12 USC 5412 - Powers and duties transferred

U.S Code last checked for updates: Nov 22, 2024

§ 5412.

Powers and duties transferred

(a)

Effective date

(b)

Functions of the Office of Thrift Supervision

(1)

Savings and loan holding company functions transferred

(A)

Transfer of functions

There are transferred to the Board of Governors all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision (including the authority to issue orders) relating to—

(i)

the supervision of—

(I)

any savings and loan holding company; and

(II)

any subsidiary (other than a depository institution) of a savings and loan holding company; and

(ii)

all rulemaking authority of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision relating to savings and loan holding companies.

(B)

Powers, authorities, rights, and duties

(2)

All other functions transferred

(A)

Board of Governors

(B)

Comptroller of the Currency

Except as provided in paragraph (1) and subparagraph (A)—

(i)

there are transferred to the Office of the Comptroller of the Currency and the Comptroller of the Currency—

(I)

all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision, respectively, relating to Federal savings associations; and

(II)

all rulemaking authority of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision, respectively, relating to savings associations; and

(ii)

the Office of the Comptroller of the Currency and the Comptroller of the Currency shall succeed to all powers, authorities, rights, and duties that were vested in the Office of Thrift Supervision and the Director of the Office of Thrift Supervision, respectively, on the day before the transfer date relating to the functions and authority transferred under clause (i).

(C)

Corporation

Except as provided in paragraph (1) and subparagraphs (A) and (B)—

(i)

all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision relating to State savings associations are transferred to the Corporation; and

(ii)

the Corporation shall succeed to all powers, authorities, rights, and duties that were vested in the Office of Thrift Supervision and the Director of the Office of Thrift Supervision on the day before the transfer date relating to the functions transferred under clause (i).

(c)

Omitted

(d)

Consumer protection

(Pub. L. 111–203, title III, § 312, July 21, 2010, 124 Stat. 1521.)

cite as: 12 USC 5412