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Title 12, Banks and BankingRelease 119-102

§5434 Funds Transferred

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 B — Transitional Provisions › § 5434

Last updated Aug 21, 2026|Official source

Summary

On the transfer date, money OTS does not need must be moved to the agencies that took over its work. The Director of OTS, after talking with the Comptroller of the Currency, the Corporation’s Chairperson, and the Board of Governors’ Chairman, must decide on the day before the transfer date which funds are not needed under section 5435 and are available to pay OTS expenses. Money tied to functions moved under section 5412(b)(2)(B) goes to the Office of the Comptroller of the Currency; money tied to section 5412(b)(2)(C) goes to the Corporation; and money tied to section 5412(b)(1)(A) goes to the Board of Governors.

Full Legal Text

Title 12, §5434

Banks and Banking, Source: USLM XML via OLRC

The funds that, on the day before the transfer date, the Director of the Office of Thrift Supervision (in consultation with the Comptroller of the Currency, the Chairperson of the Corporation, and the Chairman of the Board of Governors) determines are not necessary to dispose of the affairs of the Office of Thrift Supervision under section 5435 of this title and are available to the Office of Thrift Supervision to pay the expenses of the Office of Thrift Supervision—
(1)relating to the functions of the Office of Thrift Supervision transferred under section 5412(b)(2)(B) of this title, shall be transferred to the Office of the Comptroller of the Currency on the transfer date;
(2)relating to the functions of the Office of Thrift Supervision transferred under section 5412(b)(2)(C) of this title, shall be transferred to the Corporation on the transfer date; and
(3)relating to the functions of the Office of Thrift Supervision transferred under section 5412(b)(1)(A) of this title, shall be transferred to the Board of Governors on the transfer date.

Legislative History

Notes & Related Subsidiaries

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. § 5434

Title 12, Banks and Banking

Last Updated

Aug 21, 2026

Release point: 119-102