Regulation of service providers by the Federal housing finance agency

Subpart A of part 2 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4541 et seq.) is amended by adding at the end the following new section: 1329. Regulation and examination of certain service providers (a) In general Whenever a regulated entity or the Office of Finance causes to be performed for itself, by contract or otherwise, any activity that is permissible for the regulated entity or the Office of Finance, whether on or off its premises— (1) such performance shall be subject to regulation and examination by the Director to the same extent as if such activity were being performed by such entity or Office itself on its own premises; and (2) the regulated entity or Office of Finance shall notify the Director of the existence of the service relationship within thirty days after the making of such service contract or the performance of the activity by the service provider, whichever occurs first. (b) Rule of construction Nothing in this subpart may be construed as preventing a State from exercising any powers or jurisdiction of the State with respect to persons or entities subject to regulation and examination by the Director pursuant to this section..