PRIA, Government Policy, Made Personal

Summary

On the transfer date, the government moves the Office of Thrift Supervision’s duties to other agencies. The Board of Governors takes over supervision and rulemaking for savings and loan holding companies and their nonbank subsidiaries, and it also gets rulemaking power about affiliate deals, loans to officers and big shareholders, and tying arrangements. The Comptroller of the Currency takes the duties and rulemaking for Federal savings associations. The Federal Deposit Insurance Corporation takes the duties for State savings associations. Each agency inherits all powers and responsibilities the Office of Thrift Supervision and its Director had the day before the transfer date. This change does not limit any consumer protection transfers under Title X.

Title 12, §5412

Banks and Banking, Source: USLM XML via OLRC

(a)Effective date

This section, and the amendments made by this section, shall take effect on the transfer date.

(b)Functions of the Office of Thrift Supervision

(1)Savings and loan holding company functions transferred

(A)Transfer of functions

There are transferred to the Board of Governors all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision (including the authority to issue orders) relating to—

(i)the supervision of—

(I)any savings and loan holding company; and

(II)any subsidiary (other than a depository institution) of a savings and loan holding company; and

(ii)all rulemaking authority of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision relating to savings and loan holding companies.

(B)Powers, authorities, rights, and duties

The Board of Governors shall succeed to all powers, authorities, rights, and duties that were vested in the Office of Thrift Supervision and the Director of the Office of Thrift Supervision on the day before the transfer date relating to the functions and authority transferred under subparagraph (A).

(2)All other functions transferred

(A)Board of Governors

All rulemaking authority of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision under section 1468 of this title relating to transactions with affiliates and extensions of credit to executive officers, directors, and principal shareholders and under section 1464(q) of this title relating to tying arrangements is transferred to the Board of Governors.

(B)Comptroller of the Currency

Except as provided in paragraph (1) and subparagraph (A)—

(i)there are transferred to the Office of the Comptroller of the Currency and the Comptroller of the Currency—

(I)all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision, respectively, relating to Federal savings associations; and

(II)all rulemaking authority of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision, respectively, relating to savings associations; and

(ii)the Office of the Comptroller of the Currency and the Comptroller of the Currency shall succeed to all powers, authorities, rights, and duties that were vested in the Office of Thrift Supervision and the Director of the Office of Thrift Supervision, respectively, on the day before the transfer date relating to the functions and authority transferred under clause (i).

(C)Corporation

Except as provided in paragraph (1) and subparagraphs (A) and (B)—

(i)all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision relating to State savings associations are transferred to the Corporation; and

(ii)the Corporation shall succeed to all powers, authorities, rights, and duties that were vested in the Office of Thrift Supervision and the Director of the Office of Thrift Supervision on the day before the transfer date relating to the functions transferred under clause (i).

(c)Omitted

(d)Consumer protection

Nothing in this section may be construed to limit or otherwise affect the transfer of powers under title X.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Title X, referred to in subsec. (d), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted subchapter V (§ 5481 et seq.) of this chapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see

Short Title

note set out under section 5301 of this title and Tables. Codification Section is comprised of section 312 of Pub. L. 111–203. Subsec. (c) of section 312 of Pub. L. 111–203 amended section 1813 of this title.

§5412 Powers and Duties Transferred