12 U.S.C. § 5413 — Abolishment

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 of this chapter and enacted, amended, and repealed numerous other sec- tions and notes in the Code.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 transfer date, except that— (A) for any action or proceeding arising out of a function of the Office of Thrift Su- pervision or the Director of the Office of Thrift Supervision transferred to the Board of Governors by this title,1 the Board of Gov- ernors shall be substituted for the Office of Thrift Supervision or the Director of the Of- fice of Thrift Supervision as a party to the action or proceeding on and after the trans- fer date; (B) for any action or proceeding arising out of a function of the Office of Thrift Su- pervision 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 Cur- rency 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 Su- pervision or the Director of the Office of Thrift Supervision transferred to the Cor- poration by this title,1 the Corporation shall be substituted for the Office of Thrift Super- vision or the Director of the Office of Thrift Supervision as a party to the action or pro- ceeding on and after the transfer date. (b) Continuation of existing OTS orders, resolu- tions, determinations, agreements, regula- tions, etc. All orders, resolutions, determinations, agree- ments, 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 be- fore the transfer date, shall continue in effect according to the terms of such orders, resolu- tions, determinations, agreements, and regula- tions, interpretative rules, other interpreta- tions, 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 Cur- rency 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 Comp- troller of the Currency, respectively, until modified, terminated, set aside, or superseded in accordance with applicable law by the Of- fice 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 Di- rector of the Office of Thrift Supervision transferred to the Corporation, until modified, terminated, set aside, or superseded in accord- ance 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