12 U.S.C. § 2 — Comptroller of the Currency; appointment;

Page 2 TITLE 12—BANKS AND BANKING § 1 Sec. 11. Interest in national banks. 12. Seal of Comptroller. 13. Rooms for Currency Bureau. 14. Report of Comptroller. 14a. Data standards; open data publication. 15. Repealed. 16. Funding of Office. § 1. Office of the Comptroller of the Currency (a) Office of the Comptroller of the Currency es- tablished There is established in the Department of the Treasury a bureau to be known as the ‘‘Office of the Comptroller of the Currency’’ which is charged with assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treat- ment of customers by, the institutions and other persons subject to its jurisdiction. (b) Comptroller of the Currency (1) In general The chief officer of the Office of the Comp- troller of the Currency shall be known as the Comptroller of the Currency. The Comptroller of the Currency shall perform the duties of the Comptroller of the Currency under the general direction of the Secretary of the Treasury. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the pro- mulgation of any regulation by the Comp- troller of the Currency, and may not intervene in any matter or proceeding before the Comp- troller of the Currency (including agency en- forcement actions), unless otherwise specifi- cally provided by law. (2) Additional authority The Comptroller of the Currency shall have the same authority with respect to functions transferred to the Comptroller of the Currency under the Enhancing Financial Institution Safety and Soundness Act of 2010 as was vested in the Director of the Office of Thrift Super- vision on the transfer date, as defined in sec- tion 311 of that Act [12 U.S.C. 5411]. (R.S. § 324; Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 89–427, § 1, May 20, 1966, 80 Stat. 161; Pub. L. 103–325, title III, § 331(b)(2), Sept. 23, 1994, 108 Stat. 2232; Pub. L. 111–203, title III, § 314(a), July 21, 2010, 124 Stat. 1523.) Editorial Notes REFERENCES IN TEXT The Enhancing Financial Institution Safety and Soundness Act of 2010, referred to in subsec. (b)(2), is Pub. L. 111–203, title III, July 21, 2010, 124 Stat. 1520. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables. CODIFICATION R.S. § 324 derived from act June 3, 1864, ch. 106, § 1, 13 Stat. 99, which was the National Bank Act. See section 38 of this title. Section is comprised of R.S. § 324, as amended by the eighth paragraph of act Dec. 23, 1913, § 10. AMENDMENTS 2010—Pub. L. 111–203 amended section generally. Prior to amendment, section read as follows: ‘‘There shall be in the Department of the Treasury a bureau charged with the execution of all laws passed by Congress relat- ing to the issue and regulation of national currency se- cured by United States bonds and, under the general supervision of the Board of Governors of the Federal Reserve System, of all Federal Reserve notes, except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of Federal Reserve notes unfit for circulation, the chief officer of which bureau shall be called the Comptroller of the Currency and shall perform his duties under the general directions of the Secretary of the Treasury. The Comptroller of the Currency shall have the same authority over matters within the jurisdiction of the Comptroller as the Director of the Office of Thrift Su- pervision has over matters within the Director’s juris- diction under section 1462a(b)(3) of this title. The Sec- retary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regula- tion by the Comptroller of the Currency.’’ 1994—Pub. L. 103–325 inserted at end ‘‘The Comp- troller of the Currency shall have the same authority over matters within the jurisdiction of the Comptroller as the Director of the Office of Thrift Supervision has over matters within the Director’s jurisdiction under section 1462a(b)(3) of this title. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency.’’ 1966—Pub. L. 89–427 inserted exception relating to cancellation and destruction, and accounting with re- spect to the cancellation and destruction, of Federal Reserve notes unfit for circulation. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Pub. L. 111–203, title III, § 314(d), July 21, 2010, 124 Stat. 1524, provided that: ‘‘This section [enacting sec- tion 4b of this title and amending this section and sec- tion 11 of this title], and the amendments made by this section, shall take effect on the transfer date.’’ [For definition of ‘‘transfer date’’ as used in section 314(d) of Pub. L. 111–203, set out above, see section 5301 of this title.] Executive Documents EXCEPTION AS TO TRANSFER OF FUNCTIONS Functions vested by any provision of law in Comp- troller of the Currency, referred to in this section, were not included in transfer of functions of officers, agen- cies, and employees of Department of the Treasury to Secretary of the Treasury, made by Reorg. Plan No. 26 of 1950, § 1, eff. July 31, 1950, 15 F.R. 4935, 64 Stat. 1280. See section 321(c)(2) of Title 31, Money and Finance. § 2. Comptroller of the Currency; appointment; term The Comptroller of the Currency shall be ap- pointed by the President, by and with the advice and consent of the Senate, and shall hold his of- fice for a term of five years unless sooner re- moved by the President, upon reasons to be communicated by him to the Senate. (R.S. § 325; Aug. 23, 1935, ch. 614, title II, § 209, 49 Stat. 707.) Editorial Notes CODIFICATION R.S. § 325 derived from act June 3, 1864, ch. 106, § 1, 13 Stat. 99, which was the National Bank Act. See section 38 of this title. Provisions of this section which prescribed the an- nual basic compensation of the Comptroller of the Cur- Page 3 TITLE 12—BANKS AND BANKING § 7 rency were omitted to conform to the provisions of the Executive Schedule. See section 5314 of Title 5, Govern- ment Organization and Employees. AMENDMENTS 1935—Act Aug. 23, 1935, struck out ‘‘on the rec- ommendation of the Secretary of the Treasury’’ after ‘‘President’’, where first appearing, and changed the salary from ‘‘$5,000 a year’’ to ‘‘$15,000 a year’’. Statutory Notes and Related Subsidiaries REPEALS Act Oct. 15, 1949, ch. 695, § 4, 63 Stat. 880, formerly cited as a credit to this section, was repealed by Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 655. Executive Documents EXCEPTION AS TO TRANSFER OF FUNCTIONS Functions vested by any provision of law in Comp- troller of the Currency, referred to in this section, were not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title. § 3. Oath of Comptroller The Comptroller of the Currency shall, within fifteen days from the time of notice of his ap- pointment, take and subscribe the oath of office. (R.S. § 326; Pub. L. 86–251, § 1(d), Sept. 9, 1959, 73 Stat. 488; Pub. L. 92–310, title II, § 223(a), June 6, 1972, 86 Stat. 206.) Editorial Notes CODIFICATION R.S. § 326 derived from act June 3, 1864, ch. 106, § 1, 13 Stat. 99, which was the National Bank Act. See section 38 of this title. AMENDMENTS 1972—Pub. L. 92–310 struck out provisions which re- quired the Comptroller to give a bond in the sum of $250,000. 1959—Pub. L. 86–251 increased the surety bond re- quirement from $100,000 to $250,000. § 4. Deputy Comptrollers The Secretary of the Treasury shall appoint no more than four Deputy Comptrollers of the Currency, one of whom shall be designated First Deputy Comptroller of the Currency, and shall fix their salaries. Each Deputy Comptroller shall take the oath of office and shall perform such duties as the Comptroller shall direct. Dur- ing a vacancy in the office or during the absence or disability of the Comptroller, each Deputy Comptroller shall possess the power and perform the duties attached by law to the office of the Comptroller under such order of succession fol- lowing the First Deputy Comptroller as the Comptroller shall direct. (R.S. § 327; Mar. 4, 1923, ch. 252, § 209(b), 42 Stat. 1467; Pub. L. 86–251, § 1(a), Sept. 9, 1959, 73 Stat. 487; Pub. L. 92–310, title II, § 223(b), June 6, 1972, 86 Stat. 206.) Editorial Notes CODIFICATION R.S. § 327 derived from act June 3, 1864, ch. 106, § 1, 13 Stat. 99, which was the National Bank Act. See section 38 of this title. R.S. § 327, contained after the word ‘‘Secretary’’ the following ‘‘who shall be entitled to a salary of two thousand five hundred dollars a year, and’’ which was omitted from this section on authority of act Mar. 4, 1923, § 209(b), fourth sentence, which was classified to section 9a of this title and regulated the salaries of dep- uty comptrollers. AMENDMENTS 1972—Pub. L. 92–310 struck out provisions which re- quired each Deputy Comptroller to give a bond in the sum of $100,000. 1959—Pub. L. 86–251 provided for the appointment of four Deputy Comptrollers instead of one, the designa- tion of one as the First Deputy, the fixing of salaries, increase in surety bond requirement from $50,000 to $100,000 and order of succession. Executive Documents EXCEPTION AS TO TRANSFER OF FUNCTIONS Functions vested by any provision of law in Comp- troller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title. § 4a. Delegation of authority by Comptroller The Comptroller of the Currency may delegate to any duly authorized employee, representa- tive, or agent any power vested in the office by law. (R.S. § 327A, as added Pub. L. 96–221, title VII, § 707(a), Mar. 31, 1980, 94 Stat. 188.) § 4b. Deputy Comptroller for the supervision and examination of Federal savings associations The Comptroller of the Currency shall des- ignate a Deputy Comptroller, who shall be re- sponsible for the supervision and examination of Federal savings associations. (R.S. § 327B, as added Pub. L. 111–203, title III, § 314(b), July 21, 2010, 124 Stat. 1524.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on the transfer date, see section 314(d) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1 of this title. §§ 5, 6. Repealed. Pub. L. 86–251, § 1(b), (c)(1), Sept. 9, 1959, 73 Stat. 487, 488 Section 5, act Mar. 4, 1909, ch. 297, § 1, 35 Stat. 867, re- lated to appointment, succession in office and penal bond of assistant deputy comptroller. See section 4 of this title. Section 6, act Mar. 4, 1923, ch. 252, title II, § 209(b) (pt.), 42 Stat. 1467, related to appointment, oath of of- fice, penal bond, assigned duties and administration of national agricultural credit corporation provisions of third Deputy Comptroller. See section 4 of this title. § 7. Chief of examining division The Comptroller of the Currency may des- ignate a national bank examiner to act as chief of the examining division in his office. (Jan. 3, 1923, ch. 22, 42 Stat. 1096.) Editorial Notes CODIFICATION Section is based on Treasury Department Appropria- tion Act, 1924, act Jan. 3, 1923.