§5437 Implementation Plan and Reports

Summary

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 within 180 days of July 21, 2010 to the Senate Committee on Banking, Housing, and Urban Affairs, the House Committee on Financial Services, and the Inspectors General for the Treasury Department, the Corporation, and the Board of Governors. The plan must explain how they will put into effect sections 301 through 326 and the changes those sections make. Within 60 days after getting that plan, the three Inspectors General must send a written report to the four agencies and copies to the two congressional committees saying whether the plan follows sections 301–326. The report must cover six areas, including orderly transfer of people, authority, funds, and property; steps to protect Office of Thrift Supervision employees from unfair treatment compared to others; and any extra recommendations. Then, no later than 6 months after the committees receive the Inspectors General’s report, and every 6 months after that until the plan is done, the Inspectors General must send status reports to the agencies and copies to the committees.