Section 1324 of the Safety & Soundness Act (12 U.S.C. § 4544)

Page 1665

TITLE 12—BANKS AND BANKING
AMENDMENTS

2008—Pub. L. 110–289, § 1122(a)(1), substituted ‘‘Director’’ for ‘‘Secretary’’ wherever appearing in subsecs. (a)
to (c).
Subsec. (a). Pub. L. 110–289, § 1126(1), substituted
‘‘Availability’’ for ‘‘In general’’ in subsec. heading, inserted par. (1) designation and heading, and added par.
(2). The amendment was executed to reflect the probable intent of Congress, notwithstanding an error in
the directory language which did not take into consideration the prior amendment by Pub. L. 110–289,
§ 1122(a)(1). See above.
Subsec. (b)(2). Pub. L. 110–289, § 1126(2), inserted ‘‘or
with subsection (a)(2)’’ before period at end.
Subsec. (d). Pub. L. 110–289, § 1126(3), added subsec. (d).

§ 4544. Annual housing report
(a) In general
After reviewing and analyzing the reports submitted under section 1723a(n) of this title and
section 1456(f) of this title, the Director shall
submit a report, not later than October 30 of
each year, to the Committee on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House
of Representatives, on the activities of each enterprise.
(b) Contents
The report required under subsection (a)
shall—
(1) discuss—
(A) the extent to and manner in which—
(i) each enterprise is achieving the annual housing goals established under subpart 2;
(ii) each enterprise is complying with its
duty to serve underserved markets, as established under section 4565 of this title;
(iii) each enterprise is complying with
section 4567 of this title;
(iv) each enterprise received credit towards achieving each of its goals resulting
from a transaction or activity pursuant to
section 4561(b)(2) of this title; and
(v) each enterprise is achieving the purposes of the enterprise established by law;
and
(B) the actions that each enterprise could
undertake to promote and expand the purposes of the enterprise;
(2) aggregate and analyze relevant data on
income to assess the compliance of each enterprise with the housing goals established under
subpart 2;
(3) aggregate and analyze data on income,
race, and gender by census tract and other relevant classifications, and compare such data
with larger demographic, housing, and economic trends;
(4) identify the extent to which each enterprise is involved in mortgage purchases and
secondary
market
activities
involving
subprime and nontraditional loans;
(5) compare the characteristics of subprime
and nontraditional loans both purchased and
securitized by each enterprise to other loans
purchased and securitized by each enterprise;
and
(6) compare the characteristics of high-cost
loans purchased and securitized, where such

§ 4544

securities are not held on portfolio to loans
purchased and securitized, where such securities are either retained on portfolio or repurchased by the enterprise, including such characteristics as—
(A) the purchase price of the property that
secures the mortgage;
(B) the loan-to-value ratio of the mortgage, which shall reflect any secondary liens
on the relevant property;
(C) the terms of the mortgage;
(D) the creditworthiness of the borrower;
and
(E) any other relevant data, as determined
by the Director.
(c) Data collection and reporting
(1) In general
To assist the Director in analyzing the matters described in subsection (b), the Director
shall conduct, on a monthly basis, a survey of
mortgage markets in accordance with this
subsection.
(2) Data points
Each monthly survey conducted by the Director under paragraph (1) shall collect data
on—
(A) the characteristics of individual mortgages that are eligible for purchase by the
enterprises and the characteristics of individual mortgages that are not eligible for
purchase by the enterprises including, in
both cases, information concerning—
(i) the price of the house that secures the
mortgage;
(ii) the loan-to-value ratio of the mortgage, which shall reflect any secondary
liens on the relevant property;
(iii) the terms of the mortgage;
(iv) the creditworthiness of the borrower
or borrowers; and
(v) whether the mortgage, in the case of
a conforming mortgage, was purchased by
an enterprise;
(B) the characteristics of individual
subprime and nontraditional mortgages that
are eligible for purchase by the enterprises
and the characteristics of borrowers under
such mortgages, including the creditworthiness of such borrowers and determination
whether such borrowers would qualify for
prime lending; and
(C) such other matters as the Director determines to be appropriate.
(3) Public availability
The Director shall make any data collected
by the Director in connection with the conduct of a monthly survey available to the public in a timely manner, provided that the Director may modify the data released to the
public to ensure that the data—
(A) is not released in an identifiable form;
and
(B) is not otherwise obtainable from other
publicly available data sets.
(4) Definition
For purposes of this subsection, the term
‘‘identifiable form’’ means any representation
of information that permits the identity of a

§ 4545

TITLE 12—BANKS AND BANKING

borrower to which the information relates to
be reasonably inferred by either direct or indirect means.
(Pub. L. 102–550, title XIII, § 1324, as added Pub.
L. 110–289, div. A, title I, § 1125(b), July 30, 2008,
122 Stat. 2693.)
Editorial Notes
PRIOR PROVISIONS
A prior section 4544, Pub. L. 102–550, title XIII, § 1324,
Oct. 28, 1992, 106 Stat. 3954, related to annual housing
report, prior to repeal by Pub. L. 110–289, div. A, title
I, § 1125(a), July 30, 2008, 122 Stat. 2693.

§ 4545. Fair housing
The Secretary of Housing and Urban Development shall—
(1) by regulation, prohibit each enterprise
from discriminating in any manner in the purchase of any mortgage because of race, color,
religion, sex, handicap, familial status, age, or
national origin, including any consideration of
the age or location of the dwelling or the age
of the neighborhood or census tract where the
dwelling is located in a manner that has a discriminatory effect;
(2) by regulation, require each enterprise to
submit data to the Secretary to assist the Secretary in investigating whether a mortgage
lender with which the enterprise does business
has failed to comply with the Fair Housing
Act [42 U.S.C. 3601 et seq.];
(3) by regulation, require each enterprise to
submit data to the Secretary to assist in investigating whether a mortgage lender with
which the enterprise does business has failed
to comply with the Equal Credit Opportunity
Act [15 U.S.C. 1691 et seq.], and shall submit
any such information received to the appropriate Federal agencies, as provided in section
704 of the Equal Credit Opportunity Act [15
U.S.C. 1691c], for appropriate action;
(4) obtain information from other regulatory
and enforcement agencies of the Federal Government and State and local governments regarding violations by lenders of the Fair Housing Act and the Equal Credit Opportunity Act
and make such information available to the
enterprises;
(5) direct the enterprises to undertake various remedial actions, including suspension,
probation, reprimand, or settlement, against
lenders that have been found to have engaged
in discriminatory lending practices in violation of the Fair Housing Act or the Equal
Credit Opportunity Act, pursuant to a final
adjudication on the record, and after opportunity for an administrative hearing, in accordance with subchapter II of chapter 5 of
title 5; and
(6) periodically review and comment on the
underwriting and appraisal guidelines of each
enterprise to ensure that such guidelines are
consistent with the Fair Housing Act and this
section.
(Pub. L. 102–550, title XIII, § 1325, Oct. 28, 1992, 106
Stat. 3955; Pub. L. 110–289, div. A, title I,
§ 1122(b), July 30, 2008, 122 Stat. 2689.)

Page 1666
Editorial Notes

REFERENCES IN TEXT
The Fair Housing Act, referred to in pars. (2) and (4)
to (6), is title VIII of Pub. L. 90–284, Apr. 11, 1968, 82
Stat. 81, which is classified principally to subchapter I
(§ 3601 et seq.) of chapter 45 of Title 42, The Public
Health and Welfare. For complete classification of this
Act to the Code, see Short Title note set out under section 3601 of Title 42 and Tables.
The Equal Credit Opportunity Act, referred to in
pars. (3) to (5), is title VII of Pub. L. 90–321, as added by
Pub. L. 93–495, title V, § 503, Oct. 28, 1974, 88 Stat. 1521,
which is classified generally to subchapter IV (§ 1691 et
seq.) of chapter 41 of Title 15, Commerce and Trade. For
complete classification of this Act to the Code, see
Short Title note set out under section 1601 of Title 15
and Tables.
AMENDMENTS
2008—Pub. L. 110–289 inserted ‘‘of Housing and Urban
Development’’ after ‘‘The Secretary’’ in introductory
provisions.

§ 4546. Prohibition of public disclosure of proprietary information
(a) In general
Subject to subsection (d), the Director may,
by regulation or order, provide that certain information shall be treated as proprietary information and not subject to disclosure under section 4543 of this title, section 1723a(n)(3) of this
title, or section 1456(f)(3) of this title.
(b) Protection of information on housing activities
The Director shall not provide public access
to, or disclose to the public, any information required to be submitted by an enterprise under
section 1723a(n) of this title or section 1456(f) of
this title that the Director determines is proprietary.
(c) Nondisclosure pending consideration
This section may not be construed to authorize the disclosure of information to, or examination of data by, the public or a representative of
any person or agency pending the issuance of a
final decision under this section.
(d) Mortgage information
Subject to privacy considerations, as described
in section 304(j) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(j)), the Director
shall, by regulation or order, provide that certain information relating to single family mortgage data of the enterprises shall be disclosed to
the public, in order to make available to the
public—
(1) the same data from the enterprises that
is required of insured depository institutions
under the Home Mortgage Disclosure Act of
1975 [12 U.S.C. 2801 et seq.]; and
(2) information collected by the Director
under section 4544(b)(6) of this title.
(Pub. L. 102–550, title XIII, § 1326, Oct. 28, 1992, 106
Stat. 3955; Pub. L. 110–289, div. A, title I,
§§ 1122(a)(1), 1127, July 30, 2008, 122 Stat. 2689,
2695.)
Editorial Notes
REFERENCES IN TEXT
The Home Mortgage Disclosure Act of 1975, referred
to in subsec. (d)(1), is title III of Pub. L. 94–200, Dec. 31,