AUTHORITY TO REQUIRE REPORTS BY REGULATED ENTITIES.

SEC. 1104. AUTHORITY TO REQUIRE REPORTS BY REGULATED ENTITIES.(a) In General.—Section 1314 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4514) is amended—(1) in the section heading, by striking “enterprises” and inserting “regulated entities”;(2) by striking “an enterprise” each place that term appears and inserting “a regulated entity”;(3) by striking “the enterprise” and inserting “the regulated entity”;(4) in subsection (a)—(A) by striking the subsection heading and all that follows through “and operations” in paragraph (1) and inserting the following:“(a) Regular and Special Reports.—“(1) Regular reports.—The Director may require, by general or specific orders, a regulated entity to submit regular reports, including financial statements determined on a fair value basis, on the condition (including financial condition), management, activities, or operations of the regulated entity, as the Director considers appropriate”; and(B) in paragraph (2)—(i) by inserting “, by general or specific orders,” after “may also require”; and(ii) by striking “whenever” and inserting “on any of the topics specified in paragraph (1) or any other relevant topics, if”; and(5) by adding at the end the following:“(c) Penalties for Failure To Make Reports.—“(1) Violations.—It shall be a violation of this section for any regulated entity—“(A) to fail to make, transmit, or publish any report or obtain any information required by the Director under this section, section 309(k) of the Federal National Mortgage Association Charter Act, section 307(c) of the Federal Home Loan Mortgage Corporation Act, or section 20 of the Federal Home Loan Bank Act, within the period of time specified in such provision of law or otherwise by the Director; or“(B) to submit or publish any false or misleading report or information under this section.“(2) Penalties.—122 STAT. 2667“(A) First tier.—“(i) In general.—A violation described in paragraph (1) shall be subject to a penalty of not more than $2,000 for each day during which such violation continues, in any case in which—“(I) the subject regulated entity maintains procedures reasonably adapted to avoid any inadvertent error and the violation was unintentional and a result of such an error; or“(II) the violation was an inadvertent transmittal or publication of any report which was minimally late.“(ii) Burden of proof.—For purposes of this subparagraph, the regulated entity shall have the burden of proving that the error was inadvertent or that a report was inadvertently transmitted or published late.“(B) Second tier.—A violation described in paragraph (1) shall be subject to a penalty of not more than $20,000 for each day during which such violation continues or such false or misleading information is not corrected, in any case that is not addressed in subparagraph (A) or (C).“(C) Third tier.—A violation described in paragraph (1) shall be subject to a penalty of not more than $1,000,000 per day for each day during which such violation continues or such false or misleading information is not corrected, in any case in which the subject regulated entity committed such violation knowingly or with reckless disregard for the accuracy of any such information or report.“(3) Assessments.—Any penalty imposed under this subsection shall be in lieu of a penalty under section 1376, but shall be assessed and collected by the Director in the manner provided in section 1376 for penalties imposed under that section, and any such assessment (including the determination of the amount of the penalty) shall be otherwise subject to the provisions of section 1376.“(4) Hearing.—A regulated entity against which a penalty is assessed under this section shall be afforded an agency hearing if the regulated entity submits a request for a hearing not later than 20 days after the date of the issuance of the notice of assessment. Section 1374 shall apply to any such proceedings.”.(b) Conforming Amendment.—The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.) is amended by striking sections 1327 and 1328.