§5412 — Title 12 Banks and Banking | U.S. Code

Summary

On the transfer date, the law moves the Office of Thrift Supervision’s (OTS) jobs and rulemaking to other agencies. The Board of Governors (Federal Reserve) takes over supervision of savings and loan holding companies and their non‑bank subsidiaries, plus rulemaking about those holding companies. The Board also gets the rulemaking powers under section 1468 about transactions with affiliates and loans to executive officers, directors, and major shareholders, and the rulemaking under section 1464(q) about tying arrangements. This includes powers like issuing orders. The Office of the Comptroller of the Currency gets OTS functions and rulemaking for Federal savings associations. The Federal Deposit Insurance Corporation (the Corporation) gets OTS functions for State savings associations. Each agency takes over the powers, rights, and duties OTS had the day before the transfer date. Nothing here limits or changes transfers under Title X.

Title 12, §5412

Banks and Banking — Source: USLM XML via OLRC

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

(b)(1)(A)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)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)(A)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)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)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)

(d)Nothing in this section may be construed to limit or otherwise affect the transfer of powers under title X.11 See References in Text note below.

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