§1812 Management

Summary

A five-member board manages the Corporation. Two members are the Comptroller of the Currency and the Director of the Consumer Financial Protection Bureau. Three members are picked by the President and confirmed by the Senate, and one of those three must have State bank supervisory experience. After February 28, 1993, no more than three members may be from the same political party. The President, with Senate approval, names one appointed member as Chair for a 5-year term and another as Vice Chair. The Vice Chair acts as Chair if the Chair’s job is vacant or the Chair is absent or disabled. Appointed members serve 6-year terms, but if someone fills a vacancy they only serve the rest of that term. Members may stay on after their term ends until a successor is ready. Vacancies are filled the same way as the original appointment. If the Comptroller or the CFPB Director is absent or the office is vacant, the acting official serves on the Board. Board members may not work for, be an officer or director of, or own stock in any insured depository institution or depository institution holding company while serving. They also may not be an officer or director of a Federal Reserve bank or a Federal home loan bank while on the Board. After leaving the Board, a member may not take a job with those institutions for 2 years, unless the member served a full term. Each member must swear under oath that they meet these rules and file that statement with the Board secretary. Directors, members, officers, and employees are not liable under the Securities Act of 1933 for acts or omissions done in the scope of their jobs in connection with asset-disposition transactions, except for criminal acts, willful or malicious misconduct, acts for private gain, or acts outside their job. "Employee of the Corporation" includes OCC or CFPB staff who assist a Board member. These protections do not remove other legal immunities or other rights or remedies that may apply.