12 U.S.C. § 5411 — Transfer date

Page 1914 TITLE 12—BANKS AND BANKING § 5401 1 See References in Text note below. 1 See References in Text note below. 1 See References in Text note below. SUBCHAPTER III—TRANSFER OF POWERS TO THE COMPTROLLER OF THE CUR- RENCY, THE CORPORATION, AND THE BOARD OF GOVERNORS § 5401. Purposes The purposes of this title 1 are— (1) to provide for the safe and sound oper- ation of the banking system of the United States; (2) to preserve and protect the dual system of Federal and State-chartered depository in- stitutions; (3) to ensure the fair and appropriate super- vision of each depository institution, regard- less of the size or type of charter of the deposi- tory institution; and (4) to streamline and rationalize the super- vision of depository institutions and the hold- ing companies of depository institutions. (Pub. L. 111–203, title III, § 301, July 21, 2010, 124 Stat. 1520.) Editorial Notes REFERENCES IN TEXT This title, referred to in text, is title III of Pub. L. 111–203, July 21, 2010, 124 Stat. 1520, known as the En- hancing Financial Institution Safety and Soundness Act of 2010, which enacted this subchapter and sections 4b and 16 of this title, amended sections 1, 11, 248, 461, 481, 482, 1438, 1462, 1462a, 1463, to 1464, 1466a, 1467, 1467a, 1468, 1468a, to 1468b, 1470, 1701c, 1701p–1, 1708, 1757, 1785, 1786, 1787, 1812, 1813, 1817, 1818, 1820, 1821, 1823, 1828, 1829, 1831e, 1831j, 1833b, 1833e, 1834, 1841, 1843, 1844, 1861, 1867, 1881, 1882, 1884, 1972, 2709, 2902, 2905, 3206 to 3208, 3332, 4515, and 4517 of this title, section 906 of Title 2, The Congress, sections 78c, 78l, 78o–5, and 78w of Title 15, Commerce and Trade, sections 212, 657, 981, 982, 1006, 1014, and 1032 of Title 18, Crimes and Criminal Proce- dure, sections 321 and 714 of Title 31, Money and Fi- nance, section 41501 of Title 34, Crime Control and Law Enforcement, sections 4003 and 8105 of Title 42, The Public Health and Welfare, and section 3502 of Title 44, Public Printing and Documents, repealed section 1441a of this title, enacted provisions set out as notes under sections 1, 16, 1438, 1787, 1812, 1817, and 1821 of this title and section 906 of Title 2, and amended provisions set out as notes under sections 1437, 1463, 1464, 1467a, 1707, 1812, and 1818 of this title. For complete classification of title III to the Code, see Short title note set out under section 5301 of this title and Tables. 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. § 5402. Definition In this title,1 the term ‘‘transferred employee’’ means, as the context requires, an employee transferred to the Office of the Comptroller of the Currency or the Corporation under section 5432 of this title. (Pub. L. 111–203, title III, § 302, July 21, 2010, 124 Stat. 1520.) Editorial Notes REFERENCES IN TEXT This title, where footnoted in text, is title III of Pub. L. 111–203, July 21, 2010, 124 Stat. 1520, known as the En- hancing Financial Institution Safety and Soundness Act of 2010, which enacted this subchapter and sections 4b and 16 of this title, amended sections 1, 11, 248, 461, 481, 482, 1438, 1462, 1462a, 1463, to 1464, 1466a, 1467, 1467a, 1468, 1468a, to 1468b, 1470, 1701c, 1701p–1, 1708, 1757, 1785, 1786, 1787, 1812, 1813, 1817, 1818, 1820, 1821, 1823, 1828, 1829, 1831e, 1831j, 1833b, 1833e, 1834, 1841, 1843, 1844, 1861, 1867, 1881, 1882, 1884, 1972, 2709, 2902, 2905, 3206 to 3208, 3332, 4515, and 4517 of this title, section 906 of Title 2, The Congress, sections 78c, 78l, 78o–5, and 78w of Title 15, Commerce and Trade, sections 212, 657, 981, 982, 1006, 1014, and 1032 of Title 18, Crimes and Criminal Proce- dure, sections 321 and 714 of Title 31, Money and Fi- nance, section 41501 of Title 34, Crime Control and Law Enforcement, sections 4003 and 8105 of Title 42, The Public Health and Welfare, and section 3502 of Title 44, Public Printing and Documents, repealed section 1441a of this title, enacted provisions set out as notes under sections 1, 16, 1438, 1787, 1812, 1817, and 1821 of this title and section 906 of Title 2, and amended provisions set out as notes under sections 1437, 1463, 1464, 1467a, 1707, 1812, and 1818 of this title. For complete classification of title III to the Code, see Short title note set out under section 5301 of this title and Tables. 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. PART A—TRANSFER OF POWERS AND DUTIES § 5411. Transfer date (a) Transfer date Except as provided in subsection (b), the term ‘‘transfer date’’ means the date that is 1 year after July 21, 2010. (b) Extension permitted (1) Notice required The Secretary, in consultation with the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Chairman of the Board of Governors, and the Chair- person of the Corporation, may extend the pe- riod under subsection (a) and designate a transfer date that is not later than 18 months after July 21, 2010, if the Secretary transmits to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Com- mittee on Financial Services of the House of Representatives— (A) a written determination that com- mencement of the orderly process to imple- ment this title 1 is not feasible by the date that is 1 year after July 21, 2010; (B) an explanation of why an extension is necessary to commence the process of or- derly implementation of this title; 1 (C) the transfer date designated under this subsection; and (D) a description of the steps that will be taken to initiate the process of an orderly and timely implementation of this title 1 within the extended time period. Page 1915 TITLE 12—BANKS AND BANKING § 5412 1 See References in Text note below. (2) Publication of notice Not later than 270 days after July 21, 2010, the Secretary shall publish in the Federal Register notice of any transfer date des- ignated under paragraph (1). (Pub. L. 111–203, title III, § 311, July 21, 2010, 124 Stat. 1520.) Editorial Notes REFERENCES IN TEXT This title, referred to in subsec. (b)(1)(A), (B), (D), is title III of Pub. L. 111–203, July 21, 2010, 124 Stat. 1520, known as the Enhancing Financial Institution Safety and Soundness Act of 2010, which enacted this sub- chapter and sections 4b and 16 of this title, amended sections 1, 11, 248, 461, 481, 482, 1438, 1462, 1462a, 1463, to 1464, 1466a, 1467, 1467a, 1468, 1468a, to 1468b, 1470, 1701c, 1701p–1, 1708, 1757, 1785, 1786, 1787, 1812, 1813, 1817, 1818, 1820, 1821, 1823, 1828, 1829, 1831e, 1831j, 1833b, 1833e, 1834, 1841, 1843, 1844, 1861, 1867, 1881, 1882, 1884, 1972, 2709, 2902, 2905, 3206 to 3208, 3332, 4515, and 4517 of this title, section 906 of Title 2, The Congress, sections 78c, 78l, 78o–5, and 78w of Title 15, Commerce and Trade, sections 212, 657, 981, 982, 1006, 1014, and 1032 of Title 18, Crimes and Criminal Procedure, sections 321 and 714 of Title 31, Money and Finance, section 41501 of Title 34, Crime Control and Law Enforcement, sections 4003 and 8105 of Title 42, The Public Health and Welfare, and section 3502 of Title 44, Public Printing and Documents, re- pealed section 1441a of this title, enacted provisions set out as notes under sections 1, 16, 1438, 1787, 1812, 1817, and 1821 of this title and section 906 of Title 2, and amended provisions set out as notes under sections 1437, 1463, 1464, 1467a, 1707, 1812, and 1818 of this title. For complete classification of title III to the Code, see Short title note set out under section 5301 of this title and Tables. 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. § 5412. Powers and duties transferred (a) Effective date This section, and the amendments made by this section, shall take effect on the transfer date. (b) Functions of the Office of Thrift Supervision (1) Savings and loan holding company func- tions transferred (A) Transfer of functions There are transferred to the Board of Gov- ernors all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision (including the authority to issue orders) relating to— (i) the supervision of— (I) any savings and loan holding com- pany; and (II) any subsidiary (other than a depos- itory institution) of a savings and loan holding company; and (ii) all rulemaking authority of the Of- fice of Thrift Supervision and the Director of the Office of Thrift Supervision relating to savings and loan holding companies. (B) Powers, authorities, rights, and duties The Board of Governors shall succeed to all powers, authorities, rights, and duties that were vested in the Office of Thrift Su- pervision and the Director of the Office of Thrift Supervision on the day before the transfer date relating to the functions and authority transferred under subparagraph (A). (2) All other functions transferred (A) Board of Governors All rulemaking authority of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision under section 1468 of this title relating to transactions with affiliates and extensions of credit to ex- ecutive officers, directors, and principal shareholders and under section 1464(q) of this title relating to tying arrangements is transferred to the Board of Governors. (B) Comptroller of the Currency Except as provided in paragraph (1) and subparagraph (A)— (i) there are transferred to the Office of the Comptroller of the Currency and the Comptroller of the Currency— (I) all functions of the Office of Thrift Supervision and the Director of the Of- fice of Thrift Supervision, respectively, relating to Federal savings associations; and (II) all rulemaking authority of the Of- fice of Thrift Supervision and the Direc- tor of the Office of Thrift Supervision, respectively, relating to savings associa- tions; and (ii) the Office of the Comptroller of the Currency and the Comptroller of the Cur- rency shall succeed to all powers, authori- ties, rights, and duties that were vested in the Office of Thrift Supervision and the Director of the Office of Thrift Super- vision, respectively, on the day before the transfer date relating to the functions and authority transferred under clause (i). (C) Corporation Except as provided in paragraph (1) and subparagraphs (A) and (B)— (i) all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision relating to State savings associations are transferred to the Corporation; and (ii) the Corporation shall succeed to all powers, authorities, rights, and duties that were vested in the Office of Thrift Super- vision and the Director of the Office of Thrift Supervision on the day before the transfer date relating to the functions transferred under clause (i). (c) Omitted (d) Consumer protection Nothing in this section may be construed to limit or otherwise affect the transfer of powers under title X.1 (Pub. L. 111–203, title III, § 312, July 21, 2010, 124 Stat. 1521.)