12-U.S.C.-5412
§5412 – Powers and Duties Transferred
Pathway
Title 12 > Chapter 53 > Subchapter III > Part A > Section 5412
Details
- Reference: Section 5412
- Legend: §5412 – Powers and Duties Transferred
- USCode Year: 2013
Provision Content
(a) Effective date
This section, and the amendments made by this section, shall take effect on the transfer 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
The Board of Governors 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 and authority transferred under subparagraph (A).
(2) All other functions transferred
(A) Board of Governors
All rulemaking authority of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision under section 1468 of this title relating to transactions with affiliates and extensions of credit to executive officers, directors, and principal shareholders and under section 1464(q) of this title relating to tying arrangements is transferred to the 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
Nothing in this section may be construed to limit or otherwise affect the transfer of powers under title X.
(Pub. L. 111–203, title III, §312, July 21, 2010, 124 Stat. 1521.)
References in Text
Title X, referred to in subsec. (d), 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 subchapter V (§5481 et seq.) of this chapter 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.
Codification
Section is comprised of section 312 of Pub. L. 111–203. Subsec. (c) of section 312 of Pub. L. 111–203 amended section 1813 of this title.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-5389 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-5389, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-5383 in the Legal Encyclopedia: Banking Reform
In this entry about 12-U.S.C.-5383, find legal reference material, bibliographies and premiere content related to banking reform in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking reform-specific issues, written by authorities in the field.
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