§5587 Transition oversight

Summary

Requires the Bureau to start up in an organized way, hire and keep qualified staff, and set up full training and benefits programs. The Bureau must send an annual report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services that includes three plans: a training and workforce development plan (skills needs, steps to encourage innovation, leadership and succession plans, and use of technology); a workforce flexibility plan (covers telework, flexible schedules, phased retirement, reemployed annuitants, part‑time work, job sharing, parental leave and childcare help, domestic partner benefits, and similar options); and a recruitment and retention plan (targeting diverse qualified applicants, faster application steps, timely status notices, and hiring data). The reporting duty ends 5 years after July 21, 2010. Nothing here changes collective bargaining agreements in effect on July 21, 2010 or employees’ rights under chapter 71 of title 5. To prepare for taking over exams under section 5515 on the transfer date, the Bureau and the relevant prudential regulator may agree to place examiners, on a sampling basis, on certain consumer‑compliance exams the regulator does before the transfer date.