Page:United States Statutes at Large Volume 103 Part 2.djvu/1022

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103 STAT. 2032 PUBLIC LAW 101-235—DEC. 15, 1989 Their successors and all other appointees shall have terms of 3 years. "(7) The Advisory Board is empowered to confer with, request information of, and make recommendations to the Federal Housing Commissioner. The Commissioner shall promptly pro- vide the Advisory Board with such information as the Board determines to be necessary to carry out its review of the activi- ties and policies of the Federal Housing Administration. Reports. "(8) The Board shall, not later than December 31 of each year, submit to the Secretary and the Congress a report of its assess- ment of the activities of the Federal Housing Administration, including the soundness of underwriting procedures, the ade- quacy of information systems, the appropriateness of staffing patterns, the effectiveness of the Mortgagee Review Board, and other matters related to the Federal Housing Administration's ability to serve the nation's homebuyers and renters. Such report shall contain the Board's recommendations for improve- ment and include any minority views. District of "(9) The Board shall meet in Washington, D.C., not less than Columbia. twice annually, or more frequently if requested by the Federal Housing Commissioner or a majority of the members. The Board shall elect a chair, vice-chair and secretary and adopt methods of procedure. The Board may establish committees and subcommittees as needed. "(10) Subject to the provisions of Section 7 of the Federal Advisory Committee Act, all members of the Board may be compensated and shall be entitled to reimbursement from the Department for traveling expenses incurred in attendance at meetings of the Board. " (c) MORTGAGEE REVIEW BOARD. — "(1) ESTABLISHMENT. —T here is established within the Federal Housing Administration the Mortgagee Review Board ("Board"). The Board is empowered to initiate the issuance of a letter of reprimand, the probation, suspension or withdrawal of any mortgagee found to be engaging in activities in violation of Federal Housing Administration requirements or the non- discrimination requirements of the Equal Credit Opportunity Act, the Fair Housing Act, or Executive Order 11063. "(2) COMPOSITION. — The Board shall consist of— "(A) the Assistant Secretary of Housing/Federal Housing Commissioner; "(B) the General Counsel of the Department; "(C) the President of the Government National Mortgage Association; "(D) the Assistant Secretary for Administration; "(E) the Assistant Secretary for Fair Housing Enforce- ment (in cases involving violations of nondiscrimination requirements); and (F) the Chief Financial Officer of the Department; or their designees. "(3) ACTIONS AUTHORIZED. —When any report, audit, investiga- tion, or other information before the Board discloses that a basis for an administrative action against a mortgagee exists, the Board shall take one of the following administrative actions: "(A) LETTER OF REPRIMAND.—The Board may issue a letter of reprimand only once to a mortgagee without taking action under subparagraphs (B), (C), or (D) of this