12 U.S.C. § 4642 — Reporting of fraudulent loans

(a) Requirement to report The Director^* must require a regulated entity^* to submit to the Director a timely report upon discovery by the regulated entity that it has purchased or sold a fraudulent loan or financial instrument, or suspects a possible fraud relating to the purchase or sale of any loan or financial instrument. The Director must require each regulated entity to establish and maintain procedures designed to discover any such transactions. (b) Protection from liability for reports Any regulated entity that, in good faith, makes a report under subsection (a), and any entity-affiliated party^*, that, in good faith, makes or requires another to make any such report, must not be liable to any person^* under any provision of law or regulation, any constitution, law, or regulation of any State^* or political subdivision of any State, or under any contract or other legally enforceable agreement (including any arbitration agreement) for such report or for any failure to provide notice of such report to the person who is the subject of such report or any other persons identified in the report.