Page:United States Statutes at Large Volume 122.djvu/2791

 12 2 STA T . 2 768PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 inco n du c t in g t heb u s iness o f the r egu la ted entit y or the O ffice of F inance , or is v iolating or has violated, or the D irector has reasonable cause to believe is about to violate, a la w , rule, regulation, or order, or any condition i mp osed in writing by the Director in connection with the granting of any applica - tion or other re q uest by the regulated entity or the Office of Finance or any written agreement entered into with the Director, the Director may issue and serve upon the regulated entity or entity-affiliated party a notice of charges in respect thereof .‘ ‘ (2)LIM I TA TI ON . —T he Director may not, pursuant to this section, enforce compliance with any housing goal established under subpart B of part 2 of subtitle A of this title, with section 13 3 6 or 133 7 of this title, with subsection (m) or (n) of section 3 09 of the Federal N ational M ortgage Association C harter Act (12 U . S .C. 1723a(m), (n)), with subsection (e) or (f) of section 307 of the Federal H ome Loan Mortgage Corpora- tion Act (12 U.S.C. 1 45 6(e), (f)), or with paragraph (5) of section 10( j ) of the Federal Home Loan Ban k Act (12 U.S.C. 1430(j)). ‘‘(b) IS S U AN CEF O R UNSATISFACTOR YR ATIN G .—If a regulated entity receives, in its most recent report of e x amination, a less- than-satisfactory rating for asset quality, management, earnings, or liquidity, the Director may (if the deficiency is not corrected) deem the regulated entity to be engaging in an unsafe or unsound practice for purposes of subsection (a). ’ ’ (2) in subsection (c)— (A) in paragraph (1), by inserting before the period at the end the following

‘‘, unless the party served with a notice of charges shall appear at the hearing personally or by a duly authori z ed representative, the party shall be deemed to have consented to the issuance of the cease and desist order’’; and (B) in paragraph (2)— (i) by striking ‘‘or director’’ and inserting ‘‘director, or entity-affiliated party’’; and (ii) by inserting ‘‘or entity-affiliated party’’ before ‘‘consents’’; (3) in each of subsections (c), (d), and (e)— (A) by striking ‘‘the enterprise’’ each place that term appears and inserting ‘‘the regulated entity’’; (B) by striking ‘‘an enterprise’’ each place that term appears and inserting ‘‘a regulated entity’’; and (C) by striking ‘‘conduct’’ each place that term appears and inserting ‘‘practice’’; (4) in subsection (d)— (A) in the matter preceding paragraph (1)— (i) by striking ‘‘or director’’ and inserting ‘‘director, or entity-affiliated party’’; and (ii) by inserting ‘‘to require a regulated entity or entity-affiliated party’’ after ‘‘includes the authority’’; (B) in paragraph (1)— (i) by striking ‘‘to require an executive officer or a director to’’; and (ii) by striking ‘‘loss’’ and all that follows through ‘‘person’’ and inserting ‘‘loss, if’’; (iii) in subparagraph (A), by inserting ‘‘such entity or party or finance facility’’ before ‘‘was’’; and

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