Browse Arkansas Code titles and sections
12 U.S.C. § 5413 — Prohibition on taxpayer funding
Federal law — U.S. Code and appendices · legal_authorities
**(a) Liquidation required** All financial companies put into receivership under this subchapter shall be liquidated. No taxpayer funds shall be used to prevent the liquidation of any financial company under this subchapter.
**(b) Recovery of funds** All funds expended in the liquidation of a financial company under this subchapter shall be recovered from the disposition of assets of such financial company, or shall be the responsibility of the financial sector, through assessments.
**(c) No losses to taxpayers** Taxpayers shall bear no losses from the exercise of any authority under this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5413
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 9c1c413b4f373788e947ec996a1089df9c99c1805af591a8ad0ae69238113af3. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_473fa32d7e8a7bf5854b3b80
Source file: Laws/federal/codes/united-states-code/title-12/section-5413-prohibition-on-taxpayer-funding--a5ace21cec.md
Pages: Not recorded – Not recorded
Passage SHA-256: 6978bac6d8be26b8c0e6f2212cfd062b6ec999d9a6eb9a2e72b6733c199b7eff
Source location: Title 12, Chapter 53, § 5413; chapter-053-wall-street-reform-and-consumer-protection.md
Stored source content
**(a) Liquidation required** All financial companies put into receivership under this subchapter shall be liquidated. No taxpayer funds shall be used to prevent the liquidation of any financial company under this subchapter.
**(b) Recovery of funds** All funds expended in the liquidation of a financial company under this subchapter shall be recovered from the disposition of assets of such financial company, or shall be the responsibility of the financial sector, through assessments.
**(c) No losses to taxpayers** Taxpayers shall bear no losses from the exercise of any authority under this subchapter.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5301
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Office of Thrift Supervision employees**
(A) *In general* — Except as provided in [section 5584 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5584&num=0&edition=prelim), all employees of the Office of Thrift Supervision shall be transferred to the Office of the Comptroller of the Currency or the Corporation for employment in accordance with this section.
(B) *Allocating employees for transfer to receiving agencies* — The Director of the Office of Thrift Supervision, the Comptroller of the Currency, and the Chairperson of the Corporation shall—
(i) jointly determine the number of employees of the Office of Thrift Supervision necessary to perform or support the functions that are transferred to the Office of the Comptroller of the Currency or the Corporation by this title; 11 See References in Text note below. and
(ii) consistent with the determination under clause (i), jointly identify employees of the Office of Thrift Supervision for transfer to the Office of the Comptroller of the Currency or the Corporation.
(2) **Employees transferred; service periods credited** — For purposes of this section, periods of service with a Federal home loan bank, a joint office of Federal home loan banks, or a Federal reserve bank shall be credited as periods of service with a Federal agency.
(3) **Appointment authority for excepted service transferred**
(A) *In general* — Except as provided in subparagraph (B), any appointment authority of the Office of Thrift Supervision under Federal law that relates to the functions transferred under [section 5412 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5412&num=0&edition=prelim), including the regulations of
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5437
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1916
TITLE 12—BANKS AND BANKING
§ 5413
1 See References in Text note below.
Editorial Notes
REFERENCES IN TEXT
Title X, referred to in subsec. (d), is title X of Pub.
L. 111–203, July 21, 2010, 124 Stat. 1955, known as the
Consumer Financial Protection Act of 2010, which en-
acted subchapter V (§ 5481 et seq.) of this chapter and
enacted, amended, and repealed numerous other sec-
tions and notes in the Code. For complete classification
of title X to the Code, see Short Title note set out
under section 5301 of this title and Tables.
CODIFICATION
Section is comprised of section 312 of Pub. L. 111–203.
Subsec. (c) of section 312 of Pub. L. 111–203 amended
section 1813 of this title.
§ 5413. Abolishment
Effective 90 days after the transfer date, the
Office of Thrift Supervision and the position of
Director of the Office of Thrift Supervision are
abolished.
(Pub. L. 111–203, title III, § 313, July 21, 2010, 124
Stat. 1523.)
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective 1 day after July 21, 2010, except as
otherwise provided, see section 4 of Pub. L. 111–203, set
out as a note under section 5301 of this title.
§ 5414. Savings provisions
(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 1 shall not abate any action or pro-
ceeding commenced by or against the Director
of the Office of Thrift Supervision or the Of-
fice of Thrift Supervision before the trans
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5413
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.