Title 12, Banks and BankingRelease 119-110
§5414 Savings Provisions
Title 12 › CHAPTER 53 — WALL STREET REFORM AND CONSUMER PROTECTION › SUBCHAPTER III — TRANSFER OF POWERS TO THE COMPTROLLER OF THE CURRENCY, THE CORPORATION, AND THE BOARD OF GOVERNORS › Part A — Transfer of Powers and Duties › § 5414
Summary
Any rights, duties, or obligations that belonged to the United States, the Office of Thrift Supervision (OTS), or the OTS Director on the day before the transfer date stay in place. Lawsuits or other legal actions that started before the transfer date keep going. If a case is about a function moved from OTS to the Board of Governors, the Office of the Comptroller of the Currency (OCC), or the Corporation, that new agency replaces OTS or its Director as the party in the case on and after the transfer date. Orders, agreements, regulations, guidance, and similar OTS materials that were in effect the day before the transfer date and relate to moved functions will keep working. The agency that received the function (the Board, the OCC, or the Corporation) can enforce or be bound by those materials until the new agency, a court, or law changes them. By the transfer date, each receiving agency must list which OTS rules it will enforce and publish that list in the Federal Register. The OCC must consult the Corporation when making its list, and the Corporation must consult the OCC. Any OTS proposed rules still pending become the proposing agency’s pending rules (Board or OCC as appropriate). Any OTS rules published but not yet effective become effective under the Board or the OCC as appropriate, unless later changed or set aside.
Full Legal Text
Title 12, §5414
Banks and Banking, Source: USLM XML via OLRC
(a)Office of Thrift Supervision
(1)Existing rights, duties, and obligations not affected
section 5412(b) and 5413 of this title shall not affect the validity of any right, duty, or obligation of the United States, the Director of the Office of Thrift Supervision, the Office of Thrift Supervision, or any other person, that existed on the day before the transfer date.
(2)Continuation of suits
This title shall not abate any action or proceeding commenced by or against the Director of the Office of Thrift Supervision or the Office of Thrift Supervision before the transfer date, except that—
(A)for any action or proceeding arising out of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Board of Governors by this title,1 the Board of Governors shall be substituted for the Office of Thrift Supervision or the Director of the Office of Thrift Supervision as a party to the action or proceeding on and after the transfer date;
(B)for any action or proceeding arising out of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Office of the Comptroller of the Currency or the Comptroller of the Currency by this title,1 the Office of the Comptroller of the Currency or the Comptroller of the Currency shall be substituted for the Office of Thrift Supervision or the Director of the Office of Thrift Supervision, as the case may be, as a party to the action or proceeding on and after the transfer date; and
(C)for any action or proceeding arising out of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Corporation by this title,1 the Corporation shall be substituted for the Office of Thrift Supervision or the Director of the Office of Thrift Supervision as a party to the action or proceeding on and after the transfer date.
(b)Continuation of existing OTS orders, resolutions, determinations, agreements, regulations, etc.
All orders, resolutions, determinations, agreements, and regulations, interpretative rules, other interpretations, guidelines, procedures, and other advisory materials, that have been issued, made, prescribed, or allowed to become effective by the Office of Thrift Supervision or the Director of the Office of Thrift Supervision, or by a court of competent jurisdiction, in the performance of functions that are transferred by this title 1 and that are in effect on the day before the transfer date, shall continue in effect according to the terms of such orders, resolutions, determinations, agreements, and regulations, interpretative rules, other interpretations, guidelines, procedures, and other advisory materials, and shall be enforceable by or against—
(1)the Board of Governors, in the case of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Board of Governors, until modified, terminated, set aside, or superseded in accordance with applicable law by the Board of Governors, by any court of competent jurisdiction, or by operation of law;
(2)the Office of the Comptroller of the Currency or the Comptroller of the Currency, in the case of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Office of the Comptroller of the Currency or the Comptroller of the Currency, respectively, until modified, terminated, set aside, or superseded in accordance with applicable law by the Office of the Comptroller of the Currency or the Comptroller of the Currency, by any court of competent jurisdiction, or by operation of law; and
(3)the Corporation, in the case of a function of the Office of Thrift Supervision or the Director of the Office of Thrift Supervision transferred to the Corporation, until modified, terminated, set aside, or superseded in accordance with applicable law by the Corporation, by any court of competent jurisdiction, or by operation of law.
(c)Identification of regulations continued
(1)By the Board of Governors
Not later than the transfer date, the Board of Governors shall—
(A)identify the regulations continued under subsection (b) that will be enforced by the Board of Governors; and
(B)publish a list of the regulations identified under subparagraph (A) in the Federal Register.
(2)By Office of the Comptroller of the Currency
Not later than the transfer date, the Office of the Comptroller of the Currency shall—
(A)after consultation with the Corporation, identify the regulations continued under subsection (b) that will be enforced by the Office of the Comptroller of the Currency; and
(B)publish a list of the regulations identified under subparagraph (A) in the Federal Register.
(3)By the Corporation
Not later than the transfer date, the Corporation shall—
(A)after consultation with the Office of the Comptroller of the Currency, identify the regulations continued under subsection (b) that will be enforced by the Corporation; and
(B)publish a list of the regulations identified under subparagraph (A) in the Federal Register.
(d)Status of regulations proposed or not yet effective
(1)Proposed regulations
Any proposed regulation of the Office of Thrift Supervision, which the Office of Thrift Supervision in performing functions transferred by this title,1 has proposed before the transfer date but has not published as a final regulation before such date, shall be deemed to be a proposed regulation of the Office of the Comptroller of the Currency or the Board of Governors, as appropriate, according to the terms of the proposed regulation.
(2)Regulations not yet effective
Any interim or final regulation of the Office of Thrift Supervision, which the Office of Thrift Supervision, in performing functions transferred by this title,1 has published before the transfer date but which has not become effective before that date, shall become effective as a regulation of the Office of the Comptroller of the Currency or the Board of Governors, as appropriate, according to the terms of the interim or final regulation, unless modified, terminated, set aside, or superseded in accordance with applicable law by the Office of the Comptroller of the Currency or the Board of Governors, as appropriate, by any court of competent jurisdiction, or by operation of law.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
This title, referred to in subsecs. (a)(2), (b), and (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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 5414
Title 12, Banks and Banking
Last Updated
Sep 23, 2026
Release point: 119-110