12 U.S.C. § 5587 — Transition oversight

Page 2003 TITLE 12—BANKS AND BANKING § 5587 1 See References in Text note below. under this section receive equitable treat- ment, with respect to the status, tenure, pay, benefits (other than benefits under programs administered by the Office of Personnel Man- agement), and accrued leave or vacation time of those employees, for prior periods of service with any Federal agency, including the Board of Governors, the Corporation, the Depart- ment of Housing and Urban Development, the National Credit Union Administration, the Of- fice of the Comptroller of the Currency, the Office of Thrift Supervision, a Federal reserve bank, a Federal home loan bank, or a joint of- fice of the Federal home loan banks. (l) Implementation In implementing the provisions of this section, the Bureau shall coordinate with the Office of Personnel Management and other entities hav- ing expertise in matters related to employment to ensure a fair and orderly transition for af- fected employees. (Pub. L. 111–203, title X, § 1064, July 21, 2010, 124 Stat. 2043.) Editorial Notes REFERENCES IN TEXT This title, where footnoted in subsecs. (a), (c)(2), (i)(2)(F), (G)(iv), and (j), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Fi- nancial Protection Act of 2010, which enacted this sub- chapter and enacted, amended, and repealed numerous other sections and notes in the Code.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. § 5585. Incidental transfers (a) Incidental transfers authorized The Director of the Office of Management and Budget, in consultation with the Secretary, shall make such additional incidental transfers and dispositions of assets and liabilities held, used, arising from, available, or to be made available, in connection with the functions transferred by this title,1 as the Director may determine necessary to accomplish the purposes of this title.1 (b) Sunset The authority provided in this section shall terminate 5 years after July 21, 2010. (Pub. L. 111–203, title X, § 1065, July 21, 2010, 124 Stat. 2055.) Editorial Notes REFERENCES IN TEXT This title, referred to in subsec. (a), 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 this subchapter and enacted, amended, and re- pealed numerous other sections 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. § 5586. Interim authority of the Secretary (a) In general The Secretary is authorized to perform the functions of the Bureau under this part until the Director of the Bureau is confirmed by the Sen- ate in accordance with section 5491 of this title. (b) Interim administrative services by the De- partment of the Treasury The Department of the Treasury may provide administrative services necessary to support the Bureau before the designated transfer date. (Pub. L. 111–203, title X, § 1066, July 21, 2010, 124 Stat. 2055.) § 5587. Transition oversight (a) Purpose The purpose of this section is to ensure that the Bureau— (1) has an orderly and organized startup; (2) attracts and retains a qualified work- force; and (3) establishes comprehensive employee training and benefits programs. (b) Reporting requirement (1) In general The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Com- mittee on Financial Services of the House of Representatives that includes the plans de- scribed in paragraph (2). (2) Plans The plans described in this paragraph are as follows: (A) Training and workforce development plan The Bureau shall submit a training and workforce development plan that includes, to the extent practicable— (i) identification of skill and technical expertise needs and actions taken to meet those requirements; (ii) steps taken to foster innovation and creativity; (iii) leadership development and succes- sion planning; and (iv) effective use of technology by em- ployees. (B) Workplace flexibilities plan The Bureau shall submit a workforce flexi- bility plan that includes, to the extent prac- ticable— (i) telework; (ii) flexible work schedules; (iii) phased retirement; (iv) reemployed annuitants; (v) part-time work; (vi) job sharing; (vii) parental leave benefits and childcare assistance; (viii) domestic partner benefits; (ix) other workplace flexibilities; or (x) any combination of the items de- scribed in clauses (i) through (ix). (C) Recruitment and retention plan The Bureau shall submit a recruitment and retention plan that includes, to the ex- tent practicable, provisions relating to— (i) the steps necessary to target highly qualified applicant pools with diverse backgrounds; Page 2004 TITLE 12—BANKS AND BANKING § 5601 1 So in original. Probably should be ‘‘Financial Literacy and Education Commission’’. 2 So in original. Probably should be ‘‘their’’. 3 See References in Text note below. (ii) streamlined employment application processes; (iii) the provision of timely notification of the status of employment applications to applicants; and (iv) the collection of information to measure indicators of hiring effectiveness. (c) Expiration The reporting requirement under subsection (b) shall terminate 5 years after July 21, 2010. (d) Rule of construction Nothing in this section may be construed to affect— (1) a collective bargaining agreement, as that term is defined in section 7103(a)(8) of title 5, that is in effect on July 21, 2010; or (2) the rights of employees under chapter 71 of title 5. (e) Participation in examinations In order to prepare the Bureau to conduct ex- aminations under section 5515 of this title upon the designated transfer date, the Bureau and the applicable prudential regulator may agree to in- clude, on a sampling basis, examiners on exami- nations of the compliance with Federal con- sumer financial law of institutions described in section 5515(a) of this title conducted by the pru- dential regulators prior to the designated trans- fer date. (Pub. L. 111–203, title X, § 1067, July 21, 2010, 124 Stat. 2055.) PART G—REGULATORY IMPROVEMENTS § 5601. Remittance transfers (a) Omitted (b) Automated clearinghouse system (1) Expansion of system The Board of Governors shall work with the Federal reserve banks and the Department of the Treasury to expand the use of the auto- mated clearinghouse system and other pay- ment mechanisms for remittance transfers to foreign countries, with a focus on countries that receive significant remittance transfers from the United States, based on— (A) the number, volume, and size of such transfers; (B) the significance of the volume of such transfers relative to the external financial flows of the receiving country, including— (i) the total amount transferred; and (ii) the total volume of payments made by United States Government agencies to beneficiaries and retirees living abroad; (C) the feasibility of such an expansion; and (D) the ability of the Federal Reserve Sys- tem to establish payment gateways in dif- ferent geographic regions and currency zones to receive remittance transfers and route them through the payments systems in the destination countries. (2) Report to Congress Not later than one calendar year after July 21, 2010, and on April 30 biennially thereafter during the 10-year period beginning on July 21, 2010, the Board of Governors shall submit a re- port to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Com- mittee on Financial Services of the House of Representatives on the status of the auto- mated clearinghouse system and its progress in complying with the requirements of this subsection. The report shall include an anal- ysis of adoption rates of International ACH Transactions rules and formats, the efficacy of increasing adoption rates, and potential rec- ommendations to increase adoption. (c) Expansion of financial institution provision of remittance transfers (1) Provision of guidelines to institutions Each of the Federal banking agencies and the National Credit Union Administration shall provide guidelines to financial institu- tions under the jurisdiction of the agency re- garding the offering of low-cost remittance transfers and no-cost or low-cost basic con- sumer accounts, as well as agency services to remittance transfer providers. (2) Assistance to Financial Literacy Commis- sion 1 As part of its 2 duties as members of the Fi- nancial Literacy and Education Commission, the Bureau, the Federal banking agencies, and the National Credit Union Administration shall assist the Financial Literacy and Edu- cation Commission in executing the Strategy for Assuring Financial Empowerment (or the ‘‘SAFE Strategy’’), as it relates to remit- tances. (d) Omitted (e) Report on feasibility of and impediments to use of remittance history in calculation of credit score Before the end of the 365-day period beginning on July 21, 2010, the Director shall submit a re- port to the President, the Committee on Bank- ing, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives regarding— (1) the manner in which the remittance his- tory of a consumer could be used to enhance the credit score of the consumer; (2) the current legal and business model bar- riers and impediments that impede the use of the remittance history of the consumer to en- hance the credit score of the consumer; and (3) recommendations on the manner in which maximum transparency and disclosure to consumers of exchange rates for remittance transfers subject to this title 3 and the amend- ments made by this title 3 may be accom- plished, whether or not such exchange rates are known at the time of origination or pay- ment by the consumer for the remittance transfer, including disclosure to the sender of the actual exchange rate used and the amount of currency that the recipient of the remit-