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12 U.S.C. § 5433 — Savings provisions
Federal law — U.S. Code and appendices · legal_authorities
**(a) Office of Thrift Supervision**
(1) **Existing rights, duties, and obligations not affected** — Sections 5412(b) and 5413 of this title shall not affect the validity of any right, duty, or obligation of the United States, the Director of the Office of Thrift Supervision, the Office of Thrift Supervision, or any other person, that existed on the day before the transfer date.
(2) **Continuation of suits** — This title 11 See References in Text note below. shall not abate any action or proceeding commenced by or against the Director of the Office of Thrift Supervision or the Office of Thrift Supervision before the transfer date, except that—
(A) for any action or proceeding arising out of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Board of Governors by this title,1 the Board of Governors shall be substituted for the Office of Thrift Supervision or the Director of the Office of Thrift Supervision as a party to the action or proceeding on and after the transfer date;
(B) for any action or proceeding arising out of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Office of the Comptroller of the Currency or the Comptroller of the Currency by this title,1 the Office of the Comptroller of the Currency or the Comptroller of the Currency shall be substituted for the Office of Thrift Supervision or the Director of the Office of Thrift Supervision, as the case may be, as a party to the action or proceeding on and after the transfer date; and
(C) for any action or proceeding arising out of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Corporation by this
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Source file: Laws/federal/codes/united-states-code/title-12/section-5433-savings-provisions--76ba453ed1.md
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Source location: Title 12, Chapter 53, § 5433; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) Office of Thrift Supervision**
(1) **Existing rights, duties, and obligations not affected** — Sections 5412(b) and 5413 of this title shall not affect the validity of any right, duty, or obligation of the United States, the Director of the Office of Thrift Supervision, the Office of Thrift Supervision, or any other person, that existed on the day before the transfer date.
(2) **Continuation of suits** — This title 11 See References in Text note below. shall not abate any action or proceeding commenced by or against the Director of the Office of Thrift Supervision or the Office of Thrift Supervision before the transfer date, except that—
(A) for any action or proceeding arising out of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Board of Governors by this title,1 the Board of Governors shall be substituted for the Office of Thrift Supervision or the Director of the Office of Thrift Supervision as a party to the action or proceeding on and after the transfer date;
(B) for any action or proceeding arising out of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Office of the Comptroller of the Currency or the Comptroller of the Currency by this title,1 the Office of the Comptroller of the Currency or the Comptroller of the Currency shall be substituted for the Office of Thrift Supervision or the Director of the Office of Thrift Supervision, as the case may be, as a party to the action or proceeding on and after the transfer date; and
(C) for any action or proceeding arising out of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Corporation by this title,1 the Corporation shall be substituted for the Office of Thrift Supervision or the Director of the Office of Thrift Supervision as a party to the action or proceeding on and after the transfer date.
**(b) Continuation of existing OTS orders, resolutions, determinations, agreements, regulations, etc.** All orders, resolutions, determinations, agreements, and regulations, interpretative rules, other interpretations, guidelines, procedures, and other advisory materials, that have been issued, made, prescribed, or allowed to become effective by the Office of Thrift Supervision or the Director of the Office of Thrift Supervision, or by a court of competent jurisdiction, in the performance of functions that are transferred by this title 1 and that are in effect on the day before the transfer date, shall continue in effect according to the terms of such orders, resolutions, determinations, agreements, and regulations, interpretative rules, other interpretations, guidelines, procedures, and other advisory materials, and shall be enforceable by or against—
(1) the Board of Governors, in the case of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Board of Governors, until modified, terminated, set aside, or superseded in accordance with applicable law by the Board of Governors, by any court of competent jurisdiction, or by operation of law;
(2) the Office of the Comptroller of the Currency or the Comptroller of the Currency, in the case of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Office of the Comptroller of the Currency or the Comptroller of the Currency, respectively, until modified, terminated, set aside, or superseded in accordance with applicable law by the Office of the Comptroller of the Currency or the Comptroller of the Currency, by any court of competent jurisdiction, or by operation of law; and
(3) the Corporation, in the case of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Corporation, until modified, terminated, set aside, or superseded in accordance with applicable law by the Corporation, by any court of competent jurisdiction, or by operation of law.
**(c) Identification of regulations continued**
(1) **By the Board of Governors** — Not later than the transfer date, the Board of Governors shall—
(A) identify the regulations continued under subsection (b) that will be enforced by the Board of Governors; and
(B) publish a list of the regulations identified under subparagraph (A) in the Federal Register.
(2) **By Office of the Comptroller of the Currency** — Not later than the transfer date, the Office of the Comptroller of the Currency shall—
(A) after consultation with the Corporation, identify the regulations continued under subsection (b) that will be enforced by the Office of the Comptroller of the Currency; and
(B) publish a list of the regulations identified under subparagraph (A) in the Federal Register.
(3) **By the Corporation** — Not later than the transfer date, the Corporation shall—
(A) after consultation with the Office of the Comptroller of the Currency, identify the regulations continued under subsection (b) that will be enforced by the Corporation; and
(B) publish a list of the regulations identified under subparagraph (A) in the Federal Register.
**(d) Status of regulations proposed or not yet effective**
(1) **Proposed regulations** — Any proposed regulation of the Office of Thrift Supervision, which the Office of Thrift Supervision in performing functions transferred by this title,1 has proposed before the transfer date but has not published as a final regulation before such date, shall be deemed to be a proposed regulation of the Office of the Comptroller of the Currency or the Board of Governors, as appropriate, according to the terms of the proposed regulation.
(2) **Regulations not yet effective** — Any interim or final regulation of the Office of Thrift Supervision, which the Office of Thrift Supervision, in performing functions transferred by this title,1 has published before the transfer date but which has not become effective before that date, shall become effective as a regulation of the Office of the Comptroller of the Currency or the Board of Governors, as appropriate, according to the terms of the interim or final regulation, unless modified, terminated, set aside, or superseded in accordance with applicable law by the Office of the Comptroller of the Currency or the Board of Governors, as appropriate, by any court of competent jurisdiction, or by operation of law.
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Federal law — U.S. Code and appendices · legal_authorities
As used in this subchapter—
(1) the term “agency” means any executive department, military department, Government corporation, Government controlled corporation, or other establishment in the executive branch of the Government (including the Executive Office of the President), or any independent regulatory agency, but does not include—
(A) the Government Accountability Office;
(B) Federal Election Commission;
(C) the governments of the District of Columbia and of the territories and possessions of the United States, and their various subdivisions; or
(D) Government-owned contractor-operated facilities, including laboratories engaged in national defense research and production activities;
(2) the term “burden” means time, effort, or financial resources expended by persons to generate, maintain, or provide information to or for a Federal agency, including the resources expended for—
(A) reviewing instructions;
(B) acquiring, installing, and utilizing technology and systems;
(C) adjusting the existing ways to comply with any previously applicable instructions and requirements;
(D) searching data sources;
(E) completing and reviewing the collection of information; and
(F) transmitting, or otherwise disclosing the information;
(3) the term “collection of information”—
(A) means the obtaining, causing to be obtained, soliciting, or requiring the disclosure to third parties or the public, of facts or opinions by or for an agency, regardless of form or format, calling for either—
(i) answers to identical questions posed to, or identical reporting or recordkeeping requirements imposed on, ten or more persons, other than agencies, instrumentalities, or employees of the United States; or
(ii) answers to questions posed to agencies, ins
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** The Attorney General shall establish such financial institutions fraud task forces as the Attorney General deems appropriate to ensure that adequate resources are made available to investigate and prosecute crimes in or against financial institutions and to recover the proceeds of unlawful activities from persons who have committed fraud or have engaged in other criminal activity in or against the financial services industry.
**(b) Supervision** The Attorney General shall determine how each task force shall be supervised and may provide for the supervision of any task force by the Special Counsel.
**(c) Senior interagency group**
(1) **Establishment** — The Attorney General shall establish a senior interagency group to assist in identifying the most significant financial institution fraud cases and in allocating investigative and prosecutorial resources where they are most needed.
(2) **Membership** — The senior interagency group shall be chaired by the Special Counsel and shall include senior officials from—
(A) the Department of Justice, including representatives of the Federal Bureau of Investigation, the Advisory Committee of United States Attorneys, and other relevant entities;
(B) the Department of the Treasury;
(C) the Federal Deposit Insurance Corporation;
(D) the Office of the Comptroller of the Currency;
(E) the Board of Governors of the Federal Reserve System; and
(F) the National Credit Union Administration.
(3) **Duties** — This senior interagency group shall enhance interagency coordination and assist in accelerating the investigations and prosecution of financial institutions fraud.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act July 22, 1932, ch. 522, § 21A, as added Pub. L. 101–73, title V, § 501(a), Aug. 9, 1989, 103 Stat. 363; amended Pub. L. 101–625, title VIII, § 804(d), title IX, § 914(c), Nov. 28, 1990, 104 Stat. 4323, 4395; Pub. L. 101–647, title XXV, §§ 2526(c), 2540, Nov. 29, 1990, 104 Stat. 4876, 4885; Pub. L. 102–18, title I, §§ 101, 102(a), 103(a), 104, 105, title II, §§ 201, 202, title III, § 301, title IV, § 401, Mar. 23, 1991, 105 Stat. 58, 60–63, 65; Pub. L. 102–139, title V, § 523(a), Oct. 28, 1991, 105 Stat. 781; Pub. L. 102–233, title I, §§ 101, 103, 105, 106(a)–(e)(1), title II, § 201, title III, §§ 302(b), (c), 303–312, 314, 316, title IV, §§ 401, 402(a), 403–405, title V, § 501, title VI, §§ 601–611, 613–617, Dec. 12, 1991, 105 Stat. 1761–1765, 1767–1770, 1772–1774, 1776–1789; Pub. L. 102–242, title I, § 141(a)(3), title II, § 251(c)(1), title IV, § 471, Dec. 19, 1991, 105 Stat. 2276, 2333, 2385; Pub. L. 102–378, § 5(e), Oct. 2, 1992, 106 Stat. 1358; Pub. L. 102–550, title V, §§ 503(c)(3), 509(i), title XVI, §§ 1611(a), (d)(1)–(3), 1612, 1613(a)(1)–(6), (8), (b)–(h), 1614(a)(1)–(5), (7), (b), 1615(a)(2), 1616, Oct. 28, 1992, 106 Stat. 3780, 3783, 4090–4096; Pub. L. 103–204, §§ 2–3(b), 4(a), 5(a), (b)(2), 7, 12, 14(a)(1), (c)(2), (d)(1), (e)(1), (f)(1), 15(a), 16(a), 17(a), 21(b), 24, 27(a), 29–31, 36, Dec. 17, 1993, 107 Stat. 2370–2380, 2382, 2383, 2390, 2391, 2395–2400, 2406, 2408, 2410–2413, 2415; Pub. L. 103–211, title IV, § 406, Feb. 12, 1994, 108 Stat. 41; Pub. L. 103–325, title VI, § 602(b), Sept. 23, 1994, 108 Stat. 2291; Pub. L. 103–328, title II, § 201(b), Sept. 29, 1994, 108 Stat. 2368; Pub. L. 104–66, title II, § 2231, Dec. 21, 1995, 109 Stat. 733; Pub. L. 104–208, div. A, title II, § 2704(d)(11)(B)–(D), Sept. 30, 1996, 110 St
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Repealed. Pub. L. 111–139, title I, § 10(a), Feb. 12, 2010, 124 Stat. 21**
**(b) Student loans** For all student loans under part B or D of title IV of the Higher Education Act of 1965 [[20 U.S.C. 1071](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1071&num=0&edition=prelim) et seq., 1087a et seq.] made during the period when a sequestration order under [section 904 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section904&num=0&edition=prelim) is in effect as required by section 902 or 903 of this title, origination fees under sections 438(c)(2) and (6) and 455(c) [[20 U.S.C. 1087–1(c)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087–1/c/2&num=0&edition=prelim), (6), 1087e(c)] and loan processing and issuance fees under section 428(f)(1)(A)(ii) of that Act [[20 U.S.C. 1078(f)(1)(A)(ii)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078/f/1/A/ii&num=0&edition=prelim)] shall each be increased by the uniform percentage specified in that sequestration order, and, for student loans originated during the period of the sequestration, special allowance payments under section 438(b) of that Act [[20 U.S.C. 1087–1(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087–1/b&num=0&edition=prelim)] accruing during the period of the sequestration shall be reduced by the uniform percentage specified in that sequestration order.
**(c) Repealed. Pub. L. 111–139, title I, § 10(c), Feb. 12, 2010, 124 Stat. 22**
**(d) Special rules for Medicare program**
(1) **Calculation of reduction in payment amounts** — To achieve the total percentage reduction in those programs required by section 902 or 903 of this title, subject
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority of Director** During the 90-day period beginning on the transfer date, the Director of the Office of Thrift Supervision—
(1) shall, solely for the purpose of winding up the affairs of the Office of Thrift Supervision relating to any function transferred to the Office of the Comptroller of the Currency, the Corporation, or the Board of Governors under this title— 11 See References in Text note below.
(A) manage the employees of the Office of Thrift Supervision who have not yet been transferred and provide for the payment of the compensation and benefits of the employees that accrue before the date on which the employees are transferred under this title; 1 and
(B) manage any property of the Office of Thrift Supervision, until the date on which the property is transferred under [section 5433 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5433&num=0&edition=prelim); and
(2) may take any other action necessary to wind up the affairs of the Office of Thrift Supervision.
**(b) Status of Director**
(1) **In general** — Notwithstanding the transfer of functions under this part, during the 90-day period beginning on the transfer date, the Director of the Office of Thrift Supervision shall retain and may exercise any authority vested in the Director of the Office of Thrift Supervision on the day before the transfer date, only to the extent necessary—
(A) to wind up the Office of Thrift Supervision; and
(B) to carry out the transfer under this part during such 90-day period.
(2) **Other provisions** — For purposes of paragraph (1), the Director of the Office of Thrift Supervision shall, during the 90-day period beginning on the transfer date, continue to be—
(A) treated as an officer of the United State
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Federal law — U.S. Code and appendices · legal_authorities
Page 1922
TITLE 12—BANKS AND BANKING
§ 5433
1 See References in Text note below.
ployee transferred, immediately before
enrollment in a life insurance plan under
chapter 87 of title 5, shall be considered
as enrollment in a life insurance plan
under that chapter for purposes of sec-
tion 8706(b)(1)(A) of title 5.
(j) Incorporation into agency pay system
Not later than 30 months after the transfer
date, the Comptroller of the Currency and the
Chairperson of the Corporation shall place each
transferred employee into the established pay
system and structure of the appropriate employ-
ing agency.
(k) Equitable treatment
In administering the provisions of this sec-
tion, the Comptroller of the Currency and the
Chairperson of the Corporation—
(1) may not take any action that would un-
fairly disadvantage a transferred employee
relative to any other employee of the Office of
the Comptroller of the Currency or the Cor-
poration on the basis of prior employment by
the Office of Thrift Supervision;
(2) may take such action as is appropriate in
an individual case to ensure that a transferred
employee receives equitable treatment, with
respect to the status, tenure, pay, benefits
(other than benefits under programs adminis-
tered by the Office of Personnel Management),
and accrued leave or vacation time for prior
periods of service with any Federal agency of
the transferred employee;
(3) shall, jointly with the Director of the Of-
fice of Thrift Supervision, develop and adopt
procedures and safeguards designed to ensure
that the requirements of this subsection are
met; and
(4) shall conduct a study detailing the posi-
tion assignments of all employees transferred
pursuant to subsection (a), describing the pro-
cedures and safeguards adopted pursuant t
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5433
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