§2402 — Title 12 Banks and Banking | U.S. Code

Summary

The Commission must have 26 members. Ten are specific federal officials or their delegates (for example: the heads of the Federal Reserve, the Justice Department, the Comptroller of the Currency, the Federal Home Loan Bank Board, the National Credit Union Administration, the FDIC, the FCC, the Postal Service, the Treasury, and the Federal Trade Commission). The President also appoints 2 state regulators (one for banks and one for thrifts), 7 industry representatives (one each for commercial banks, mutual savings banks, savings and loan associations, credit unions, retailers, nonbank credit-card issuers, and card-interchange organizations), 5 private citizens with no ties to financial firms, the Comptroller General (or a delegate), and the Director of the Office of Technology Assessment. The President must pick the Chair from among these members when making appointments, and the choice must be approved by the Senate unless the person already holds a Senate-confirmed office. If a member leaves, the vacancy is filled the same way the original member was chosen.

Title 12, §2402

Banks and Banking — Source: USLM XML via OLRC

(a)The Commission shall be composed of twenty-six members as follows:

(1)the Chairman of the Board of Governors of the Federal Reserve System or his delegate;

(2)the Attorney General or his delegate;

(3)the Comptroller of the Currency or his delegate;

(4)the Chairman of the Federal Home Loan Bank Board or his delegate;

(5)the Administrator of the National Credit Union Administration or his delegate;

(6)the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation or his delegate;

(7)the Chairman of the Federal Communications Commission or his delegate;

(8)the Postmaster General or his delegate;

(9)the Secretary of the Treasury or his delegate;

(10)the Chairman of the Federal Trade Commission or his delegate;

(11)two individuals, appointed by the President, one of whom is an official of a State agency which regulates banking, or similar financial institutions, and one of whom is an official of a State agency which regulates thrift or similar financial institutions;

(12)seven individuals, appointed by the President, who are officers or employees of, or who otherwise represent banking, thrift, or other business entities, including one representative each of commercial banks, mutual savings banks, savings and loan associations, credit unions, retailers, nonbanking institutions offering credit card services, and organizations providing interchange services for credit cards issued by banks;

(13)five individuals, appointed by the President, from private life who are not affiliated with, do not represent and have no substantial interest in any banking, thrift, or other financial institution, including but not limited to credit unions, retailers, and insurance companies;

(14)the Comptroller General of the United States or his delegate; and

(15)the Director of the Office of Technology Assessment.

(b)The Chairperson shall be designated by the President at the time of his appointment from among the members of the Commission and such selection shall be by and with the advice and consent of the Senate unless the appointee holds an office to which he was appointed by and with the advice and consent of the Senate.

(c)A vacancy in the Commission shall be filled in the manner in which the original appointment was made.

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Transfer of Functions

Functions vested in Administrator of National Credit Union Administration transferred and vested in National Credit Union Administration Board pursuant to section 1752a of this title. Federal Home Loan Bank Board abolished and functions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of this title.

§2402 Membership of Commission

Summary

Title 12, §2402

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Transfer of Functions

Citations & Metadata