usc:us:12:5412

text: U.S.C. Title 12 - BANKS AND BANKING 12 U.S.C. United States Code, 2024 Edition Title 12 - BANKS AND BANKING CHAPTER 53 - WALL STREET REFORM AND CONSUMER PROTECTION SUBCHAPTER III - TRANSFER OF POWERS TO THE COMPTROLLER OF THE CURRENCY, THE CORPORATION, AND THE BOARD OF GOVERNORS Part A - Transfer of Powers and Duties Sec. 5412 - Powers and duties transferred From the U.S. Government Publishing Office, www.gpo.gov §5412. Powers and duties transferred (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. 1 (Pub. L. 111–203, title III, §312, July 21, 2010, 124 Stat. 1521.) Editorial Notes 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. 1 See References in Text note below.