113 STAT. 1454 PUBLIC LAW 106-102—NOV. 12, 1999 incurred by members of the board of directors of any Federal home loan bank in connection with service on the board of directors.". (c) REPEAL OF SECTIONS 22A AND 27. —The Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amended by striking sections 22A (12 U.S.C. 1442a) and 27 (12 U.S.C. 1447). (d) SECTION 12. —Section 12 of the Federal Home Loan Bank Act (12 U.S.C. 1432) is amended— (1) in subsection (a)— (A) by striking ", but, except" and all that follows through "ten years"; (B) by striking "subject to the approval of the Board" the first place that term appears; (C) by striking "and, by its Board of directors," and all that follows through "agent of such bank," and inserting "and, by the board of directors of the bank, to prescribe, amend, and repeal by-laws governing the manner in which its affairs may be administered, consistent with applicable laws and regulations, as administered by the Finance Board. No officer, employee, attorney, or agent of a Federal home loan bank"; and (D) by striking "Board of directors" where such term appears in the penultimate sentence and inserting "board of directors"; and (2) in subsection (b), by striking "loans banks" and inserting "loan banks". (e) POWERS AND DUTIES OF FEDERAL HOUSING FINANCE BOARD.— (1) ISSUANCE OF NOTICES OF VIOLATIONS. —Section 2B(a) of the Federal Home Loan Bank Act (12 U.S.C. 1422b(a)) is amended by adding at the end the following new paragraphs: "(5) To issue and serve a notice of charges upon a Federal home loan bank or upon any executive officer or director of a Federal home loan bank if, in the determination of the Finance Board, the Bank, executive officer, or director is engaging or has engaged in, or the Finance Board has reasonable cause to believe that the Bank, executive officer, or director is about to engage in an unsafe or unsound practice in conducting the business of the bank, or any conduct that violates any provision of this Act or any law, order, rule, or regulation or any condition imposed in writing by the Finance Board in connection with the granting of any application or other request by the Bank, or any written agreement entered into by the Bank with the agency, in accordance with the procedures provided in subsection (c) or (f) of section 1371 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992. Such authority includes the same authority to issue an order requiring a party to take affirmative action to correct conditions resulting from violations or practices or to limit activities of a Bank or any executive officer or director of a Bank as appropriate Federal banking agencies have to take with respect to insured depository institutions under paragraphs (6) and (7) of section 8(b) of the Federal Deposit Insurance Act, and to have all other powers, rights, and duties to enforce this Act with respect to the Federal home loan banks and their executive officers and directors as the Office of Federal Housing Enterprise Oversight has to enforce the
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