12 U.S.C. § 5433 — Property transferred

Page 1922 TITLE 12—BANKS AND BANKING § 5433 1 See References in Text note below. ployee transferred, immediately before enrollment in a life insurance plan under chapter 87 of title 5, shall be considered as enrollment in a life insurance plan under that chapter for purposes of sec- tion 8706(b)(1)(A) of title 5. (j) Incorporation into agency pay system Not later than 30 months after the transfer date, the Comptroller of the Currency and the Chairperson of the Corporation shall place each transferred employee into the established pay system and structure of the appropriate employ- ing agency. (k) Equitable treatment In administering the provisions of this sec- tion, the Comptroller of the Currency and the Chairperson of the Corporation— (1) may not take any action that would un- fairly disadvantage a transferred employee relative to any other employee of the Office of the Comptroller of the Currency or the Cor- poration on the basis of prior employment by the Office of Thrift Supervision; (2) may take such action as is appropriate in an individual case to ensure that a transferred employee receives equitable treatment, with respect to the status, tenure, pay, benefits (other than benefits under programs adminis- tered by the Office of Personnel Management), and accrued leave or vacation time for prior periods of service with any Federal agency of the transferred employee; (3) shall, jointly with the Director of the Of- fice of Thrift Supervision, develop and adopt procedures and safeguards designed to ensure that the requirements of this subsection are met; and (4) shall conduct a study detailing the posi- tion assignments of all employees transferred pursuant to subsection (a), describing the pro- cedures and safeguards adopted pursuant to paragraph (3), and demonstrating that the re- quirements of this subsection have been met; and shall, not later than 365 days after the transfer date, submit a copy of such study to Congress. (l) Reorganization (1) In general If the Comptroller of the Currency or the Chairperson of the Corporation determines, during the 2-year period beginning 1 year after the transfer date, that a reorganization of the staff of the Office of the Comptroller of the Currency or the Corporation, respectively, is required, the reorganization shall be deemed a ‘‘major reorganization’’ for purposes of afford- ing affected employees retirement under sec- tion 8336(d)(2) or 8414(b)(1)(B) of title 5. (2) Service credit For purposes of this subsection, periods of service with a Federal home loan bank or a joint office of Federal home loan banks shall be credited as periods of service with a Federal agency. (Pub. L. 111–203, title III, § 322, July 21, 2010, 124 Stat. 1529.) Editorial Notes REFERENCES IN TEXT This title, referred to in subsecs. (a)(1)(B)(i) and (i)(2)(A)(i), (E)(i), 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 en- acted 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, sec- tions 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 sec- tion 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. § 5433. Property transferred (a) Property defined For purposes of this section, the term ‘‘prop- erty’’ includes all real property (including lease- holds) and all personal property, including com- puters, furniture, fixtures, equipment, books, accounts, records, reports, files, memoranda, paper, reports of examination, work papers, and correspondence related to such reports, and any other information or materials. (b) Property of the Office of Thrift Supervision (1) In general No later than 90 days after the transfer date, all property of the Office of Thrift Supervision (other than property described under para- graph (b)(2)) that the Comptroller of the Cur- rency and the Chairperson of the Corporation jointly determine is used, on the day before the transfer date, to perform or support the functions of the Office of Thrift Supervision transferred to the Office of the Comptroller of the Currency or the Corporation under this title,1 shall be transferred to the Office of the Comptroller of the Currency or the Corpora- tion in a manner consistent with the transfer of employees under this part. (2) Personal property All books, accounts, records, reports, files, memoranda, papers, documents, reports of ex- amination, work papers, and correspondence of the Office of Thrift Supervision that the Comptroller of the Currency, the Chairperson Page 1923 TITLE 12—BANKS AND BANKING § 5435 1 See References in Text note below. of the Corporation, and the Chairman of the Board of Governors jointly determine is used, on the day before the transfer date, to perform or support the functions of the Office of Thrift Supervision transferred to the Board of Gov- ernors under this title 1 shall be transferred to the Board of Governors in a manner consistent with the purposes of this title.1 (c) Contracts related to property transferred Each contract, agreement, lease, license, per- mit, and similar arrangement relating to prop- erty transferred to the Office of the Comptroller of the Currency or the Corporation by this sec- tion shall be transferred to the Office of the Comptroller of the Currency or the Corporation, as appropriate, together with the property to which it relates. (d) Preservation of property Property identified for transfer under this sec- tion shall not be altered, destroyed, or deleted before transfer under this section. (Pub. L. 111–203, title III, § 323, July 21, 2010, 124 Stat. 1535.) Editorial Notes REFERENCES IN TEXT This title, referred to in subsec. (b), 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. § 5434. Funds transferred The funds that, on the day before the transfer date, the Director of the Office of Thrift Super- vision (in consultation with the Comptroller of the Currency, the Chairperson of the Corpora- tion, and the Chairman of the Board of Gov- ernors) determines are not necessary to dispose of the affairs of the Office of Thrift Supervision under section 5435 of this title and are available to the Office of Thrift Supervision to pay the ex- penses of the Office of Thrift Supervision— (1) relating to the functions of the Office of Thrift Supervision transferred under section 5412(b)(2)(B) of this title, shall be transferred to the Office of the Comptroller of the Cur- rency on the transfer date; (2) relating to the functions of the Office of Thrift Supervision transferred under section 5412(b)(2)(C) of this title, shall be transferred to the Corporation on the transfer date; and (3) relating to the functions of the Office of Thrift Supervision transferred under section 5412(b)(1)(A) of this title, shall be transferred to the Board of Governors on the transfer date. (Pub. L. 111–203, title III, § 324, July 21, 2010, 124 Stat. 1536.) 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. § 5435. Disposition of affairs (a) Authority of Director During the 90-day period beginning on the transfer date, the Director of the Office of Thrift Supervision— (1) shall, solely for the purpose of winding up the affairs of the Office of Thrift Supervision relating to any function transferred to the Of- fice of the Comptroller of the Currency, the Corporation, or the Board of Governors under this title— 1 (A) manage the employees of the Office of Thrift Supervision who have not yet been transferred and provide for the payment of the compensation and benefits of the em- ployees that accrue before the date on which the employees are transferred under this title; 1 and (B) manage any property of the Office of Thrift Supervision, until the date on which the property is transferred under section 5433 of this title; and (2) may take any other action necessary to wind up the affairs of the Office of Thrift Su- pervision. (b) Status of Director (1) In general Notwithstanding the transfer of functions under this part, during the 90-day period be- ginning on the transfer date, the Director of the Office of Thrift Supervision shall retain and may exercise any authority vested in the Director of the Office of Thrift Supervision on the day before the transfer date, only to the extent necessary— (A) to wind up the Office of Thrift Super- vision; and (B) to carry out the transfer under this part during such 90-day period. (2) Other provisions For purposes of paragraph (1), the Director of the Office of Thrift Supervision shall, dur-