Title 12 — Banks and BankingRelease 119-73not60
§5585 Incidental Transfers
Title 12 › Chapter 53— WALL STREET REFORM AND CONSUMER PROTECTION › Subchapter V— BUREAU OF CONSUMER FINANCIAL PROTECTION › Part F— Transfer of Functions and Personnel; Transitional Provisions › § 5585
Summary
The OMB Director, after talking with the Secretary, must make any extra transfers or hand over assets and debts that are tied to functions moved under this title when needed to carry out the title’s purposes. This authority ends 5 years after July 21, 2010.
Full Legal Text
Title 12, §5585
Banks and Banking — Source: USLM XML via OLRC
(a)The Director of the Office of Management and Budget, in consultation with the Secretary, shall make such additional incidental transfers and dispositions of assets and liabilities held, used, arising from, available, or to be made available, in connection with the functions transferred by this title,11 See References in Text note below. as the Director may determine necessary to accomplish the purposes of this title.1
(b)The authority provided in this section shall terminate 5 years after July 21, 2010.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
This title, referred to in subsec. (a), 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1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sections and notes in the Code.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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 5585
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60