§5587 Transition Oversight

Summary

Requires the Bureau to start up in an orderly way, hire and keep qualified staff, and set up training and employee benefits. Each year the Bureau must send a report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services with three plans: a training and workforce plan that shows needed skills, steps taken to meet them, ways to encourage innovation, leadership planning, and employee use of technology; a workforce flexibility plan covering options like telework, flexible schedules, phased retirement, rehiring retired annuitants, part‑time work, job sharing, parental leave and childcare help, domestic partner benefits, and other flexibilities; and a recruitment and retention plan to reach diverse applicants, simplify hiring, notify applicants of status, and track hiring results. The reporting duty ends 5 years after July 21, 2010 (on July 21, 2015). The rules do not change any collective bargaining contracts in effect on July 21, 2010 or employee rights under chapter 71 of title 5. To prepare for taking over exams under section 5515, the Bureau and the relevant prudential regulator may agree to include Bureau examiners, on a sampling basis, in exams done by the regulators before the transfer date.