§1812 Management

Summary

Creates a five-member Board to run the Corporation. The Board includes the Comptroller of the Currency, the Director of the Consumer Financial Protection Bureau, and three people picked by the President with the Senate’s approval. One of the three appointees must have State bank supervisory experience. After February 28, 1993, no more than three members may belong to the same political party. The President, with Senate approval, names one appointee as Chair for a five-year term and one as Vice Chair. Appointed members serve six-year terms. If someone leaves early, their replacement serves only the rest of that term. Members may keep serving after their term ends until a successor is qualified. Vacancies are filled the same way as the original appointment. If the Comptroller or the CFPB Director is vacant or temporarily absent, the acting official sits on the Board. Board members may not work for insured banks or depository holding companies while on the Board and for the two-year period after leaving, unless they served a full term. They also may not be officers or directors of insured banks, depository holding companies, Federal Reserve banks, or Federal home loan banks, and they may not hold stock in insured banks or depository holding companies. Each member must swear under oath that they follow these rules. Directors, members, officers, and employees are not personally liable under the Securities Act of 1933 for actions taken in connection with selling or disposing of assets for the Corporation, except for criminal acts, willful or malicious misconduct, acts for private gain, or acts outside their job duties. Employees of the Comptroller or the CFPB who assist Board members are included. These protections do not remove other legal protections or rights to sue the Corporation, the United States, or people not covered by the immunity.