United States Covered Bond Act

[AI summary unavailable — showing source text] United States Covered Bond Act - Directs the Secretary of the Treasury to establish a regulatory oversight program for specified recourse debt obligations of an eligible issuer (covered bonds) that provides for such bonds to be maintained in a manner consistent with safe and sound asset-liability management and other financial practices. Requires each covered bond regulator (a federal banking agency or the Secretary, as appropriate) to evaluate a covered bond program that has been submitted by an eligible issuer for approval by applying the oversight standards established by the Secretary. Prescribes procedures for approval and implementation of each covered bond program and multiple covered bond programs. Grants a covered bond regulator cease and desist authority if the issuer does not remedy identified deficiencies. Requires a covered bond regulator to set, as a percentage of the eligible issuer's total assets, the maximum amount of outstanding covered bonds that the eligible issuer may issue. Requires the Secretary to maintain a publicly accessible Web site registry for each covered bond program approved by a covered bond regulator. Authorizes a covered bond regulator to levy fe…