12 U.S.C. § 5584 — Transfer of certain personnel

Page 1997 TITLE 12—BANKS AND BANKING § 5584 1 See References in Text note below. form and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under sec- tion 5301 of this title and Tables. The Real Estate Settlement Procedures Act of 1974, referred to in subsec. (g)(1)(A), is Pub. L. 93–533, Dec. 22, 1974, 88 Stat. 1724, which is classified principally to chapter 27 (§ 2601 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2601 of this title and Tables. The Secure and Fair Enforcement for Mortgage Li- censing Act of 2008, referred to in subsec. (g)(1)(A), is title V of div. A of Pub. L. 110–289, July 30, 2008, 122 Stat. 2810, also known as the S.A.F.E. Mortgage Licens- ing Act of 2008, which is classified generally to chapter 51 (§ 5101 et seq.) of this title. For complete classifica- tion of this Act to the Code, see Short Title note set out under section 5101 of this title and Tables. The Interstate Land Sales Full Disclosure Act, re- ferred to in subsec. (g)(1)(A), is title XIV of Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 590, which is classified gen- erally to chapter 42 (§ 1701 et seq.) of Title 15, Commerce and Trade. For complete classification of this title to the Code, see Short Title note set out under section 1701 of Title 15 and Tables. § 5584. Transfer of certain personnel (a) In general (1) Certain Federal Reserve System employees transferred (A) Identifying employees for transfer The Bureau and the Board of Governors shall— (i) jointly determine the number of em- ployees of the Board of Governors nec- essary to perform or support the consumer financial protection functions of the Board of Governors that are transferred to the Bureau by this title; 1 and (ii) consistent with the number deter- mined under clause (i), jointly identify em- ployees of the Board of Governors for transfer to the Bureau, in a manner that the Bureau and the Board of Governors, in their sole discretion, determine equitable. (B) Identified employees transferred All employees of the Board of Governors identified under subparagraph (A)(ii) shall be transferred to the Bureau for employment. (C) Federal reserve bank employees Employees of any Federal reserve bank who are performing consumer financial pro- tection functions on behalf of the Board of Governors shall be treated as employees of the Board of Governors for purposes of sub- paragraphs (A) and (B). (2) Certain FDIC employees transferred (A) Identifying employees for transfer The Bureau and the Board of Directors of the Federal Deposit Insurance Corporation shall— (i) jointly determine the number of em- ployees of that Corporation necessary to perform or support the consumer financial protection functions of the Corporation that are transferred to the Bureau by this title; 1 and (ii) consistent with the number deter- mined under clause (i), jointly identify em- ployees of the Corporation for transfer to the Bureau, in a manner that the Bureau and the Board of Directors of the Corpora- tion, in their sole discretion, determine eq- uitable. (B) Identified employees transferred All employees of the Corporation identi- fied under subparagraph (A)(ii) shall be transferred to the Bureau for employment. (3) Certain NCUA employees transferred (A) Identifying employees for transfer The Bureau and the National Credit Union Administration Board shall— (i) jointly determine the number of em- ployees of the National Credit Union Ad- ministration necessary to perform or sup- port the consumer financial protection functions of the National Credit Union Ad- ministration that are transferred to the Bureau by this title; 1 and (ii) consistent with the number deter- mined under clause (i), jointly identify em- ployees of the National Credit Union Ad- ministration for transfer to the Bureau, in a manner that the Bureau and the Na- tional Credit Union Administration Board, in their sole discretion, determine equi- table. (B) Identified employees transferred All employees of the National Credit Union Administration identified under sub- paragraph (A)(ii) shall be transferred to the Bureau for employment. (4) Certain Office of the Comptroller of the Currency employees transferred (A) Identifying employees for transfer The Bureau and the Comptroller of the Currency shall— (i) jointly determine the number of em- ployees of the Office of the Comptroller of the Currency necessary to perform or sup- port the consumer financial protection functions of the Office of the Comptroller of the Currency that are transferred to the Bureau by this title; 1 and (ii) consistent with the number deter- mined under clause (i), jointly identify em- ployees of the Office of the Comptroller of the Currency for transfer to the Bureau, in a manner that the Bureau and the Office of the Comptroller of the Currency, in their sole discretion, determine equitable. (B) Identified employees transferred All employees of the Office of the Comp- troller of the Currency identified under sub- paragraph (A)(ii) shall be transferred to the Bureau for employment. (5) Certain Office of Thrift Supervision em- ployees transferred (A) Identifying employees for transfer The Bureau and the Director of the Office of Thrift Supervision shall— Page 1998 TITLE 12—BANKS AND BANKING § 5584 (i) jointly determine the number of em- ployees of the Office of Thrift Supervision necessary to perform or support the con- sumer financial protection functions of the Office of Thrift Supervision that are trans- ferred to the Bureau by this title; 1 and (ii) consistent with the number deter- mined under clause (i), jointly identify em- ployees of the Office of Thrift Supervision for transfer to the Bureau, in a manner that the Bureau and the Office of Thrift Supervision, in their sole discretion, deter- mine equitable. (B) Identified employees transferred All employees of the Office of Thrift Su- pervision identified under subparagraph (A)(ii) shall be transferred to the Bureau for employment. (6) Certain employees of Department of Hous- ing and Urban Development transferred (A) Identifying employees for transfer The Bureau and the Secretary of the De- partment of Housing and Urban Develop- ment shall— (i) jointly determine the number of em- ployees of the Department of Housing and Urban Development necessary to perform or support the consumer protection func- tions of the Department that are trans- ferred to the Bureau by this title; 1 and (ii) consistent with the number deter- mined under clause (i), jointly identify em- ployees of the Department of Housing and Urban Development for transfer to the Bu- reau in a manner that the Bureau and the Secretary of the Department of Housing and Urban Development, in their sole dis- cretion, deem equitable. (B) Identified employees transferred All employees of the Department of Hous- ing and Urban Development identified under subparagraph (A)(ii) shall be transferred to the Bureau for employment. (7) Consumer education, financial literacy, consumer complaints, and research func- tions The Bureau and each of the transferor agen- cies (except the Federal Trade Commission) shall jointly determine the number of employ- ees and the types and grades of employees nec- essary to perform the functions of the Bureau under part A, including consumer education, financial literacy, policy analysis, responses to consumer complaints and inquiries, re- search, and similar functions. All employees jointly identified under this paragraph shall be transferred to the Bureau for employment. (8) Authority of the President to resolve dis- putes (A) Action authorized In the event that the Bureau and a trans- feror agency are unable to reach an agree- ment under paragraphs (1) through (7) by the designated transfer date, the President, or the designee thereof, may issue an order or directive to the transferor agency to effect the transfer of personnel and property under this part. (B) Transmittal to Congress required If an order or directive is issued under sub- paragraph (A), the President shall transmit a copy of the written determination made with respect to such order or directive, in- cluding an explanation for the need for the order or directive, to the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate and the Committee on Financial Services and the Committee on Appropriations of the House of Representatives. (C) Sunset The authority provided in this paragraph shall terminate 3 years after the designated transfer date. (9) Appointment authority for excepted service and senior executive service transferred (A) In general In the case of an employee occupying a po- sition in the excepted service or the Senior Executive Service, any appointment author- ity established pursuant to law or regula- tions of the Office of Personnel Management for filling such positions shall be trans- ferred, subject to subparagraph (B). (B) Declining transfers allowed An agency or entity may decline to make a transfer of authority under subparagraph (A) (and the employees appointed pursuant thereto) to the extent that such authority relates to positions excepted from the com- petitive service because of their confiden- tial, policy-making, policy-determining, or policy-advocating character, and non-career positions in the Senior Executive Service (within the meaning of section 3132(a)(7) of title 5). (b) Timing of transfers and position assignments Each employee to be transferred under this section shall— (1) be transferred not later than 90 days after the designated transfer date; and (2) receive notice of a position assignment not later than 120 days after the effective date of his or her transfer. (c) Transfer of function (1) In general Notwithstanding any other provision of law, the transfer of employees shall be deemed a transfer of functions for the purpose of section 3503 of title 5. (2) Priority of this title 1 If any provisions of this title 1 conflict with any protection provided to transferred em- ployees under section 3503 of title 5, the provi- sions of this title 1 shall control. (d) Equal status and tenure positions (1) Employees transferred from the Federal Re- serve System, FDIC, HUD, NCUA, OCC, and OTS Each employee transferred to the Bureau from the Board of Governors, a Federal re- serve bank, the Federal Deposit Insurance Corporation, the Department of Housing and Page 1999 TITLE 12—BANKS AND BANKING § 5584 Urban Development, the National Credit Union Administration, the Office of the Comp- troller of the Currency, or the Office of Thrift Supervision shall be placed in a position at the Bureau with the same status and tenure as that employee held on the day before the des- ignated transfer date. (2) Employees transferred from the Federal Re- serve System For purposes of determining the status and position placement of a transferred employee, any period of service with the Board of Gov- ernors or a Federal reserve bank shall be cred- ited as a period of service with a Federal agen- cy. (e) Additional certification requirements limited Examiners transferred to the Bureau are not subject to any additional certification require- ments before being placed in a comparable ex- aminer position at the Bureau examining the same types of institutions as they examined be- fore they were transferred. (f) Personnel actions limited (1) 2-year protection Except as provided in paragraph (2), each transferred employee holding a permanent po- sition on the day before the designated trans- fer date may not, during the 2-year period be- ginning on the designated transfer date, be in- voluntarily separated, or involuntarily reas- signed outside his or her locality pay area. (2) Exceptions Paragraph (1) does not limit the right of the Bureau— (A) to separate an employee for cause or for unacceptable performance; (B) to terminate an appointment to a posi- tion excepted from the competitive service because of its confidential policy-making, policy-determining, or policy-advocating character; or (C) to reassign a supervisory employee outside of his or her locality pay area when the Bureau determines that the reassign- ment is necessary for the efficient operation of the Bureau. (g) Pay (1) 2-year protection (A) In general Except as provided in paragraph (2), each transferred employee shall, during the 2- year period beginning on the designated transfer date, receive pay at a rate equal to not less than the basic rate of pay (including any geographic differential) that the em- ployee received during the pay period imme- diately preceding the date of transfer. (B) Limitation Notwithstanding subparagraph (A), if the employee was receiving a higher rate of basic pay on a temporary basis (because of a temporary assignment, temporary pro- motion, or other temporary action) imme- diately before the date of transfer, the Bu- reau may reduce the rate of basic pay on the date on which the rate would have been re- duced but for the transfer, and the protected rate for the remainder of the 2-year period shall be the reduced rate that would have ap- plied, but for the transfer. (2) Exceptions Paragraph (1) does not limit the right of the Bureau to reduce the rate of basic pay of a transferred employee— (A) for cause; (B) for unacceptable performance; or (C) with the consent of the employee. (3) Protection only while employed Paragraph (1) applies to a transferred em- ployee only while that employee remains em- ployed by the Bureau. (4) Pay increases permitted Paragraph (1) does not limit the authority of the Bureau to increase the pay of a transferred employee. (h) Reorganization (1) Between 1st and 3rd year (A) In general If the Bureau determines, during the 2- year period beginning 1 year after the des- ignated transfer date, that a reorganization of the staff of the Bureau is required— (i) that reorganization shall be deemed a ‘‘substantial reorganization’’ for purposes of affording affected employees retirement under section 8336(d)(2) or 8414(b)(1)(B) of title 5; (ii) before the reorganization occurs, all employees in the same locality pay area as defined by the Office of Personnel Manage- ment shall be placed in a uniform position classification system; and (iii) any resulting reduction in force shall be governed by the provisions of chapter 35 of title 5, except that the Bu- reau shall— (I) establish competitive areas (as that term is defined in regulations issued by the Office of Personnel Management) to include at a minimum all employees in the same locality pay area as defined by the Office of Personnel Management; (II) establish competitive levels (as that term is defined in regulations issued by the Office of Personnel Man- agement) without regard to whether the particular employees have been ap- pointed to positions in the competitive service or the excepted service; and (III) afford employees appointed to po- sitions in the excepted service (other than to a position excepted from the competitive service because of its con- fidential policy-making, policy-deter- mining, or policy-advocating character) the same assignment rights to positions within the Bureau as employees ap- pointed to positions in the competitive service. (B) Service credit for reductions in force For purposes of this paragraph, periods of service with a Federal home loan bank, a joint office of the Federal home loan banks, Page 2000 TITLE 12—BANKS AND BANKING § 5584 2 So in original. Probably should be followed by a period. the Board of Governors, a Federal reserve bank, the Federal Deposit Insurance Cor- poration, or the National Credit Union Ad- ministration shall be credited as periods of service with a Federal agency. (2) After 3rd year (A) In general If the Bureau determines, at any time after the 3-year period beginning on the des- ignated transfer date, that a reorganization of the staff of the Bureau is required, any re- sulting reduction in force shall be governed by the provisions of chapter 35 of title 5, ex- cept that the Bureau shall establish com- petitive levels (as that term is defined in regulations issued by the Office of Personnel Management) without regard to types of ap- pointment held by particular employees transferred under this section. (B) Service credit for reductions in force For purposes of this paragraph, periods of service with a Federal home loan bank, a joint office of the Federal home loan banks, the Board of Governors, a Federal reserve bank, the Federal Deposit Insurance Cor- poration, or the National Credit Union Ad- ministration shall be credited as periods of service with a Federal agency. (i) Benefits (1) Retirement benefits for transferred employ- ees (A) In general (i) Continuation of existing retirement plan Unless an election is made under clause (iii) or subparagraph (B), each employee transferred pursuant to this part shall re- main enrolled in the existing retirement plan of that employee as of the date of transfer, through any period of continuous employment with the Bureau. (ii) Employer contribution The Bureau shall pay any employer con- tributions to the existing retirement plan of each transferred employee, as required under that plan. (iii) Option to elect into the Federal Re- serve System Retirement Plan and Fed- eral Reserve System Thrift Plan Any employee transferred pursuant to this part may, during the 1-year period be- ginning 6 months after the designated transfer date, elect to end their participa- tion and benefit accruals under their exist- ing retirement plan or plans and elect to participate in both the Federal Reserve System Retirement Plan and the Federal Reserve System Thrift Plan, through any period of continuous employment with the Bureau, under the same terms as are appli- cable to Federal Reserve System trans- ferred employees, as provided in subpara- graph (C). An election of coverage by the Federal Reserve System Retirement Plan and the Federal Reserve System Thrift Plan shall begin on the day following the end of the 18-month period beginning on the designated transfer date, and benefit accruals under the existing retirement plan of the transferred employee shall end on the last day of the 18-month period be- ginning on the designated transfer date 2 If an employee elects to participate in the Federal Reserve System Retirement Plan and the Federal Reserve System Thrift Plan, all of the service of the employee that was creditable under their existing re- tirement plan shall be transferred to the Federal Reserve System Retirement Plan on the day following the end of the 18- month period beginning on the designated transfer date. (iv) Bureau contribution The Bureau shall pay an employer con- tribution to the Federal Reserve System Retirement Plan, in the amount estab- lished as an employer contribution under the Federal Employees Retirement Sys- tem, as established under chapter 84 of title 5, for each Bureau employee who elects to participate in the Federal Re- serve System Retirement Plan under this subparagraph. The Bureau shall pay an employer contribution to the Federal Re- serve System Thrift Plan for each Bureau employee who elects to participate in such plan, as required under the terms of the Federal Reserve System Thrift Plan. (v) Additional funding The Bureau shall transfer to the Federal Reserve System Retirement Plan an amount determined by the Board of Gov- ernors, in consultation with the Bureau, to be necessary to reimburse the Federal Re- serve System Retirement Plan for the costs to such plan of providing benefits to employees electing coverage under the Federal Reserve System Retirement Plan under subparagraph (iii), and who were transferred to the Bureau from outside of the Federal Reserve System. (vi) Option to elect into thrift plan created by the Bureau If the Bureau chooses to establish a thrift plan, the employees transferred pur- suant to this part shall have the option to elect, under such terms and conditions as the Bureau may establish, coverage under such a thrift plan established by the Bu- reau. Transferred employees may not re- main in the thrift plan of the agency from which the employee transferred under this part, if the employee elects to participate in a thrift plan established by the Bureau. (B) Option for employees transferred from Federal Reserve System to be subject to the Federal Employee Retirement Pro- gram (i) Election Any Federal Reserve System transferred employee who was enrolled in the Federal Reserve System Retirement Plan on the day before the date of his or her transfer Page 2001 TITLE 12—BANKS AND BANKING § 5584 to the Bureau may, during the 1-year pe- riod beginning 6 months after the des- ignated transfer date, elect to be subject to the Federal Employee Retirement Pro- gram. (ii) Effective date of coverage An election of coverage by the Federal Employee Retirement Program under this subparagraph shall begin on the day fol- lowing the end of the 18-month period be- ginning on the designated transfer date, and benefit accruals under the existing re- tirement plan of the Federal Reserve Sys- tem transferred employee shall end on the last day of the 18-month period beginning on the designated transfer date. (C) Bureau participation in Federal Reserve System Retirement Plan (i) Benefits provided Federal Reserve System employees transferred pursuant to this part shall con- tinue to be eligible to participate in the Federal Reserve System Retirement Plan and Federal Reserve System Thrift Plan through any period of continuous employ- ment with the Bureau, unless the em- ployee makes an election under subpara- graph (A)(vi) or (B). The retirement bene- fits, formulas, and features offered to the Federal Reserve System transferred em- ployees shall be the same as those offered to employees of the Board of Governors who participate in the Federal Reserve System Retirement Plan and the Federal Reserve System Thrift Plan, as amended from time to time. (ii) Limitation The Bureau shall not have responsibility or authority— (I) to amend an existing retirement plan (including the Federal Reserve Sys- tem Retirement Plan or Federal Reserve System Thrift Plan); (II) for administering an existing re- tirement plan (including the Federal Re- serve System Retirement Plan or Fed- eral Reserve System Thrift Plan); or (III) for ensuring the plans comply with applicable laws, fiduciary rules, and related responsibilities. (iii) Tax qualified status Notwithstanding any other provision of law, providing benefits to Federal Reserve System employees transferred to the Bu- reau pursuant to this part, and to employ- ees who elect coverage pursuant to sub- paragraph (A)(iii) or under section 5493(a)(2)(B) of this title, shall not cause any existing retirement plan (including the Federal Reserve System Retirement Plan and the Federal Reserve System Thrift Plan) to lose its tax-qualified status under sections 401(a) and 501(a) of title 26. (iv) Bureau contribution The Bureau shall pay any employer con- tributions to the existing retirement plan (including the Federal Reserve System Re- tirement Plan and the Federal Reserve System Thrift Plan) for each Federal Re- serve System transferred employee par- ticipating in those plans, as required under the plan, after the designated transfer date. (v) Controlled group status The Bureau is the same employer as the Federal Reserve System (as comprised of the Board of Governors and each of the 12 Federal reserve banks prior to July 21, 2010) for purposes of subsections (b), (c), (m), and (o) of section 414 of title 26. (D) Definitions For purposes of this paragraph— (i) the term ‘‘existing retirement plan’’ means, with respect to an employee trans- ferred pursuant to this part, the retire- ment plan (including the Financial Insti- tutions Retirement Fund) and any associ- ated thrift savings plan, of the agency from which the employee was transferred under this part, in which the employee was enrolled on the day before the date on which the employee was transferred; (ii) the term ‘‘Federal Employee Retire- ment Program’’ means either the Civil Service Retirement System established under chapter 83 of title 5 or the Federal Employees Retirement System established under chapter 84 of title 5, depending upon the service history of the individual; (iii) the term ‘‘Federal Reserve System transferred employee’’ means a transferred employee who is an employee of the Board of Governors or a Federal reserve bank on the day before the designated transfer date, and who is transferred to the Bureau on the designated transfer date pursuant to this part; (iv) the term ‘‘Federal Reserve System Retirement Plan’’ means the Retirement Plan for Employees of the Federal Reserve System; and (v) the term ‘‘Federal Reserve System Thrift Plan’’ means the Thrift Plan for Employees of the Federal Reserve System. (2) Benefits other than retirement benefits for transferred employees (A) During 1st year (i) Existing plans continue Each employee transferred pursuant to this part may, for 1 year after the des- ignated transfer date, retain membership in any other employee benefit program of the agency or bank from which the em- ployee transferred, including a medical, dental, vision, long term care, or life in- surance program, to which the employee belonged on the day before the designated transfer date. (ii) Employer contribution The Bureau shall reimburse the agency or bank from which an employee was transferred for any cost incurred by that agency or bank in continuing to extend coverage in the benefit program to the em- ployee, as required under that program or negotiated agreements. Page 2002 TITLE 12—BANKS AND BANKING § 5584 (B) Medical, dental, vision, or life insurance after first year If, at the end of the 1-year period begin- ning on the designated transfer date, the Bu- reau has not established its own, or arranged for participation in another entity’s, med- ical, dental, vision, or life insurance pro- gram, an employee transferred pursuant to this part who was a member of such a pro- gram at the agency or Federal reserve bank from which the employee transferred may, before the coverage of that employee ends under subparagraph (A)(i), elect to enroll, without regard to any regularly scheduled open season, in— (i) the enhanced dental benefits program established under chapter 89A of title 5; (ii) the enhanced vision benefits estab- lished under chapter 89B of title 5; (iii) the Federal Employees Group Life Insurance Program established under chapter 87 of title 5, without regard to any requirement of insurability; and (iv) the Federal Employees Health Bene- fits Program established under chapter 89 of title 5. (C) Long term care insurance after 1st year If, at the end of the 1-year period begin- ning on the designated transfer date, the Bu- reau has not established its own, or arranged for participation in another entity’s, long term care insurance program, an employee transferred pursuant to this part who was a member of such a program at the agency or Federal reserve bank from which the em- ployee transferred may, before the coverage of that employee ends under subparagraph (A)(i), elect to apply for coverage under the Federal Long Term Care Insurance Program established under chapter 90 of title 5, under the underwriting requirements applicable to a new active workforce member (as defined in part 875 of title 5, Code of Federal Regula- tions). (D) Employee contribution An individual enrolled in the Federal Em- ployees Health Benefits program shall pay any employee contribution required by the plan. (E) Additional funding The Bureau shall transfer to the Federal Employees Health Benefits Fund established under section 8909 of title 5 an amount deter- mined by the Director of the Office of Per- sonnel Management, after consultation with the Bureau and the Office of Management and Budget, to be necessary to reimburse the Fund for the cost to the Fund of providing benefits under this paragraph. (F) Credit for time enrolled in other plans For employees transferred under this title,1 enrollment in a health benefits plan administered by a transferor agency or a Federal reserve bank, as the case may be, immediately before enrollment in a health benefits plan under chapter 89 of title 5 shall be considered as enrollment in a health ben- efits plan under that chapter for purposes of section 8905(b)(1)(A) of title 5. (G) Special provisions to ensure continuation of life insurance benefits (i) In general An annuitant (as defined in section 8901(3) of title 5) who is enrolled in a life insurance plan administered by a trans- feror agency on the day before the des- ignated transfer date shall be eligible for coverage by a life insurance plan under sections 8706(b), 8714a, 8714b, and 8714c of title 5 or in a life insurance plan estab- lished by the Bureau, without regard to any regularly scheduled open season and requirement of insurability. (ii) Employee contribution An individual enrolled in a life insurance plan under this subparagraph shall pay any employee contribution required by the plan. (iii) Additional funding The Bureau shall transfer to the Em- ployees’ Life Insurance Fund established under section 8714 of title 5 an amount de- termined by the Director of the Office of Personnel Management, after consultation with the Bureau and the Office of Manage- ment and Budget, to be necessary to reim- burse the Fund for the cost to the Fund of providing benefits under this subparagraph not otherwise paid for by the employee under clause (ii). (iv) Credit for time enrolled in other plans For employees transferred under this title,1 enrollment in a life insurance plan administered by a transferor agency im- mediately before enrollment in a life in- surance plan under chapter 87 of title 5 shall be considered as enrollment in a life insurance plan under that chapter for pur- poses of section 8706(b)(1)(A) of title 5. (3) OPM rules The Office of Personnel Management shall issue such rules as are necessary to carry out this subsection. (j) Implementation of uniform pay and classifica- tion system Not later than 2 years after the designated transfer date, the Bureau shall implement a uni- form pay and classification system for all em- ployees transferred under this title.1 (k) Equitable treatment In administering the provisions of this sec- tion, the Bureau— (1) shall take no action that would unfairly disadvantage transferred employees relative to each other based on their prior employment by the Board of Governors, the Federal De- posit Insurance Corporation, the Department of Housing and Urban Development, the Na- tional Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, a Federal reserve bank, a Federal home loan bank, or a joint office of the Federal home loan banks; and (2) may take such action as is appropriate in individual cases so that employees transferred 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;