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Title 12 — Banks and BankingRelease 119-73

§5434 Funds transferred

Title 12 › Chapter CHAPTER 53— - WALL STREET REFORM AND CONSUMER PROTECTION › Subchapter SUBCHAPTER III— - TRANSFER OF POWERS TO THE COMPTROLLER OF THE CURRENCY, THE CORPORATION, AND THE BOARD OF GOVERNORS › Part Part B— - Transitional Provisions › § 5434

Last updated Apr 6, 2026|Official source

Summary

One day before the transfer date, the Director of the Office of Thrift Supervision, after talking with the Comptroller of the Currency, the Chairperson of the Corporation, and the Chairman of the Board of Governors, must find funds that are not needed to close OTS and that can pay OTS expenses. On the transfer date, those funds go to the agencies that took over the related functions under section 5412: funds for 5412(b)(2)(B) go to the Office of the Comptroller of the Currency, for 5412(b)(2)(C) to the Corporation, and for 5412(b)(1)(A) to the Board of Governors.

Full Legal Text

Title 12, §5434

Banks and Banking — Source: USLM XML via OLRC

The funds that, on the day before the transfer date, the Director of the Office of Thrift Supervision (in consultation with the Comptroller of the Currency, the Chairperson of the Corporation, and the Chairman of the Board of Governors) 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 expenses 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 Currency 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.

Legislative History

Notes & Related Subsidiaries

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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 5434

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73