§4513 Duties and authorities of Director

Summary

The Director must watch over and supervise each regulated housing finance company. The Director must make sure each one runs safely and soundly, keeps enough capital and controls, follows the law and agency rules, and carries out only authorized activities. The Director must also help make sure the companies support liquid, efficient, competitive, and resilient national housing finance markets, including loans for low- and moderate-income families even if those earn less profit, and that their actions serve the public interest. The Director can review and block any deal that would give someone control of a regulated company and can use other powers needed to do these jobs. The Director must talk with the Chair of the Federal Reserve about risks the companies pose before issuing certain rules or before putting a company under agency control or into receivership, and must share regular information with the Fed; that consultation requirement ended on December 31, 2009. The Director may delegate duties to agency staff, may act in the Director’s own name and use the Director’s own lawyers, and can be sued (except for money damages) by a regulated entity in certain federal courts. Before making broad rules that affect the Federal Home Loan Banks, the Director must consider how those Banks differ from the enterprises, including ownership, liquidity mission, affordable housing role, capital setup, joint liability, and any other relevant differences.