§5435 — Title 12 Banks and Banking | U.S. Code

Summary

For 90 days after the transfer date, the Director of the Office of Thrift Supervision must wrap up the agency’s business that relates to functions moved to other agencies under this law. The Director must manage employees who have not yet been moved and pay their wages and benefits that they earned before they transfer. The Director must also manage any OTS property until it is transferred under section 5433, and may take other actions needed to close out OTS affairs. During those same 90 days, the Director keeps and may use the powers they had the day before the transfer, but only as needed to finish winding up OTS and carry out the transfer. The Director continues to be treated as a U.S. officer and must receive the same annual rate of basic pay they had the day before the transfer date.

Title 12, §5435

Banks and Banking — Source: USLM XML via OLRC

(a)During the 90-day period beginning on the transfer date, the Director of the Office of Thrift Supervision—

(1)shall, solely for the purpose of winding up the affairs of the Office of Thrift Supervision relating to any function transferred to the Office of the Comptroller of the Currency, the Corporation, or the Board of Governors under this title— 11 See References in Text note below.

(A)manage the employees of the Office of Thrift Supervision who have not yet been transferred and provide for the payment of the compensation and benefits of the employees that accrue before the date on which the employees are transferred under this title; 1 and

(B)manage any property of the Office of Thrift Supervision, until the date on which the property is transferred under section 5433 of this title; and

(2)may take any other action necessary to wind up the affairs of the Office of Thrift Supervision.

(b)(1)Notwithstanding the transfer of functions under this part, during the 90-day period beginning on the transfer date, the Director of the Office of Thrift Supervision shall retain and may exercise any authority vested in the Director of the Office of Thrift Supervision on the day before the transfer date, only to the extent necessary—

(A)to wind up the Office of Thrift Supervision; and

(B)to carry out the transfer under this part during such 90-day period.

(2)For purposes of paragraph (1), the Director of the Office of Thrift Supervision shall, during the 90-day period beginning on the transfer date, continue to be—

(A)treated as an officer of the United States; and

(B)entitled to receive compensation at the same annual rate of basic pay that the Director of the Office of Thrift Supervision received on the day before the transfer date.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This title, where footnoted in subsec. (a)(1), 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.

§5435 Disposition of Affairs