Page:United States Statutes at Large Volume 122.djvu/2697

 12 2 STA T . 2 674PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 apl a n n ot lat er t h an 30d a ys a f ter the Di re c tor deter -m ines that the entity fails to meet any standard esta b - lished u nder subsection ( a ); and ‘ ‘(ii) re q uire the Director to act on plans e x pedi- tiously , and g enerally not later than 30 days after the plan is submitted . ‘‘( 2 ) REQUIR E DO RDER U P O NFA I L URE T O S U BM IT OR IMPLE- MENT PLAN. —I f a regulated entity fails to submit an acceptable plan w ithin 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 C ORRECTION OF DEFICIENC Y .— T he Director shall, by order, require the regulated entity to correct the deficiency. ‘‘( B ) O T H ER AUTHORITY.—The Director may, by order, ta k e one or more of the following actions until the deficiency is corrected: ‘‘(i) P rohibit the regulated entity from permitting its a v erage total assets (as such term is defined in section 131 6 (b)) 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 F ederal H ome L oan Bank, to increase its ratio of total capital (as such term is defined in section 6(a)( 5 ) of the Federal Home Loan Bank Act (12 U . S .C. 1 4 26(a)(5)) 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) M ANDATORY RESTRICTIONS.—In complying with para- graph (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 defi- ciency; and ‘‘(C) during the 1 8 -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 E NFORCEMENT AUTHORITY N OT AFFECTED.—The authority of the Director under this section is in addition to any other authority of the Director. ’ ’. SEC.1 1 09 . R E VI E WOFAND A UTH ORIT Y OVER ENTER P RISE ASSETS AND L IA B ILITIES. (a) IN G ENERAL.—Subtitle B of the Federal Housing Enterprises Financial Safety and Soundness Act of 1 9 92 (12 U.S.C. 4611 et seq.) is amended— Ap p licab ili ty.

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