§5411 — Title 12 Banks and Banking | U.S. Code

Summary

The transfer date is the day that is 1 year after July 21, 2010. The Secretary may delay that date up to a day that is no later than 18 months after July 21, 2010, but only after talking with the main banking regulators (the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Chair of the Federal Reserve Board, and the Chair of the FDIC). To delay, the Secretary must send the Senate Banking Committee and the House Financial Services Committee a written decision saying it is not possible to start the orderly process by the 1-year date, explain why, give the new transfer date, and list the steps to begin the process during the extra time. The Secretary must also publish the chosen transfer date in the Federal Register no later than 270 days after July 21, 2010.

Title 12, §5411

Banks and Banking — Source: USLM XML via OLRC

(a)Except as provided in subsection (b), the term “transfer date” means the date that is 1 year after July 21, 2010.

(b)(1)The Secretary, in consultation with the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Chairman of the Board of Governors, and the Chairperson of the Corporation, may extend the period under subsection (a) and designate a transfer date that is not later than 18 months after July 21, 2010, if the Secretary transmits to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives—

(A)a written determination that commencement of the orderly process to implement this title 11 See References in Text note below. is not feasible by the date that is 1 year after July 21, 2010;

(B)an explanation of why an extension is necessary to commence the process of orderly implementation of this title; 1

(C)the transfer date designated under this subsection; and

(D)a description of the steps that will be taken to initiate the process of an orderly and timely implementation of this title 1 within the extended time period.

(2)Not later than 270 days after July 21, 2010, the Secretary shall publish in the Federal Register notice of any transfer date designated under paragraph (1).

Notes & Related Subsidiaries

Editorial Notes

References in Text

This title, referred to in subsec. (b)(1)(A), (B), (D), is title III of Pub. L. 111–203, July 21, 2010, 124 Stat. 1520, known as the Enhancing Financial Institution Safety and Soundness Act of 2010, which enacted this subchapter and section 4b and 16 of this title, amended section 1, 11, 248, 461, 481, 482, 1438, 1462, 1462a, 1463, to 1464, 1466a, 1467, 1467a, 1468, 1468a, to 1468b, 1470, 1701c, 1701p–1, 1708, 1757, 1785, 1786, 1787, 1812, 1813, 1817, 1818, 1820, 1821, 1823, 1828, 1829, 1831e, 1831j, 1833b, 1833e, 1834, 1841, 1843, 1844, 1861, 1867, 1881, 1882, 1884, 1972, 2709, 2902, 2905, 3206 to 3208, 3332, 4515, and 4517 of this title, section 906 of Title 2, The Congress, section 78c, 78l, 78o–5, and 78w of Title 15, Commerce and Trade, section 212, 657, 981, 982, 1006, 1014, and 1032 of Title 18, Crimes and Criminal Procedure, section 321 and 714 of Title 31, Money and Finance, section 41501 of Title 34, Crime Control and Law

Enforcement

, section 4003 and 8105 of Title 42, The Public Health and Welfare, and section 3502 of Title 44, Public Printing and Documents, repealed section 1441a of this title, enacted provisions set out as notes under section 1, 16, 1438, 1787, 1812, 1817, and 1821 of this title and section 906 of Title 2, and amended provisions set out as notes under section 1437, 1463, 1464, 1467a, 1707, 1812, and 1818 of this title. For complete classification of title III to the Code, see

Short Title

note set out under section 5301 of this title and Tables.

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.

§5411 Transfer Date