISORY ACTIONS APPLICABLE TO SIGNIFICANTLY UNDERCAPITALIZED REGULATED ENTITIES.
    SEC. 144. AUTHORITY OVER CRITICALLY UNDERCAPITALIZED REGULATED ENTITIES.
    `SEC. 1367. AUTHORITY OVER CRITICALLY UNDERCAPITALIZED REGULATED ENTITIES.
    SEC. 145. CONFORMING AMENDMENTS.
Subtitle D--Enforcement Actions
    SEC. 161. CEASE-AND-DESIST PROCEEDINGS.
    SEC. 162. TEMPORARY CEASE-AND-DESIST PROCEEDINGS.
    SEC. 163. PREJUDGMENT ATTACHMENT.
    `SEC. 1375A. PREJUDGMENT ATTACHMENT.
    SEC. 164. ENFORCEMENT AND JURISDICTION.
    SEC. 165. CIVIL MONEY PENALTIES.
    SEC. 166. REMOVAL AND PROHIBITION AUTHORITY.
    `SEC. 1377. REMOVAL AND PROHIBITION AUTHORITY.
    SEC. 167. CRIMINAL PENALTY.
    `SEC. 1378. CRIMINAL PENALTY.
    SEC. 168. SUBPOENA AUTHORITY.
    SEC. 169. CONFORMING AMENDMENTS.
Subtitle E--General Provisions
    SEC. 181. BOARDS OF ENTERPRISES.
    SEC. 182. REPORT ON PORTFOLIO OPERATIONS, SAFETY AND SOUNDNESS, AND MISSION OF ENTERPRISES.
    SEC. 183. CONFORMING AND TECHNICAL AMENDMENTS.
    SEC. 184. STUDY OF ALTERNATIVE SECONDARY MARKET SYSTEMS.
    SEC. 185. EFFECTIVE DATE.
TITLE II--FEDERAL HOME LOAN BANKS
    SEC. 201. DEFINITIONS.
    SEC. 202. DIRECTORS.
    SEC. 203. FEDERAL HOUSING FINANCE AGENCY OVERSIGHT OF FEDERAL HOME LOAN BANKS.
    SEC. 204. JOINT ACTIVITIES OF BANKS.
    SEC. 205. SHARING OF INFORMATION BETWEEN FEDERAL HOME LOAN BANKS.
    `SEC. 20A. SHARING OF INFORMATION BETWEEN FEDERAL HOME LOAN BANKS.
    SEC. 206. REORGANIZATION OF BANKS AND VOLUNTARY MERGER.
    SEC. 207. SECURITIES AND EXCHANGE COMMISSION DISCLOSURE.
    SEC. 208. COMMUNITY FINANCIAL INSTITUTION MEMBERS.
    SEC. 209. TECHNICAL AND CONFORMING AMENDMENTS.
    SEC. 210. STUDY OF AFFORDABLE HOUSING PROGRAM USE FOR LONG-TERM CARE FACILITIES.
    SEC. 211. EFFECTIVE DATE.
Subtitle A--Office of Federal Housing Enterprise Oversight
    SEC. 301. ABOLISHMENT OF OFHEO.
    SEC. 302. CONTINUATION AND COORDINATION OF CERTAIN REGULATIONS.
    SEC. 303. TRANSFER AND RIGHTS OF EMPLOYEES OF OFHEO.
    SEC. 304. TRANSFER OF PROPERTY AND FACILITIES.
Subtitle B--Federal Housing Finance Board
    SEC. 321. ABOLISHMENT OF THE FEDERAL HOUSING FINANCE BOARD.
    SEC. 322. CONTINUATION AND COORDINATION OF CERTAIN REGULATIONS.
    SEC. 323. TRANSFER AND RIGHTS OF EMPLOYEES OF THE FEDERAL HOUSING FINANCE BOARD.
    SEC. 324. TRANSFER OF PROPERTY AND FACILITIES.
Subtitle C--Department of Housing and Urban Development
    SEC. 341. TERMINATION OF ENTERPRISE-RELATED FUNCTIONS.
    SEC. 342. CONTINUATION AND COORDINATION OF CERTAIN REGULATIONS.
    SEC. 343. TRANSFER AND RIGHTS OF EMPLOYEES.
    SEC. 344. TRANSFER OF APPROPRIATIONS, PROPERTY, AND FACILITIES.


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