12 U.S.C. § 4637
The resignation, termination of employment or participation, or separation of an entity-affiliated party shall not affect the jurisdiction and authority of the Director to issue any notice and proceed under this subchapter against any such entity-affiliated party, if such notice is served before the end of the 6-year period beginning on the date such entity-affiliated party ceases to be associated with the regulated entity.
12 U.S.C. § 4637
EDITORIAL NOTES
PRIOR PROVISIONSA prior section 1379 of Pub. L. 102-550 was renumbered section 1379B and is classified to section 4639 of this title.
AMENDMENTS2008- Pub. L. 110-289, §1157(4), which directed the substitution of "regulated entity." for "enterprise." could not be executed because of the prior amendment by Pub. L. 110-289, §1156(b)(1). See below. Pub. L. 110-289, §1157(3), which directed the substitution of "entity-affiliated party" for "director or officer" wherever appearing, was executed by making the substitution for "director or executive officer" in two places, to reflect the probable intent of Congress. Pub. L. 110-289, §1157(2), which directed the substitution of "an entity-affiliated party" for "a director or executive officer of an enterprise", was executed by making the substitution for "a director or executive officer of a regulated entity", to reflect the probable intent of Congress and the prior amendment by Pub. L. 110-289, §1156(b)(1). See below. Pub. L. 110-289, §1157(1), substituted "6-year" for "2-year". Pub. L. 110-289, §1156(b)(1), substituted "a regulated entity" for "an enterprise" and "the regulated entity" for "the enterprise".
- Director
- The term "Director" means the Director of the Bureau.
- enterprise
- The term "enterprise" means-(A) the Federal National Mortgage Association and any affiliate thereof; and(B) the Federal Home Loan Mortgage Corporation and any affiliate thereof.
- entity-affiliated party
- The term "entity-affiliated party" means-(A) any director, officer, employee, or controlling stockholder of, or agent for, a regulated entity;(B) any shareholder, affiliate, consultant, or joint venture partner of a regulated entity, and any other person, as determined by the Director (by regulation or on a case-by-case basis) that participates in the conduct of the affairs of a regulated entity, provided that a member of a Federal Home Loan Bank shall not be deemed to have participated in the affairs of that Bank solely by virtue of being a shareholder of, and obtaining advances from, that Bank;(C) any independent contractor for a regulated entity (including any attorney, appraiser, or accountant), if-(i) the independent contractor knowingly or recklessly participates in-(I) any violation of any law or regulation;(II) any breach of fiduciary duty; or(III) any unsafe or unsound practice; and(ii) such violation, breach, or practice caused, or is likely to cause, more than a minimal financial loss to, or a significant adverse effect on, the regulated entity;(D) any not-for-profit corporation that receives its principal funding, on an ongoing basis, from any regulated entity; and(E) the Office of Finance.
- executive officer
- The term "executive officer" means, with respect to an enterprise, the chairman of the board of directors, chief executive officer, chief financial officer, president, vice chairman, any executive vice president, and any senior vice president in charge of a principal business unit, division, or function.
- regulated entity
- The term "regulated entity" means-(A) the Federal National Mortgage Association and any affiliate thereof;(B) the Federal Home Loan Mortgage Corporation and any affiliate thereof; and(C) any Federal Home Loan Bank.