Collapse to view only § 4517. Examinations

§ 4511. Establishment of the Federal Housing Finance Agency
(a) Establishment
(b) General supervisory and regulatory authority
(1) In general
(2) Authority over Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Office of Finance
(c) Savings provision
(Pub. L. 102–550, title XIII, § 1311, as added Pub. L. 110–289, div. A, title I, § 1101, July 30, 2008, 122 Stat. 2661.)
§ 4512. Director
(a) Establishment of position
(b) Appointment; term
(1) Appointment
(2) Term
(3) Vacancy
(4) Service after end of term
(5) Transitional provision
(c) Deputy Director of the Division of Enterprise Regulation
(1) In general
(2) Functions
(d) Deputy Director of the Division of Federal Home Loan Bank Regulation
(1) In general
(2) Functions
(e) Deputy Director for Housing Mission and Goals
(1) In general
(2) Functions
(3) Considerations
(f) Acting Director
(g) Limitations
The Director and each of the Deputy Directors may not—
(1) have any direct or indirect financial interest in any regulated entity or entity-affiliated party;
(2) hold any office, position, or employment in any regulated entity or entity-affiliated party; or
(3) have served as an executive officer or director of any regulated entity or entity-affiliated party at any time during the 3-year period preceding the date of appointment or designation of such individual as Director or Deputy Director, as applicable.
(Pub. L. 102–550, title XIII, § 1312, as added Pub. L. 110–289, div. A, title I, § 1101, July 30, 2008, 122 Stat. 2662.)
§ 4513. Duties and authorities of Director
(a) Duties
(1) Principal dutiesThe principal duties of the Director shall be—
(A) to oversee the prudential operations of each regulated entity; and
(B) to ensure that—
(i) each regulated entity operates in a safe and sound manner, including maintenance of adequate capital and internal controls;
(ii) the operations and activities of each regulated entity foster liquid, efficient, competitive, and resilient national housing finance markets (including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities);
(iii) each regulated entity complies with this chapter and the rules, regulations, guidelines, and orders issued under this chapter and the authorizing statutes;
(iv) each regulated entity carries out its statutory mission only through activities that are authorized under and consistent with this chapter and the authorizing statutes; and
(v) the activities of each regulated entity and the manner in which such regulated entity is operated are consistent with the public interest.
(2) Scope of authorityThe authority of the Director shall include the authority—
(A) to review and, if warranted based on the principal duties described in paragraph (1), reject any acquisition or transfer of a controlling interest in a regulated entity; and
(B) to exercise such incidental powers as may be necessary or appropriate to fulfill the duties and responsibilities of the Director in the supervision and regulation of each regulated entity.
(3) Coordination with the Chairman of the Board of Governors of the Federal Reserve System
(A) Consultation
(B) Information sharing
(C) Termination of consultation requirement
(b) Delegation of authority
(c) Litigation authority
(1) In general
(2) Subject to suit
(f)1
1 So in original. No subsecs. (d) and (e) have been enacted.
Recognition of distinctions between the enterprises and the Federal Home Loan Banks
Prior to promulgating any regulation or taking any other formal or informal agency action of general applicability and future effect relating to the Federal Home Loan Banks (other than any regulation, advisory document, or examination guidance of the Federal Housing Finance Board that the Director reissues after the authority of the Director over the Federal Home Loan Banks takes effect), including the issuance of an advisory document or examination guidance, the Director shall consider the differences between the Federal Home Loan Banks and the enterprises with respect to—
(1) the Banks’—
(A) cooperative ownership structure;
(B) the 2
2 So in original. The word “the” probably should not appear.
mission of providing liquidity to members;
(C) affordable housing and community development mission;
(D) capital structure; and
(E) joint and several liability; and
(2) any other differences that the Director considers appropriate.
(Pub. L. 102–550, title XIII, § 1313, Oct. 28, 1992, 106 Stat. 3945; Pub. L. 105–276, title II, § 202(b), Oct. 21, 1998, 112 Stat. 2483; Pub. L. 105–277, div. A, § 122, Oct. 21, 1998, 112 Stat. 2681–546; Pub. L. 110–289, div. A, title I, §§ 1102(a), 1118, title II, § 1201, July 30, 2008, 122 Stat. 2663, 2688, 2782.)
§ 4513a. Federal Housing Finance Oversight Board
(a) In general
(b) Limitations
(c) Composition
The Board shall be comprised of 4 members, of whom—
(1) 1 member shall be the Secretary of the Treasury;
(2) 1 member shall be the Secretary of Housing and Urban Development;
(3) 1 member shall be the Chairman of the Securities and Exchange Commission; and
(4) 1 member shall be the Director, who shall serve as the Chairperson of the Board.
(d) Meetings
(1) In general
(2) Special meetings
(e) Testimony
On an annual basis, the Board shall testify before Congress regarding—
(1) the safety and soundness of the regulated entities;
(2) any material deficiencies in the conduct of the operations of the regulated entities;
(3) the overall operational status of the regulated entities;
(4) an evaluation of the performance of the regulated entities in carrying out their respective missions;
(5) operations, resources, and performance of the Agency; and
(6) such other matters relating to the Agency and its fulfillment of its mission, as the Board determines appropriate.
(Pub. L. 102–550, title XIII, § 1313A, as added Pub. L. 110–289, div. A, title I, § 1103(a), July 30, 2008, 122 Stat. 2665.)
§ 4513b. Prudential management and operations standards
(a) StandardsThe Director shall establish standards, by regulation or guideline, for each regulated entity relating to—
(1) adequacy of internal controls and information systems taking into account the nature and scale of business operations;
(2) independence and adequacy of internal audit systems;
(3) management of interest rate risk exposure;
(4) management of market risk, including standards that provide for systems that accurately measure, monitor, and control market risks and, as warranted, that establish limitations on market risk;
(5) adequacy and maintenance of liquidity and reserves;
(6) management of asset and investment portfolio growth;
(7) investments and acquisitions of assets by a regulated entity, to ensure that they are consistent with the purposes of this chapter and the authorizing statutes;
(8) overall risk management processes, including adequacy of oversight by senior management and the board of directors and of processes and policies to identify, measure, monitor, and control material risks, including reputational risks, and for adequate, well-tested business resumption plans for all major systems with remote site facilities to protect against disruptive events;
(9) management of credit and counterparty risk, including systems to identify concentrations of credit risk and prudential limits to restrict exposure of the regulated entity to a single counterparty or groups of related counterparties;
(10) maintenance of adequate records, in accordance with consistent accounting policies and practices that enable the Director to evaluate the financial condition of the regulated entity; and
(11) such other operational and management standards as the Director determines to be appropriate.
(b) Failure to meet standards
(1) Plan requirement
(A) In generalIf the Director determines that a regulated entity fails to meet any standard established under subsection (a)—
(i) if such standard is established by regulation, the Director shall require the regulated entity to submit an acceptable plan to the Director within the time allowed under subparagraph (C); and
(ii) if such standard is established by guideline, the Director may require the regulated entity to submit a plan described in clause (i).
(B) Contents
(C) Deadlines for submission and reviewThe Director shall by regulation establish deadlines that—
(i) provide the regulated entities with reasonable time to submit plans required under subparagraph (A), and generally require a regulated entity to submit a plan not later than 30 days after the Director determines that the entity fails to meet any standard established under subsection (a); and
(ii) require the Director to act on plans expeditiously, and generally not later than 30 days after the plan is submitted.
(2) Required order upon failure to submit or implement planIf a regulated entity fails to submit an acceptable plan within the time allowed under paragraph (1)(C), or fails in any material respect to implement a plan accepted by the Director, the following shall apply:
(A) Required correction of deficiency
(B) Other authorityThe Director may, by order, take one or more of the following actions until the deficiency is corrected:
(i) Prohibit the regulated entity from permitting its average total assets (as such term is defined in section 4516(b) of this title) during any calendar quarter to exceed its average total assets during the preceding calendar quarter, or restrict the rate at which the average total assets of the entity may increase from one calendar quarter to another.
(ii) Require the regulated entity—(I) in the case of an enterprise, to increase its ratio of core capital to assets.(II) in the case of a Federal Home Loan Bank, to increase its ratio of total capital (as such term is defined in section 1426(a)(5) of this title) to assets.
(iii) Require the regulated entity to take any other action that the Director determines will better carry out the purposes of this section than any of the actions described in this subparagraph.
(3) Mandatory restrictionsIn complying with paragraph (2), the Director shall take one or more of the actions described in clauses (i) through (iii) of paragraph (2)(B) if—
(A) the Director determines that the regulated entity fails to meet any standard prescribed under subsection (a);
(B) the regulated entity has not corrected the deficiency; and
(C) during the 18-month period before the date on which the regulated entity first failed to meet the standard, the entity underwent extraordinary growth, as defined by the Director.
(c) Other enforcement authority not affected
(Pub. L. 102–550, title XIII, § 1313B, as added Pub. L. 110–289, div. A, title I, § 1108, July 30, 2008, 122 Stat. 2672.)
§ 4514. Authority to require reports by regulated entities
(a) Regular and special reports
(1) Regular reports
(2) Special reports
(3) Limitation
(4) Notice and declaration
(b) Capital distributions
(c) Penalties for failure to make reports
(1) Violations
It shall be a violation of this section for any regulated entity—
(A) to fail to make, transmit, or publish any report or obtain any information required by the Director under this section, section 1723a(k) of this title, section 1456(c) of this title, or section 1440 of this title, within the period of time specified in such provision of law or otherwise by the Director; or
(B) to submit or publish any false or misleading report or information under this section.
(2) Penalties
(A) First tier
(i) In general
A violation described in paragraph (1) shall be subject to a penalty of not more than $2,000 for each day during which such violation continues, in any case in which—
(I) the subject regulated entity maintains procedures reasonably adapted to avoid any inadvertent error and the violation was unintentional and a result of such an error; or(II) the violation was an inadvertent transmittal or publication of any report which was minimally late.
(ii) Burden of proof
(B) Second tier
(C) Third tier
(3) Assessments
(4) Hearing
(Pub. L. 102–550, title XIII, § 1314, Oct. 28, 1992, 106 Stat. 3946; Pub. L. 110–289, div. A, title I, § 1104(a), July 30, 2008, 122 Stat. 2666.)
§ 4514a. Study and reports on guarantee fees
(a) Ongoing study of fees
(b) Collection of data
(c) Reports to Congress
(d) Contents of reports
The reports required under subsection (c) shall identify and analyze—
(1) the factors considered in determining the amount of the guarantee fees charged;
(2) the total revenue earned by the enterprises from guarantee fees;
(3) the total costs incurred by the enterprises for providing guarantees;
(4) the average guarantee fee charged by the enterprises;
(5) an analysis of any increase or decrease in guarantee fees from the preceding year;
(6) a breakdown of the revenue and costs associated with providing guarantees, based on product type and risk classifications; and
(7) a breakdown of guarantee fees charged based on asset size of the originator and the number of loans sold or transferred to an enterprise.
(e) Protection of information
(Pub. L. 110–289, div. A, title VI, § 1601, July 30, 2008, 122 Stat. 2824.)
§ 4515. Personnel
(a) In general
(b) Comparability of compensation with Federal banking agencies
(c) Personnel of other Federal agencies
(d) Outside experts and consultants
(Pub. L. 102–550, title XIII, § 1315, Oct. 28, 1992, 106 Stat. 3947; Pub. L. 110–289, div. A, title I, § 1161(a)(1), July 30, 2008, 122 Stat. 2778; Pub. L. 111–203, title III, § 365(1), July 21, 2010, 124 Stat. 1555.)
§ 4516. Funding
(a) Annual assessments
The Director shall establish and collect from the regulated entities annual assessments in an amount not exceeding the amount sufficient to provide for reasonable costs (including administrative costs) and expenses of the Agency, including—
(1) the expenses of any examinations under section 4517 of this title and under section 1440 of this title;
(2) the expenses of obtaining any reviews and credit assessments under section 4519 of this title;
(3) such amounts in excess of actual expenses for any given year as deemed necessary by the Director to maintain a working capital fund in accordance with subsection (e); and
(4) the windup of the affairs of the Office of Federal Housing Enterprise Oversight and the Federal Housing Finance Board under title III of the Federal Housing Finance Regulatory Reform Act of 2008.
(b) Allocation of annual assessment to enterprises
(1) Amount of payment
(2) Separate treatment of Federal home loan bank and enterprise assessments
(3) Timing of payment
(4) “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) Increased costs of regulation
(1) Increase for inadequate capitalization
(2) Adjustment for enforcement activities
(3) Additional assessment for deficiencies
(d) Surplus
(e) Working capital fund
(f) Treatment of assessments
(1) Deposit
(2) Not Government funds
(3) No apportionment of funds
(4) Use of funds
(5) Availability of oversight fund amounts
(6) Treasury investments
(A) Authority
(B) Government obligations
(g) Budget and financial management
(1) Financial operating plans and forecasts
(2) Financial statements
The Agency shall prepare annually a statement of—
(A) assets and liabilities and surplus or deficit;
(B) income and expenses; and
(C) sources and application of funds.
(3) Financial management systems
The Agency shall implement and maintain financial management systems that—
(A) comply substantially with Federal financial management systems requirements and applicable Federal accounting standards; and
(B) use a general ledger system that accounts for activity at the transaction level.
(4) Assertion of internal controls
(5) Rule of construction
(h) Audit of Agency
(1) In general
(2) Report
(3) Assistance and costs
(Pub. L. 102–550, title XIII, § 1316, Oct. 28, 1992, 106 Stat. 3947; Pub. L. 104–134, title I, § 101(e) [title II, § 211], Apr. 26, 1996, 110 Stat. 1321–257, 1321–288; renumbered title I, Pub. L. 104–140, § 1(a), May 2, 1996, 110 Stat. 1327; Pub. L. 110–289, div. A, title I, § 1106, July 30, 2008, 122 Stat. 2669.)
§ 4517. Examinations
(a) Annual examination
(b) Other examinations
(c) Examiners
(d) Inspector General
(e) Law applicable to examiners
(f) Technical experts
(g) Oaths, evidence, and subpoena powers
(h) Appointment of accountants, economists, and examiners
(1) Applicability
(2) Appointment authority
The Director may appoint candidates to any position described in paragraph (1)—
(A) in accordance with the statutes, rules, and regulations governing appointments in the excepted service; and
(B) notwithstanding any statutes, rules, and regulations governing appointments in the competitive service.
(i) Ombudsman
(Pub. L. 102–550, title XIII, § 1317, Oct. 28, 1992, 106 Stat. 3949; Pub. L. 110–289, div. A, title I, §§ 1105(a), (b), (e), 1153(b)(1)(A), July 30, 2008, 122 Stat. 2667, 2668, 2774; Pub. L. 111–203, title III, § 365(2), July 21, 2010, 124 Stat. 1555; Pub. L. 117–286, § 4(b)(34), Dec. 27, 2022, 136 Stat. 4347.)
§ 4518. Prohibition and withholding of executive compensation
(a) In general
(b) Factors
(c) Withholding of compensation
(d) Prohibition of setting compensation
(e) Authority to regulate or prohibit certain forms of benefits to affiliated parties
(1) Golden parachutes and indemnification payments
(2) Factors to be taken into accountThe Director shall prescribe, by regulation, the factors to be considered by the Director in taking any action pursuant to paragraph (1), which may include such factors as—
(A) whether there is a reasonable basis to believe that the affiliated party has committed any fraudulent act or omission, breach of trust or fiduciary duty, or insider abuse with regard to the regulated entity that has had a material effect on the financial condition of the regulated entity;
(B) whether there is a reasonable basis to believe that the affiliated party is substantially responsible for the insolvency of the regulated entity, the appointment of a conservator or receiver for the regulated entity, or the troubled condition of the regulated entity (as defined in regulations prescribed by the Director);
(C) whether there is a reasonable basis to believe that the affiliated party has materially violated any applicable provision of Federal or State law or regulation that has had a material effect on the financial condition of the regulated entity;
(D) whether the affiliated party was in a position of managerial or fiduciary responsibility; and
(E) the length of time that the party was affiliated with the regulated entity, and the degree to which—
(i) the payment reasonably reflects compensation earned over the period of employment; and
(ii) the compensation involved represents a reasonable payment for services rendered.
(3) Certain payments prohibitedNo regulated entity may prepay the salary or any liability or legal expense of any affiliated party if such payment is made—
(A) in contemplation of the insolvency of such regulated entity, or after the commission of an act of insolvency; and
(B) with a view to, or having the result of—
(i) preventing the proper application of the assets of the regulated entity to creditors; or
(ii) preferring one creditor over another.
(4) Golden parachute payment defined
(A) In generalFor purposes of this subsection, the term “golden parachute payment” means any payment (or any agreement to make any payment) in the nature of compensation by any regulated entity for the benefit of any affiliated party pursuant to an obligation of such regulated entity that—
(i) is contingent on the termination of such party’s affiliation with the regulated entity; and
(ii) is received on or after the date on which—(I) the regulated entity became insolvent;(II) any conservator or receiver is appointed for such regulated entity; or(III) the Director determines that the regulated entity is in a troubled condition (as defined in the regulations of the Director).
(B) Certain payments in contemplation of an event
(C) Certain payments not includedFor purposes of this subsection, the term “golden parachute payment” shall not include—
(i) any payment made pursuant to a retirement plan which is qualified (or is intended to be qualified) under section 401 of title 26, or other nondiscriminatory benefit plan;
(ii) any payment made pursuant to a bona fide deferred compensation plan or arrangement which the Director determines, by regulation or order, to be permissible; or
(iii) any payment made by reason of the death or disability of an affiliated party.
(5) Other definitionsFor purposes of this subsection, the following definitions shall apply:
(A) Indemnification paymentSubject to paragraph (6), the term “indemnification payment” means any payment (or any agreement to make any payment) by any regulated entity for the benefit of any person who is or was an affiliated party, to pay or reimburse such person for any liability or legal expense with regard to any administrative proceeding or civil action instituted by the Agency which results in a final order under which such person—
(i) is assessed a civil money penalty;
(ii) is removed or prohibited from participating in conduct of the affairs of the regulated entity; or
(iii) is required to take any affirmative action to correct certain conditions resulting from violations or practices, by order of the Director.
(B) Liability or legal expenseThe term “liability or legal expense” means—
(i) any legal or other professional expense incurred in connection with any claim, proceeding, or action;
(ii) the amount of, and any cost incurred in connection with, any settlement of any claim, proceeding, or action; and
(iii) the amount of, and any cost incurred in connection with, any judgment or penalty imposed with respect to any claim, proceeding, or action.
(C) PaymentThe term “payment” includes—
(i) any direct or indirect transfer of any funds or any asset; and
(ii) any segregation of any funds or assets for the purpose of making, or pursuant to an agreement to make, any payment after the date on which such funds or assets are segregated, without regard to whether the obligation to make such payment is contingent on—(I) the determination, after such date, of the liability for the payment of such amount; or(II) the liquidation, after such date, of the amount of such payment.
(6) Certain commercial insurance coverage not treated as covered benefit payment
(Pub. L. 102–550, title XIII, § 1318, Oct. 28, 1992, 106 Stat. 3949; Pub. L. 110–289, div. A, title I, §§ 1113(a), 1114, July 30, 2008, 122 Stat. 2678, 2679.)
§ 4518a. Limitation on bonuses to executives of Fannie Mae and Freddie Mac

Notwithstanding any other provision in law, senior executives at the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation are prohibited from receiving bonuses during any period of conservatorship for those entities on or after April 4, 2012.

(Pub. L. 112–105, § 16, Apr. 4, 2012, 126 Stat. 303.)
§ 4519. Authority to provide for review of regulated entities

The Director may, on such terms and conditions as the Director deems appropriate, contract with any entity to conduct a review of the regulated entities.

(Pub. L. 102–550, title XIII, § 1319, Oct. 28, 1992, 106 Stat. 3950; Pub. L. 109–291, § 4(b)(4),
§ 4520. Minority and women inclusion; diversity requirements
(a) Office of Minority and Women Inclusion
(b) Inclusion in all levels of business activities
(c) Applicability
(d) Inclusion in annual reports
(e) Outreach
(f) Diversity in Agency workforce
The Agency shall take affirmative steps to seek diversity in its workforce at all levels of the agency consistent with the demographic diversity of the United States, which shall include—
(1) heavily recruiting at historically Black colleges and universities, Hispanic-serving institutions, women’s colleges, and colleges that typically serve majority minority populations;
(2) sponsoring and recruiting at job fairs in urban communities, and placing employment advertisements in newspapers and magazines oriented toward women and people of color;
(3) partnering with organizations that are focused on developing opportunities for minorities and women to place talented young minorities and women in industry internships, summer employment, and full-time positions; and
(4) where feasible, partnering with inner-city high schools, girls’ high schools, and high schools with majority minority populations to establish or enhance financial literacy programs and provide mentoring.
(Pub. L. 102–550, title XIII, § 1319A, Oct. 28, 1992, 106 Stat. 3950; Pub. L. 110–289, div. A, title I, §§ 1116, 1161(a)(2), July 30, 2008, 122 Stat. 2681, 2779.)
§ 4521. Annual reports by Director
(a) General reportThe Director shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, not later than June 15 of each year, a written report, which shall include—
(1) a description of the actions taken, and being undertaken, by the Director to carry out this chapter;
(2) a description of the financial safety and soundness of each regulated entity, including the results and conclusions of the annual examinations of the regulated entities conducted under section 4517(a) of this title;
(3) any recommendations for legislation to enhance the financial safety and soundness of the regulated entities;
(4) a description of—
(A) whether the procedures established by each regulated entity pursuant to section 4012a(b)(3) of title 42 are adequate and being complied with, and
(B) the results and conclusions of any examination, as determined necessary by the Director, to determine the compliance of the regulated entities with the requirements of section 4012a(b)(3) of title 42, which shall include a description of the methods used to determine compliance and the types and sources of deficiencies (if any), and identify any corrective measures that have been taken to remedy any such deficiencies,
except that the information described in this paragraph shall be included only in each of the first, third, and fifth annual reports under this subsection required to be submitted after the expiration of the 1-year period beginning on September 23, 1994; and 1
1 So in original. The word “and” probably should not appear.
(5) the assessment of the Board or any of its members with respect to—
(A) the safety and soundness of the regulated entities;
(B) any material deficiencies in the conduct of the operations of the regulated entities;
(C) the overall operational status of the regulated entities; and
(D) an evaluation of the performance of the regulated entities in carrying out their respective missions;
(6) operations, resources, and performance of the Agency; and
(7) such other matters relating to the Agency and the fulfillment of its mission.
(b) Report on enforcement actionsNot later than March 15 of each year, the Director shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a written report describing, for the preceding calendar year, the requests by the Director to the Attorney General for enforcement actions under subchapter III and describing the disposition of each request, which shall include statements of—
(1) the total number of requests made by the Director;
(2) the number of requests that resulted in the commencement of litigation by the Department of Justice;
(3) the number of requests that did not result in the commencement of litigation by the Department of Justice;
(4) with respect to requests that resulted in the commencement of litigation—
(A) the number of days between the date of the request and the commencement of the litigation; and
(B) the number of days between the date of the commencement and termination of the litigation; and
(5) the number of litigation requests pending at the beginning of the calendar year, the number of requests made during the calendar year, the number of requests for which action was completed during the calendar year, and the number of requests pending at the end of the calendar year.
(Pub. L. 102–550, title XIII, § 1319B, Oct. 28, 1992, 106 Stat. 3950; Pub. L. 103–325, title V, § 529(c), Sept. 23, 1994, 108 Stat. 2267; Pub. L. 110–289, div. A, title I, §§ 1103(b), 1161(a)(6), July 30, 2008, 122 Stat. 2665, 2779.)
§ 4522. Public disclosure of final orders and agreements
(a) In general
The Director shall make available to the public—
(1) any written agreement or other written statement for which a violation may be redressed by the Director or any modification to or termination thereof, unless the Director, in the Director’s discretion, determines that public disclosure would be contrary to the public interest or determines under subsection (c) that public disclosure would seriously threaten the financial health or security of the enterprise;
(2) any order that is issued with respect to any administrative enforcement proceeding initiated by the Director under subchapter III and that has become final; and
(3) any modification to or termination of any final order made public pursuant to this subsection.
(b) Hearings
(c) Delay of public disclosure under exceptional circumstances
(d) Documents filed under seal in public enforcement hearings
(e) Retention of documents
(f) Disclosures to Congress
(Pub. L. 102–550, title XIII, § 1319C, Oct. 28, 1992, 106 Stat. 3951.)
§ 4523. Limitation on subsequent employment

Neither the Director nor any former officer or employee of the Agency who, while employed by the Agency, was compensated at a rate in excess of the lowest rate for a position classified higher than GS–15 of the General Schedule under section 5107 of title 5 may accept compensation from an enterprise during the 2-year period beginning on the date of separation from employment by the Agency.

(Pub. L. 102–550, title XIII, § 1319D, Oct. 28, 1992, 106 Stat. 3951; Pub. L. 110–289, div. A, title I, § 1161(a)(5), July 30, 2008, 122 Stat. 2779.)
§ 4524. Audits by GAO

The Comptroller General may audit the operations of the Agency, and any such audit shall be conducted in accordance with generally accepted Government auditing standards. All books, records, accounts, reports, files, and property belonging to, or used by, the Agency shall be made available to the Comptroller General.

(Pub. L. 102–550, title XIII, § 1319E, Oct. 28, 1992, 106 Stat. 3952;
§ 4525. Information, records, and meetings
For purposes of subchapter II of chapter 5 of title 5—
(1) the Agency, and
(2) the Department of Housing and Urban Development, with respect to activities under this chapter,
shall be considered agencies responsible for the regulation or supervision of financial institutions.
(Pub. L. 102–550, title XIII, § 1319F, Oct. 28, 1992, 106 Stat. 3952; Pub. L. 110–289, div. A, title I, § 1161(a)(5), July 30, 2008, 122 Stat. 2779.)
§ 4526. Regulations and orders
(a) Authority
(b) Notice and comment
(Pub. L. 102–550, title XIII, § 1319G, Oct. 28, 1992, 106 Stat. 3952; Pub. L. 110–289, div. A, title I, § 1107, July 30, 2008, 122 Stat. 2672.)
§ 4527. Data standards
(a) Requirement
(b) Consistency
(Pub. L. 102–550, title XIII, § 1319H, as added Pub. L. 117–263, div. E, title LVIII, § 5881, Dec. 23, 2022, 136 Stat. 3437.)
§ 4528. Open data publication
All public data assets published by the Agency shall be—
(1) made available as an open Government data asset (as defined in section 3502 of title 44);
(2) freely available for download;
(3) rendered in a human-readable format; and
(4) accessible via application programming interface where appropriate.
(Pub. L. 102–550, title XIII, § 1319I, as added Pub. L. 117–263, div. E, title LVIII, § 5882, Dec. 23, 2022, 136 Stat. 3437.)