§5582 — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary must pick one calendar date for moving certain consumer financial functions to the new Bureau. The Secretary must decide that date within 60 days after July 21, 2010, after talking with several federal financial regulators and with housing and budget officials, and must announce the chosen date in the Federal Register. The chosen transfer date must fall no sooner than 180 days and no later than 12 months after July 21, 2010. The Secretary may change the date (after consulting the same officials) but must announce any change. If more time is needed, the Secretary can set a date past 12 months only by sending Congress a written finding, an explanation, and a plan; the date cannot be later than 18 months after July 21, 2010.

Title 12, §5582

Banks and Banking — Source: USLM XML via OLRC

(a)Not later than 60 days after July 21, 2010, the Secretary shall—

(1)in consultation with the Chairman of the Board of Governors, the Chairperson of the Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, designate a single calendar date 11 See Definition of Designated Transfer Date note below. for the transfer of functions to the Bureau under section 5581 of this title; and

(2)publish notice of that designated date in the Federal Register.

(b)The Secretary—

(1)may, in consultation with the Chairman of the Board of Governors, the Chairperson of the Federal Deposit Insurance Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, change the date designated under subsection (a); and

(2)shall publish notice of any changed designated date in the Federal Register.

(c)(1)Except as provided in paragraph (2), any date designated under this section shall be not earlier than 180 days, nor later than 12 months, after July 21, 2010.

(2)The Secretary may designate a date that is later than 12 months after July 21, 2010, if the Secretary transmits to appropriate committees of Congress—

(A)a written determination that orderly implementation of this title 22 See References in Text note below. is not feasible before the date that is 12 months after July 21, 2010;

(B)an explanation of why an extension is necessary for the orderly implementation of this title; 2 and

(C)a description of the steps that will be taken to effect an orderly and timely implementation of this title 2 within the extended time period.

(3)In no case may any date designated under this section be later than 18 months after July 21, 2010.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This title, referred to in subsec. (c)(2), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see

Short Title

note set out under section 5301 of this title and Tables.

Statutory Notes and Related Subsidiaries

Definition of Designated Transfer Date Notice of Secretary of the Treasury, Sept. 20, 2010, 75 F.R. 57252, provided that the designated transfer date is July 21, 2011.

§5582 Designated Transfer Date