Page:United States Statutes at Large Volume 122.djvu/2704

 12 2 STA T . 2 68 1 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 ‘ ‘ (i ii )theamoun to f, an d an yc o s t incu r red in connection w ith, any j ud g ment or p ena l ty imposed with respect to any claim, proceeding, or action . ‘‘( C ) PAYMENT . —T he 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 ma k ing, 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 o b ligation to make such payment is contin - gent on— ‘‘( I ) the determination, after such date, of the liability for the payment of such amount; or ‘‘(II) the li q uidation, after such date, of the amount of such payment. ‘‘( 6 )CE R TA I N CO MMERCIA L IN SU RANCE CO V ERA G E NOT TREATE D AS COVERED B ENE F IT P AYMENT.— N o pro v ision of this subsection shall be construed as prohibiting any regulated entity from purchasing any commercial insurance policy or fidelity bond, e x cept that, subject to any requirement described in paragraph ( 5 )( A )(iii), such insurance policy or bond shall not cover any legal or liability expense of the regulated entity which is described in paragraph (5)(A).’’. SEC.1 11 5 . R E PO R TING O F FR AUD U L ENT LOANS. Part 1 of subtitle C of the F ederal H ousing E nterprises Finan- cial S afety and Soundness Act of 1 9 9 2 (12 U .S.C. 4 6 3 1 et seq.), as amended by this Act, is amended by adding at the end the following

‘SEC. 1 379 E. REPORTING OF FRAUDULENT LOANS. ‘‘(a) R E Q UIREMENT TO REPORT.—The D irector shall require a regulated entity to submit to the Director a timely report upon discovery by the regulated entity that it has purchased or sold a fraudulent loan or financial instrument, or suspects a possible fraud relating to the purchase or sale of any loan or financial instrument. The Director shall require each regulated entity to establish and maintain procedures designed to discover any such transactions. ‘‘(b) PROTECTION FROM L IABILITY FOR REPORTS.—Any regulated entity that, in good faith, makes a report pursuant to subsection (a), and any entity-affiliated party, that, in good faith, makes or requires another to make any such report, shall not be liable to any person under any provision of law or regulation, any constitu- tion, law, or regulation of any State or political subdivision of any State, or under any contract or other legally enforceable agree- ment (including any arbitration agreement) for such report or for any failure to provide notice of such report to the person who is the subject of such report or any other persons identified in the report.’’. SEC. 111 6 . INCLUSION OF M INORITIES AND W OMEN DI V ERSIT Y IN AGENCY WOR K FORCE. Section 1319A of the Housing and Community Development Act of 1992 (12 U.S.C. 452 0 ) is amended— (1) in the section heading, by striking ‘‘ EQUALOP PO R-T U NI T Y IN S OLI C ITATION O F CONTRACTS’’ and inserting Procedu re s.12USC46 42.

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