12 U.S.C. § 5437: Implementation plan and…

Summary

Within 180 days of July 21, 2010, the Board of Governors, the Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision must together send a plan to the Senate Committee on Banking, Housing, and Urban Affairs, the House Committee on Financial Services, and the Inspectors General of the Department of the Treasury, the Corporation, and the Board of Governors. The plan must explain how they will carry out sections 301 through 326 and the changes those sections make. Within 60 days after the Inspectors General get the plan, they must write a report for the agencies and give copies to both Congressional committees. The report must say if the plan follows sections 301–326 and if it covers key items such as moving staff, fair treatment of Office of Thrift Supervision employees, shifting authority and responsibilities, and transferring funds and property, plus any other recommendations. Then, no later than 6 months after Congress gets that report, the Inspectors General must send status reports every 6 months until the plan is fully carried out.

Title 12, §5437

Banks and Banking, Source: USLM XML via OLRC

(a)Plan submission

Within 180 days of July 21, 2010, the Board of Governors, the Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, shall jointly submit a plan to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, and the Inspectors General of the Department of the Treasury, the Corporation, and the Board of Governors detailing the steps the Board of Governors, the Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision will take to implement the provisions of sections 301 through 326, and the provisions of the amendments made by such sections.

(b)Inspectors General review of the plan

Within 60 days of receiving the plan required under subsection (a), the Inspectors General of the Department of the Treasury, the Corporation, and the Board of Governors shall jointly provide a written report to the Board of Governors, the Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision and shall submit a copy to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives detailing whether the plan conforms with the provisions of sections 301 through 326,1 and the provisions of the amendments made by such sections, including—

(1)whether the plan sufficiently takes into consideration the orderly transfer of personnel;

(2)whether the plan describes procedures and safeguards to ensure that the Office of Thrift Supervision employees are not unfairly disadvantaged relative to employees of the Office of the Comptroller of the Currency and the Corporation;

(3)whether the plan sufficiently takes into consideration the orderly transfer of authority and responsibilities;

(4)whether the plan sufficiently takes into consideration the effective transfer of funds;

(5)whether the plan sufficiently takes in consideration the orderly transfer of property; and

(6)any additional recommendations for an orderly and effective process.

(c)Implementation reports

Not later than 6 months after the date on which the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives receives the report required under subsection (b), and every 6 months thereafter until all aspects of the plan have been implemented, the Inspectors General of the Department of the Treasury, the Corporation, and the Board of Governors shall jointly provide a written report on the status of the implementation of the plan to the Board of Governors, the Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision and shall submit a copy to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Sections 301 through 326, referred to in subsecs. (a) and (b), are sections 301 to 326 of Pub. L. 111–203, which enacted section 4b, 16, and 5401 to 5436 of this title, amended section 1, 11, 248, 481, 482, 1813, and 1820 of this title and section 3502 of Title 44, Public Printing and Documents, and enacted provisions set out as notes under section 1 and 16 of this title.

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.

§5437 Implementation Plan and Reports