II
111th CONGRESS
1st Session
S. 664
IN THE SENATE OF THE UNITED STATES
March 23, 2009
Ms. Collins introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To create a systemic risk monitor for the financial system of the United States, to oversee financial regulatory activities of the Federal Government, and for other purposes.
Short title; table of contents
Short title
This Act may be cited
as the Financial System Stabilization
and Reform Act of 2009
.
Table of contents
The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
TITLE I—Financial System Regulation
Sec. 101. Definitions.
Subtitle A—Financial Stability Council
Sec. 111. Establishment and structure.
Sec. 112. Duties and authority of the Chairman.
Sec. 113. Duties and authority of the Council.
Sec. 114. Judicial review.
Sec. 115. Civil penalties.
Sec. 116. Precedence of council actions.
Sec. 117. Conflicting provisions terminated.
Sec. 118. Reporting and recordkeeping for positions involving credit-default swaps.
Sec. 119. Federal Reserve Board authority over investment bank holding companies.
Sec. 120. Regulations on clearinghouse operations and fraudulent, deceptive, and manipulative acts.
Subtitle B—Administrative provision
Sec. 151. Annual budget.
Sec. 152. Personnel matters.
Sec. 153. Personnel programs and policies.
Sec. 154. Executive schedule matters.
Sec. 155. Transitional authorities.
Sec. 156. Prohibition on political campaigning.
Sec. 157. Authorization of appropriations.
Sec. 158. Savings provision.
TITLE II—Abolishment and transfer of functions of the Office of Thrift Supervision
Sec. 201. Definitions.
Sec. 202. Transfer of powers of the Director of the Office of Thrift Supervision.
Sec. 203. Abolishment of the Office of Thrift Supervision.
Sec. 204. Transition period.
Sec. 205. Savings provisions.
Sec. 206. Continuation of regulations.
Sec. 207. Transfer of functions, personnel, and property.
Sec. 208. Conforming amendments to the Home Owners' Loan Act.
Sec. 209. Conforming amendments to the Federal Deposit Insurance Act.
Sec. 210. Additional Conforming Amendments.
Sec. 211. Additional conforming references.
Financial System Regulation
Definitions
As used in this title—
the term Council means the Financial Stability Council established under section 111;
the term product or activity that is financial in nature means products and activities listed in paragraph (4) of section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)(4)), other than the activities and products listed in subparagraph (B) of that paragraph (4);
the term financial system means any product or activity that is financial in nature, financial institutions, or financial markets;
the term Federal financial regulator means, individually and collectively, as the context requires—
the Comptroller of the Currency;
the Board of Governors of the Federal Reserve System;
the Federal Deposit Insurance Corporation;
the National Credit Union Administration;
the Securities and Exchange Commission;
the Commodity Futures Trade Commission;
the Treasury;
the Pension Benefit Guarantee Corporation;
the Federal Housing Finance Agency;
any other department or agency or component thereof, designated by the President as a Federal financial regulator; and
any combination of the agencies specified in this paragraph, with respect to any given institution, as otherwise provided by law;
the term Chairman, except as the context otherwise requires, means the Chairman of the Financial Stability Council;
the term Board means the Board of Governors of the Federal Reserve System;
the terms regulation, rule, and regulatory action—
mean an agency statement of general applicability and future effect, or any amendments or modifications thereto, which the Council believes to have the force and effect of law, that is designed to implement, interpret, or prescribe law or policy or to describe the procedure or practice requirements of an agency; and
do not include—
regulations or rules that are limited to agency organization, management, or personnel matters, unless expressly provided otherwise in this title;
any rule, regulation, or order issued by the Board relating to the monetary policy functions of the Board; or
any other category of regulations exempted at the discretion of the Council; and
the term
systemic risk
means the risk that a product or activity that is
financial in nature, or that a default by a financial institution, will produce
failures of, or significant losses to, other financial institutions, resulting
in substantial increases in the cost of capital or substantial decreases in the
availability of capital, or substantial financial market price
volatility.
Financial Stability Council
Establishment and structure
In general
There is established the Financial Stability Council, which shall be an independent establishment, as that term is defined in section 104 of title 5, United States Code.
Chairman
The Council shall be headed by a Chairman, who shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals having expertise in the financial services industry.
Prohibition on dual service
The individual serving in the position of Chairman may not, during such service, also serve as the head of any Federal financial regulator.
Membership
The members of the Council shall be—
the Chairman;
the Secretary of the Treasury;
the Chairman of the Board of Governors of the Federal Reserve System;
the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation;
the Chairman of the National Credit Union Administration;
the Chairman of the Securities and Exchange Commission; and
the Chairman of the Commodity Futures Trading Commission.
Duties and authority of the Chairman
Duties
The Chairman—
shall—
serve as the principal advisor to the President on matters related to oversight, monitoring, and prevention of systemic risk affecting the financial system of the United States;
review all potential rules, regulations, and regulatory actions of the Federal financial regulators (before such rule or regulation is proposed), to determine those which relate to systemic risk affecting the financial system of the United States, and shall therefore be subject to review by the Council under this title;
oversee and direct systemic risk regulatory policy concerning the financial system of the United States, including by identifying any absence in regulatory authority among the Federal financial regulators that may contribute to such risk;
convene meetings of the Council at least quarterly, and more often, as the Chairman determines necessary;
set the agenda for meetings of the Council;
manage and oversee the staff of the Council; and
make recommendations for action by the Council on matters relating to monitoring and preventing systemic risk to the financial system of the United States, and for regulating the financial system of the United States to prevent such risk; and
may review existing rules, regulations, and regulatory actions of the Federal financial regulators and recommend to the Council any revisions or repeals thereof for the purpose of monitoring and preventing systemic risk to the financial system of the United States.
Agency cooperation
In general
The Chairman shall have access to, and may require the production of, any data or information from the Federal financial regulators, as necessary—
to monitor areas of potential systemic risk in the financial system of the United States;
to monitor and coordinate the actions of the Federal financial regulators; or
to carry out any of the provisions of this title.
Submissions by regulators
Any Federal financial regulator in possession of data or information relevant to preventing systemic risk to the financial system of the United States shall provide that information to the Chairman in a timely manner.
Financial Data Collection
If the Chairman determines that it is necessary to carry out any of the provisions of this title, the Chairman may direct a Federal financial regulator, consistent with the authorities of such regulator, to require the production of any data or information from any entity regarding any product or activity that the Chairman determines may be a product or activity that is financial in nature.
Insurance information
To carry out this title, the Chairman may request—
data and information from States regarding the solvency of State regulated insurers and affiliates thereof; and
data and information from such insurers and affiliates regarding any product or activity that the Council determines may be a product or activity that is financial in nature.
Budget recommendations
With respect to budget requests and appropriations for the Federal financial regulators, the Chairman shall, based on economic priorities established by the President, provide to the heads of the Federal financial regulators guidance for developing the budget of each such regulator pertaining to the activities of such regulator that are deemed by the Chairman as relating to or affecting systemic risk to the financial system of the United States.
Reports to the President and to Congress
Not later than 6 months after the date of enactment of this Act, and biannually thereafter, the Chairman shall provide a report to the President and to Congress on—
the state of the financial system of the United States;
areas in which the Chairman anticipates systemic risk to the financial system of the United States; and
areas for which the Council or a Federal financial regulator needs legislative authority to fulfill its mission of preventing such systemic risks.
Consultation with Foreign Governments
Under the direction of the President, and in a manner consistent with section 207 of the Foreign Service Act of 1980 (22 U.S.C. 3927), the Chairman, in consultation with the Council, shall regularly consult with the financial regulatory entities and other appropriate organizations of foreign governments or international organizations on matters relating to systemic risk to the international financial system.
Duties and authority of the Council
In general
The Council shall—
review, and approve or prohibit issuance of, or require modification of, any rule or regulation of any Federal financial regulator identified by the Chairman for such review under section 112;
require each Federal financial regulator to issue or revise its rules and regulations in conformance with the determination of the Council;
review new financial products and services and recommend regulations for such products and services to the appropriate Federal financial regulator; and
direct each Federal financial regulator to impose appropriate solvency requirements, including capital requirements and long-term debt ratios on any financial institution within its jurisdiction, as the Council deems necessary to prevent systemic risk to the financial system of the United States.
Insurance industry authority
The Council may exercise any of the authorities described in subsections (a) and (d) with respect to products and activities that are financial in nature that are carried out by insurers and affiliates thereof, if the Council determines that such products or activities pose a systemic risk to the financial system of the United States.
Other authority
Hearings
The Council may, for the purpose of carrying out this title—
hold such hearings, sit and act at such times and places, take such testimony, receive such evidence, administer such oaths; and
require, by subpoena or otherwise, the production of such books, records, correspondence, memoranda, papers, documents, tapes, and materials as the Council considers advisable.
Issuance and enforcement of subpoenas
Issuance
Subpoenas issued pursuant to paragraph (1) shall bear the signature of the Chairman and shall be served by any person or class of persons designated by the Chairman for that purpose.
Enforcement
In the case of contumacy or failure to obey a subpoena issued under paragraph (1), the subpoena shall be enforceable by order of any appropriate district court of the United States. Any failure to obey the order of the court may be punished by the court as a contempt of that court.
Authority of the council To issue regulations
For any product or activity that is financial in nature and that is not otherwise within the jurisdiction or authority of a Federal financial regulator, the Council may issue and enforce regulations designed to prevent such product or activity from creating systemic risk to the financial system of the United States, in accordance with applicable provisions of title 5, United States Code.
Actions of the Council
All determinations and actions of the Council with respect to its duties and authority under this section shall be subject to a majority vote of a quorum of the Council.
Quorum
Three members of the Council, including the Chairman, shall constitute a quorum for the transaction of business.
Judicial review
Nothing in this title affects any otherwise available judicial review of agency action or creates any right or benefit, substantive or procedural, enforceable at law or equity by a party against the United States, its agencies or instrumentalities, its officers or employees, or any other person.
Civil penalties
In general
Any person who violates this title or fails to comply with a rule, regulation, or order of the Council issued under this title shall be subject to a civil penalty in an amount established by the Council and published under subsection (b). Each such violation or failure shall constitute a separate civil offense.
Publication
The Council shall annually prescribe and publish in the Federal Register a schedule of the maximum authorized civil penalty for any violation of this title or any regulatory action of the Council under this title.
Precedence of council actions
To the extent that any regulatory action of the Council presents a conflict with any regulatory action of a Federal financial regulator, the regulatory action of the Council shall take precedence, except as otherwise expressly provided by law.
Conflicting provisions terminated
Executive Order Number 12631, issued by the President on March 18, 1988, may not be enforced on or after the date of enactment of this Act.
Reporting and recordkeeping for positions involving credit-default swaps
In general
Section 2(h) of the Commodity Exchange Act (7 U.S.C. 2(h)) is amended by adding at the end the following:
Reporting and recordkeeping for positions involving credit-default swaps
Definitions
In this paragraph:
Credit-default swap
The term credit-default swap means a bilateral derivative contract that transfers, in exchange for 1 or more lump-sum or other payments, from 1 party to another, the risk that an entity, regardless of whether owned by the buyer of the protection, may experience a loss of value from a credit event such as a default, credit downgrade, or other contractually agreed-upon adverse event.
Credit-default swap trading clearinghouse
The term credit-default swap trading clearinghouse means an approved centralized clearinghouse for credit-default swap trading that is designated by the Securities and Exchange Commission, in consultation with the Commodity Futures Trading Commission and the Chairman of the Board of Governors of the Federal Reserve System.
Reportable contract
The term reportable contract means a contract, agreement, or transaction involving a credit-default swap, executed through a credit-default swap trading clearinghouse.
Use of credit-default swap trading clearinghouses
Each credit-default swap trading clearinghouse—
shall be subject to regulation by the Commission;
shall be capitalized by participants in the credit-default swap trading clearinghouse at a level that is sufficient to guarantee payment for trading in credit-default swaps; and
may assess participants in the credit-default swap trading clearinghouse in an amount necessary to maintain a default fund for the credit-default swap trading clearinghouse.
Recordkeeping
The Commission, by rule, shall require any person holding, maintaining, or controlling any position in any reportable contract under this paragraph—
to maintain such records as directed by the Commission for a period of 5 years, or longer, if directed by the Commission; and
to provide such records upon request to the Commission, the Department of Justice, the Securities and Exchange Commission, or the Federal Reserve System, as applicable.
Reporting of positions involving credit-default swaps
The Commission shall prescribe rules requiring such regular or continuous reporting of positions in reportable contracts in accordance with such requirements regarding size limits for reportable positions and the form, timing, and manner of filing such reports under this paragraph, as the Commission shall determine.
.
Conforming amendments
Section 4a(e) of the Commodity Exchange Act (7 U.S.C. 6a(e)) is amended—
in the first sentence—
by inserting , by any credit-default
swap trading clearinghouse (as defined in section 2(h)(8)(A)),
after
registered by the Commission
; and
by inserting , credit-default swap
trading clearinghouse,
after derivatives transaction execution
facility
; and
in the second sentence, by inserting
, by any credit-default swap trading clearinghouse (as defined in
section 2(h)(8)(A)),
after registered by the
Commission
.
Federal Reserve Board authority over investment bank holding companies
Regulation by the Board of Governors of the Federal Reserve System
Rulemaking required
Not later than 90 days after the date of enactment of this Act, the Board shall issue final rules to provide for the examination of the safety and soundness of, and the extent of systemic risk to the financial system of the United States posed by, any investment bank holding company organized in or doing business in the United States.
Information from investment bank holding companies
The rules of the Board under this section shall provide for reasonable reporting of information by each investment bank holding company, to the extent necessary to carry out the purposes of this section.
Rule of construction
Nothing in this section shall be construed as negating or preempting the authority of the Securities and Exchange Commission to exercise its authority over broker or dealer operations in accordance with applicable provisions of law.
Exchange of information on systemic risk
The Securities and Exchange Commission, the Commodity Futures Trading Commission, and other appropriate Federal regulatory agencies shall provide to the Board all relevant information, as directed by the Board, on the activities of investment bank holding companies with respect to the prevention of systemic risk to the financial system of the United States posed by such activities.
Enforcement provisions
Any violation of this section or the rules of the Board under this section shall be subject to the enforcement and penalty provisions of the Bank Holding Company Act of 1956, in the same manner and to the same extent as those provisions are applicable to violations of that Act by a bank holding company (as defined in that Act).
Authorization of appropriations
There are authorized to be appropriated to the Board such sums as may be necessary to carry out this section.
Definitions
For purposes of this section, the term investment bank holding company means—
any person other than a natural person that owns or controls one or more brokers or dealers (as those terms are defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c)); and
the associated persons thereof.
Conforming amendments
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended—
in section
6(g)(4)(A)(iv) (15 U.S.C. 78f(g)(4)(A)(iv)), by striking and (k)
and inserting and (i)
;
in section 15(b) (15 U.S.C. 78(o)(b))—
in paragraph
(11)(B)(vi), by striking (h), and (i)
and inserting and
(h)
; and
in paragraph
(12)(B)(vi), by striking (h), and (i)
and inserting and
(h)
;
in section
15A(k)(4)(C) (15 U.S.C. 78o–3(k)(4)(C)), by striking and (k)
and
inserting and (i)
; and
in section 17 (15 U.S.C. 78q)—
by striking subsections (i) and (j); and
by redesignating subsection (k) as subsection (i).
Regulations on clearinghouse operations and fraudulent, deceptive, and manipulative acts
Rulemaking required
Not later than 90 days after the date of enactment of
this Act, the Securities and Exchange Commission (in this section referred to
as the Commission
), in consultation with the Board and the
Commodity Futures Trading Commission, shall issue final rules—
to designate clearinghouses for credit-default swaps; and
to prohibit fraudulent, deceptive, or manipulative acts or practices in connection with credit-default swaps.
Criteria
Rules of the Commission under this section shall require that clearinghouses—
are capitalized by participants to a level adequate to guarantee payments; and
are authorized to assess members for a default fund.
Required use of clearinghouses
Any person that engages in a credit-default swap transaction shall utilize a clearinghouse designated by the Commission for such purpose in accordance with the rules issued under subsection (a).
Administrative provisions
Annual budget
The Chairman shall develop for each fiscal year a consolidated budget proposal for the Council to implement this title, and shall transmit such budget proposal to the President and to Congress.
Personnel matters
Council staff
In general
The Chairman may appoint and terminate such personnel as may be necessary to enable to the Council to perform its duties. The Chairman may establish positions in the excepted service for employees of the Council.
Compensation
The Chairman may fix the compensation of Council personnel without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5, United States Code, relating to classification of positions and General Schedule pay rates, except that the rate of pay for such personnel may not exceed the rate payable for level V of the Executive Schedule under section 5316 of such title.
Other personnel authorities
The Chairman may exercise any personnel authority of any of the Federal financial regulators for the purposes of recruiting, hiring, or retention of Council personnel.
Detail of Government employees
Any Federal Government employee may be detailed to the Council without reimbursement, and such detail shall be without interruption or loss of civil service status or privilege.
Procurement of temporary and intermittent services
The Chairman may procure temporary and intermittent services under section 3109(b) of title 5, United States Code, at rates for individuals that do not exceed the daily equivalent of the annual rate of basic pay prescribed for level V of the Executive Schedule under section 5316 of such title.
Personnel programs and policies
In general
The Chairman shall prescribe, in consultation with the heads of the Federal financial regulators, personnel policies and programs applicable to the Council and the Federal financial regulators that
set standards for education, training, and career development of personnel;
encourage and facilitate the recruitment and retention by the Council and the Federal financial regulators of highly qualified individuals for the effective conduct of their responsibilities; and
the Chairman shall prescribe mechanisms to facilitate the rotation of personnel of the Federal financial regulators through various components and departments of the Federal financial regulators in the course of their careers in order to facilitate the widest possible understanding by such personnel of the variety of financial regulation, methods, users, and capabilities.
Mechanisms authorized
The mechanisms prescribed under subparagraph (A) may include, among others—
the establishment of special occupational categories involving service, over the course of a career, in more than one Federal financial regulator;
the provision of rewards for service in positions undertaking analysis and planning of operations involving 2 or more Federal financial regulators; and
the establishment of requirements for education, training, service, and evaluation for service involving more than one Federal financial regulator.
Executive schedule matters
Section 5312 of title 5, United States Code, is amended by adding at the end the following new item:
Chairman of the Financial Stability Council.
.
Transitional authorities
Upon request of the Chairman, the head of any executive agency may, on a reimbursable basis, provide services or detail personnel to the Chairman or the Council.
Prohibition on political campaigning
The Chairman may not participate in Federal election campaign activities, except that the Chairman is not prohibited by this subsection from making contributions to individual candidates.
Authorization of appropriations
There are authorized to be appropriated to the Council, such sums as may be necessary to carry out this title, to remain available until expended.
Savings provision
Nothing in this title shall be construed to invalidate, impair, or supersede any law enacted by any State for the purpose of regulating the business of insurance, or which imposes a fee or tax upon such business.
Abolishment and transfer of functions of the Office of Thrift Supervision
Definitions
In this title—
the term Comptroller means the Comptroller of the Currency;
the term Director means the Director of the Office of Thrift Supervision;
the term Office (other than as used in connection with the Office of the Comptroller of the Currency) means the Office of Thrift Supervision; and
the term transition period means the 180-day period described in section 204(a).
Transfer of powers of the Director of the Office of Thrift Supervision
The Comptroller shall have all powers that were vested in the Director on the day before the effective date under section 203.
Abolishment of the Office of Thrift Supervision
Effective at the end of the transition period, the Office established under section 3 of the Home Owners' Loan Act (12 U.S.C. 1462a) and the position of Director are abolished.
Transition period
Disposition of affairs
During the 180-day period beginning on the date of enactment of this Act, the Director—
shall, solely for the purpose of winding up the affairs of the Office—
manage the employees of the Office and provide for the payment of compensation and benefits of any such employees that accrue before the effective date of the transfer of such employee under section 207; and
manage any property of the Office until such property is transferred under section 207; and
may take any other action necessary for the purpose of winding up the affairs of the Office.
Authority and status of Director
In general
Notwithstanding the abolishment of the Office under section 203, the Director shall have any authority vested in the Director before the effective date of such abolishment that is necessary for the Director to carry out the requirements of this section during the transition period.
Other provisions
For purposes of paragraph (1), the Director shall continue to be—
treated as an officer of the United States during the transition period; and
entitled to compensation at the annual rate of basic pay payable for level III of the Executive Schedule.
Status of employees before transfer
Employees of Office
Any employee of the Office shall be treated as an employee of the Office of the Comptroller of the Currency on and after the effective date under section 203.
Rule of construction
The abolishment of the Office under section 203 shall not be construed as affecting the status of any employee of the Office as an employee of an agency of the United States for purposes of any other provision of law in effect before the effective date of the transfer of any such employee under section 207.
Continuation of services
In general
The Comptroller may use the services of employees and other personnel and the property of the Office, on a reimbursable basis, to perform functions which have been transferred to the Office of the Comptroller of the Currency for such time as is reasonable to facilitate the orderly transfer of functions under any provision of this title.
Agency services
Any agency, department, or other instrumentality of the United States (including any Federal home loan bank), and any successor to any such agency, department, or instrumentality, which was providing supporting services to the Office before the date of enactment of this Act in connection with functions that are transferred to the Office the Comptroller of the Currency shall—
continue to provide such services, on a reimbursable basis, until the transfer of such functions is complete; and
consult with any such agency to coordinate and facilitate a prompt and reasonable transition.
Savings provisions
Existing rights, duties, and obligations not affected
The abolishment of the Office under this title shall not affect the validity of any right, duty, or obligation of the United States, the Office, or any other person, that existed on the day before the date of enactment of this Act.
Continuation of suits
No action or other proceeding commenced by or against the Office, or any Federal home loan bank with respect to any function of the Office that was delegated to employees of such bank, shall abate by reason of the enactment of this title, except that the appropriate successor to the interests of the Office shall be substituted for the Office or the Federal home loan bank as a party to any such action or proceeding.
Continuation of regulations
Continuation of orders, resolutions, determinations, and regulations
All orders, resolutions, determinations, and regulations, which have been issued, made, prescribed, or allowed to become effective by the Director, or by a court of competent jurisdiction, in the performance of functions which are transferred by this title and are in effect on the effective date under section 203, shall continue in effect according to the terms of such orders, resolutions, determinations, and regulations and shall be enforceable by or against the Comptroller until modified, terminated, set aside, or superseded in accordance with applicable law by the Comptroller by any court of competent jurisdiction, or by operation of law.
Treatment of references in adjustable rate mortgage instruments
In general
For purposes of adjustable rate mortgage instruments that are in effect as of the date of enactment of this Act, any reference in the instrument to the Office of Thrift Supervision before such date shall be treated as a reference to the Office of the Comptroller of the Currency, as appropriate on the basis of the transfer of functions under this title, unless the context of the reference requires otherwise.
Substitution for indexes
If any index used to calculate the applicable interest rate on any adjustable rate mortgage instrument is no longer calculated and made available as a direct or indirect result of the enactment of this title, any index made available by the Comptroller or determined by the Comptroller to be substantially similar to the index that is no longer calculated or made available may be substituted by the holder of any such adjustable rate mortgage instrument upon notice to the borrower.
Agency action required to provide continued availability of indexes
Promptly after the date of enactment of this Act, the Comptroller shall take such action as may be necessary to assure that the indexes prepared by the Office immediately prior to the date of enactment of this Act and used to calculate the interest rate on adjustable rate mortgage instruments continue to be available.
Requirements relating to substitute indexes
If any agency can no longer make available an index, an index that is substantially similar to such index may be substituted for such index, if the Comptroller determines, after notice and opportunity for comment, that—
the new index is based upon data substantially similar to that of the original index; and
the substitution of the new index will result in an interest rate substantially similar to the rate in effect at the time the original index became unavailable.
Transfer of functions, personnel, and property
Determination of transferred functions and employees
All ots employees shall be transferred
All employees of the Office shall be transferred to the Office of the Comptroller of the Currency.
Functions and employees transferred
In general
During the transition period, the Comptroller and the Director shall jointly determine the functions or activities of the Office and the number of employees necessary to perform or support each such function or activity transferred from the Office to the Office of the Comptroller of the Currency under this title.
Allocation of employees
The Comptroller shall allocate the employees of the Office consistent with the number determined under subparagraph (A) in a manner which the Comptroller, in the sole discretion of the Comptroller, determines is equitable, except that, within work units, the preferences of individual employees shall be accommodated as far as possible.
Rights of employees of OTS
In general
All employees identified for transfer under subsection (a) shall—
be transferred to the Office of the Comptroller of the Currency for employment no later than the end of the transition period, and such transfer shall be deemed a transfer of function for purposes of section 3503 of title 5, United States Code;
be guaranteed a position with the same status, tenure, grade, and pay as that held on the day immediately preceding the transfer; and each such employee holding a permanent position shall not be involuntarily separated or reduced in grade or compensation for 1 year after the date of transfer, except for cause or, if the employee is a temporary employee, separated in accordance with the terms of the appointment; and
in the case of employees occupying positions in the excepted service or the Senior Executive Service, continue to be subject to any appointment authority established under law or regulations of the Office of Personnel Management for filling such positions, except that the Office of the Comptroller of the Currency may decline a transfer of authority (and the employees appointed pursuant thereto) to the extent that such authority relates to positions excepted from the competitive service because of their confidential, policy-making, policy-determining, or policy-advocating character, and noncareer positions in the Senior Executive Service (within the meaning of section 3132(a)(7) of title 5, United States Code).
Major reorganization
If the Office of the Comptroller of the Currency
determines, after the end of the 1-year period beginning on the date that the
transfer of functions to the Office of the Comptroller of the Currency is
complete, that a reorganization of the combined work force is required, that
reorganization shall be deemed a major reorganization
for
purposes of affording affected employees retirement under section 8336(d)(2) or
8414(b)(1)(B) of title 5, United States Code.
Benefit programs
In general
Any employee accepting employment with the Office of the Comptroller of the Currency as a result of a transfer under this section may retain for 1 year beginning on the date on which such transfer occurs membership in any employee benefit program of the Office of Thrift Supervision, including insurance, to which such employee belongs on the date of enactment of this Act if the employee does not elect to give up the benefit or membership in the program and the benefit or program is continued by the Comptroller.
Cost differential
The difference in the costs between the benefits which would have been provided by such agency or entity and those provided by this subsection shall be paid by the Comptroller. If any employee elects to give up membership in a health insurance program or the health insurance program is not continued by the Comptroller, the employee shall be permitted to select an alternate Federal health insurance program within 30 days of such election or notice, without regard to any other regularly scheduled open season.
Senior executive service employees
A transferring employee in the Senior Executive Service shall be placed in a comparable position at the Office of the Comptroller of the Currency.
Notice of assignments
Transferring employees shall receive notice of their position assignments not later than 120 days after the effective date of their transfer.
Control of property and facilities
Not later than the end of the transition period, the Comptroller shall take control of all property of the Office used to perform functions and activities of the Office.
Conforming amendments to the Home Owners' Loan Act
Short title and table of contents
Section 1 of the Home Owners' Loan Act (12 U.S.C. 1461) is amended in the table of contents by striking the item relating to section 3 and inserting the following:
Sec. 3. Powers of the Comptroller relating to savings associations.
.
Definitions
Section 2 of the Home Owners' Loan Act (12 U.S.C. 1462) is amended—
by amending paragraph (1) to read as follows:
Comptroller
The
term Comptroller
means the Comptroller of the
Currency.
; and
in paragraph (3),
by striking Thrift Supervision
and inserting the
Comptroller of the Currency
.
Director of the Office of Thrift Supervision
Section 3 of the Home Owners' Loan Act (12 U.S.C. 1462a) is amended to read as follows:
Powers of the Comptroller relating to savings associations
Powers of the Comptroller
The Comptroller shall have all powers that were vested in the Director of the Office of Thrift Supervision on the day before the date of enactment of the Financial Regulatory Oversight Act of 2009.
Regulations
The Comptroller may prescribe such regulations and issue such orders as the Comptroller determines are necessary for carrying out this Act.
Autonomy of director
The Secretary of the Treasury may not intervene in any matter or proceeding before the Comptroller (including agency enforcement actions) relating to this Act, unless otherwise specifically provided by law.
Banking agency rulemaking
The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller under this Act.
State homestead provisions
No provision of this Act shall be construed as superseding any homestead provision of any State constitution, including any implementing State statute, in effect on the date of enactment of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, or any subsequent amendment to such a State constitutional or statutory provision in effect on such date, that exempts the homestead of any person from foreclosure, or forced sale, for the payment of all debts, other than a purchase money obligation relating to the homestead, taxes due on the homestead, or an obligation arising from work and material used in constructing improvements on the homestead.
.
Funding through assessments
The compensation of employees of the Office, and any other expenses thereof, may be paid from assessments levied under the Home Owners' Loan Act.
Supervision of savings associations
Section 4 of the Home Owners' Loan Act (12 U.S.C. 1463) is amended—
by striking
Director
each place that term appears and inserting
Comptroller
;
in subsection (a)—
by striking paragraph (2); and
by redesignating paragraph (3) as paragraph (2); and
in subsection
(c), by striking of the Currency
.
Federal savings associations
Section 5 of the Home Owners' Loan Act (12 U.S.C. 1464) is amended—
by striking
Director
each place that term appears and inserting
Comptroller
;
by striking
Director's
each place that term appears and inserting
Comptroller's
;
in subsection
(d)(1)(A), by inserting (with respect to insured savings
associations)
after Insurance Act
;
in subsection
(d)(2)(A), by striking Director of the Office of Thrift
Supervision
and inserting Comptroller
; and
in subsection (t)—
in paragraph
(5)(D)(vii), by striking
and inserting
Director
;Comptroller
in paragraph (9),
by striking of the Currency
each place that term appears;
and
in paragraph (10)—
in
the paragraph heading, by striking comptroller's
and inserting
national
bank
; and
in
subparagraph (A), by striking of the Currency
.
District associations
Section 8 of the Home Owners' Loan Act (15 U.S.C.
1466a) is amended by striking Director
each place that term
appears and inserting Comptroller
.
Examination fees
Section 9 of the Home Owners' Loan Act (15 U.S.C. 1467) is amended—
by striking
Director
each place that term appears and inserting
Comptroller
; and
in subsection
(m), by striking the Office
and inserting the Comptroller
in carrying out this Act
.
Regulation of holding companies
Section 10 of the Home Owners' Loan Act (15
U.S.C. 1467a) is amended by striking Director
each place that
term appears and inserting Comptroller
.
Transactions with affiliates
Section 11 of the Home Owners' Loan Act (15
U.S.C. 1468) is amended by striking Director
each place that
term appears and inserting Comptroller
.
Advertising
Section
12 of the Home Owners' Loan Act (15 U.S.C. 1468a) is amended by striking
Director
and inserting Comptroller for purposes of this
Act.
.
Powers of Examiners
Section 13 of the Home Owners' Loan Act (15 U.S.C.
1468b) is amended by striking Director
and inserting
Comptroller
.
Conforming amendments to the Federal Deposit Insurance Act
The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended—
in section 2 (12 U.S.C. 1812)—
in subsection (a)—
in paragraph (1)—
in subparagraph (A), by adding
and
at the end;
by striking subparagraph (B); and
in subparagraph
(C), by striking 3
and inserting 2
; and
in paragraph
(2), by striking 3
and inserting 2
;
in subsection (d)(2), by striking—
or the office of Director of the
Office of Thrift Supervision
;
or such
Director
; and
or the
acting Director of the Office of Thrift Supervision, as the case may
be,
and
in subsection (f), by striking or of
the Office of Thrift Supervision
;
in section 3 (12 U.S.C. 1813)—
in subsection (b)(1)(C), by striking
Director of the Office of Thrift Supervision
and inserting
Comptroller of the Currency
;
in subsection (l)(5), by striking ,
Director of the Office of Thrift Supervision,
;
in subsection (q)—
in paragraph (1), by striking or any
Federal branch or agency of a foreign bank
and inserting , any
Federal branch or agency of a foreign bank, any savings association, or any
savings and loan holding company
;
in paragraph (3), by striking ;
and
and inserting a period; and
by striking paragraph (4); and
in subsection
(z), by striking the Director of the Office of Thrift
Supervision,
;
in section 7 (12 U.S.C. 1817)—
in subsection (a)—
in paragraph
(2)(A), by striking the Director of the Office of Thrift
Supervision,
each place that term appears;
in paragraph (2)(B)—
by inserting
and
after Currency,
; and
by striking
and the Director of the Office of Thrift Supervision,
;
in paragraph (3)—
by inserting
and
after Currency,
; and
by striking
, and the Director of the Office of Thrift Supervision
;
and
in paragraph
(7), by striking , the Director of the Office of Thrift
Supervision,
;
in subsection (n)—
by striking
Director of the Office of Thrift Supervision
each place that
term appears and inserting Comptroller of the Currency
;
and
by striking
Director
each place that term appears and inserting
Comptroller of the Currency
;
in section 8 (12 U.S.C. 1818)—
in the matter following subsection (a)(8)(B)(ii)(IV)—
by striking
Director of the Office of Thrift Supervision
each place that
term appears and inserting Comptroller of the Currency
;
and
by striking
Federal Savings and Loan Insurance Corporation or the Federal Home Loan
Bank Board
and inserting Office of Thrift
Supervision
;
in subsection
(o), by striking Director of the Office of Thrift Supervision
and inserting Comptroller of the Currency
; and
in subsection
(w), by striking Office of Thrift Supervision
and inserting
Comptroller of the Currency
;
in section 10(k)(5)(B) (12 U.S.C. 1820(k)(5)(B))—
in clause (ii),
by adding and
at the end;
in clause (iii),
by striking ; and
and inserting a period; and
by striking clause (iv);
in section 11 (12 U.S.C. 1821)—
in subsection
(c)(6), by striking Director of the Office of Thrift Supervision
each place that term appears and inserting Comptroller of the
Currency
;
in subsection (d)—
in paragraph
(17)(A), by striking or the Director of the Office of Thrift
Supervision
; and
in paragraph
(18)(b), by striking or the Director of the Office of Thrift
Supervision
;
in subsection (m)—
in paragraph (9),
by striking or the Director of the Office of Thrift Supervision, as
appropriate
;
in paragraph
(16), by striking or the Director of the Office of Thrift Supervision,
as appropriate,
each place that term appears; and
in paragraph
(18), by striking or the Director of the Office of Thrift Supervision,
as appropriate,
each place that term appears; and
in subsection (n)—
in paragraph
(1)(A), by striking , or the Director of the Office of Thrift
Supervision, with respect to
and inserting or
;
in paragraph
(2)(A), by striking or the Director of the Office of Thrift
Supervision
;
in paragraph
(4)(G), by striking and the Director of the Office of Thrift
Supervision, as appropriate,
; and
in paragraph
(12)(B), by striking or the Director of the Office of Thrift
Supervision, as appropriate,
each place that term appears;
in section
13(k)(1)(A)(iv) (12 U.S.C. 1823(k)(1)(A)(iv)), by striking Director of
the Office of Thrift Supervision
and inserting Comptroller of
the Currency
;
in section 18 (12 U.S.C. 1828)—
in subsection (c)(2)—
in subparagraph
(A), by striking bank is to be a national bank
and inserting
institution is to be a national bank or savings
association
;
in subparagraph (B)—
by striking
Director of the Office of Thrift Supervision
and inserting
Comptroller of the Currency
; and
by adding
and
at the end;
in subparagraph
(C), by striking ; and
and inserting a period; and
by striking subparagraph (D);
in subsection
(g)(1), by striking Director of the Office of Thrift Supervision
and inserting Comptroller of the Currency
;
in subsection
(i)(2)(C), by striking Director of the Office of Thrift
Supervision
and inserting Comptroller of the Currency
;
and
in subsection (m)—
by striking
Director of the Office of Thrift Supervision
each place that
term appears and inserting Comptroller of the Currency
;
in the matter
following paragraph (2)(B)(ii), by striking Director
and
inserting Comptroller of the Currency
; and
by amending paragraph (3)(B) to read as follows:
Authority of Comptroller
The section does not limit the authority of the Comptroller of the Currency to issue regulations to promote safety and soundness or to enforce compliance with other applicable laws.
;
in section 19(e) (12 U.S.C. 1829)—
by striking
Director of the Office of Thrift Supervision
each place that
term appears and inserting Comptroller of the Currency
;
and
in the heading of
paragraph (2), by striking Director
and inserting
Comptroller
;
in section 28 (12 U.S.C. 1831e)—
in subsection
(e), by striking Director of the Office of Thrift Supervision
each place that term appears and inserting Comptroller of the
Currency
; and
in subsection
(h), by striking Director of the Office of Thrift Supervision
and inserting Comptroller of the Currency
; and
in section 33(e)
(12 U.S.C. 1831j(e)), by striking the Comptroller of the Currency, and
the Director of the Office of Thrift Supervision
and inserting
and the Comptroller of the Currency
.
Additional Conforming Amendments
Title 5
Title 5, United States Code, is amended—
in section
3132(a)(1)(D), by striking , the Office of Thrift Supervision,
;
and
in section 5314,
by striking Director of the Office of Thrift
Supervision.
.
Title 10
Section 987(h)(3) of title 10, United States Code, is amended by striking subparagraph (E).
Revised Statutes
Section 324 of the Revised Statutes of the United States (12 U.S.C. 1) is amended by striking the second sentence.
Federal Reserve Act
The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended—
in section
11(a)(2)(B)(iii) (12 U.S.C. 248(a)(2)(B)(iii)), by striking Director of
the Office of Thrift Supervision
and inserting Comptroller of
the Currency
; and
in section 19(b)(12 U.S.C. 461(b))—
in paragraph
(1)(F), by striking Director of the Office of Thrift Supervision
and inserting Comptroller of the Currency
; and
in paragraph
(4)(B), by striking Director of the Office of Thrift Supervision
and inserting Comptroller of the Currency
.
Public Law 93–495
Section 111 of Public Law 93–495 (12 U.S.C. 250) is
amended by striking the Director of the Office of Thrift
Supervision,
.
Economic Growth and Regulatory Paperwork Reduction Act of 1996
Section 2227(a)(1)
of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12
U.S.C. 252(a)(1)) is amended by striking the Director of the Office of
Thrift Supervision,
.
Federal Deposit Insurance Corporation Improvement Act of 1991
Section 306(m)(2)
of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C.
375b note) is amended by striking Director of the Office of Thrift
Supervision
and inserting Comptroller of the
Currency
.
Federal Home Loan Bank Act
The Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amended—
in section
10(h)(1) (12 U.S.C. 1430(h)(1)), by striking Director of the Office of
Thrift Supervision
and inserting Comptroller of the
Currency
;
in section 18(c)
(12 U.S.C. 1438(c)), by striking Director of the Office of Thrift
Supervision
each place that term appears and inserting
Comptroller of the Currency
;
in section 21A (12 U.S.C. 1441a)—
by striking
Director of the Office of Thrift Supervision
each place that
term appears and inserting Comptroller of the Currency
;
and
in subsection
(k)(9) by striking Director
and inserting
Comptroller
; and
in section 22 (12
U.S.C. 1442), by striking Director of the Office of Thrift
Supervision
each place that term appears and inserting
Comptroller of the Currency
.
Housing Act of 1948
Section 502 of the Housing Act of 1948 (12 U.S.C. 1701c) is amended—
by striking
Director of the Office of Thrift Supervision
each place that
term appears and inserting Comptroller of the Currency
;
and
by striking
Federal Home Loan Bank Board
and inserting Comptroller of
the Currency
.
National Housing Act
Section 202(e)(8) of the National Housing Act (12
U.S.C. 1708(e)(8)) is amended by striking Director of the Office of
Thrift Supervision
and inserting Comptroller of the
Currency
.
Federal Credit Union Act
Section 205(b)(2)(G) of the Federal Credit Union Act
(12 U.S.C. 1785(b)(2)(G)) is amended by striking the Office of Thrift
Supervision and
.
Bank Holding Company Act of 1956
The Bank Holding Company Act of 1956 is amended—
in section 2(j)(3) (12 U.S.C. 1841(j)(3)),
by striking Director of the Office of Thrift Supervision
and
inserting Comptroller of the Currency
; and
in section 4(i) (12 U.S.C. 1843(i))—
by striking
Director
each place that term appears and inserting
Comptroller
; and
by amending paragraph (7) to read as follows:
Comptroller defined
For purposes of this subsection, the term
Comptroller
means the Comptroller of the
Currency.
.
FEGLI Living Benefits Act
Section 5 of the FEGLI Living Benefits Act (5 U.S.C. 8701 note) is amended—
by striking
or the Office of Thrift Supervision
each place it appears;
and
in subsection
(c), by striking and the Office of Thrift Supervision
.
Resolution Trust Corporation Funding Act of 1991
Section 102(c)(1)(B) of the
Resolution Trust Corporation Funding Act of 1991 (12 U.S.C. 1441a note) is
amended by striking the Director of the Office of Thrift Supervision
with respect to reports to be filed by such Office,
and inserting
the Comptroller of the Currency with respect to reports to be filed by
the Office of the Comptroller of the Currency
.
Gramm-Leach-Bliley Act
The Gramm-Leach-Bliley Act is amended—
in section 132
(12 U.S.C. 1828b), by striking the Director of the Office of Thrift
Supervision,
;
in section 505(a)(1) (15 U.S.C. 6805(a)(1))—
in subparagraph
(A), by inserting savings associations, the deposits of which are
insured by the Federal Deposit Insurance Corporation,
before
national banks
;
in subparagraph
(B), by adding and
at the end;
in subparagraph
(C), by striking ; and
and inserting a period; and
by striking subparagraph (D);
in section 509(2) (15 U.S.C. 6809(2))—
by striking subparagraph (D); and
by redesignating subparagraphs (E) and (F) as subparagraphs (D) and (E), respectively; and
in section 522(b)(1)(A) (15 U.S.C. 6822(b)(1)(A))—
in clause (i), by
inserting savings associations, the deposits of which are insured by the
Federal Deposit Insurance Corporation,
before national
banks
;
in clause (ii),
by adding and
at the end; and
by striking clause (iv).
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 is amended—
in section
1121(6) (12 U.S.C. 3350(6)), by striking the Office of Thrift
Supervision,
;
in section
1206(a) (12 U.S.C. 1833b(a)), by striking the Farm Credit
Administration, and the Office of Thrift Supervision
and inserting
and the Farm Credit Administration
; and
in section 1216 (12 U.S.C. 1833e)—
in subsection (a)—
by striking paragraph (2); and
by redesignating paragraphs (3) through (6) as paragraphs (2) through (5), respectively; and
in subsection
(c), by striking the Director of the Office of Thrift
Supervision,
.
Bank Service Company Act
Section 1(b)(4)
of the Bank Service Company Act (12 U.S.C. 1861(b)(4)) is amended by striking
Director of the Office of Thrift Supervision
and inserting
Comptroller of the Currency
.
Bank Protection Act of 1968
Section 2 of the Bank Protection Act of 1968 (12 U.S.C. 1881) is amended—
by striking
The
each place that term appears and inserting
the
;
in paragraph (1),
by inserting and Federal savings associations
after
banks
;
in paragraph (2),
by adding and
at the end;
in paragraph (3),
by striking and
at the end and inserting a period; and
by striking paragraph (4).
Real Estate settlement Procedures Act of 1974
Section 4(a) of the Real Estate
Settlement Procedures Act of 1974 (12 U.S.C. 2603(a)) is amended by striking
Director of the Office of Thrift Supervision
and inserting
Comptroller of the Currency
.
Home Mortgage Disclosure Act of 1975
The Home Mortgage Disclosure Act of 1975 is amended—
in section 304(h) (12 U.S.C. 2803(h))—
in paragraph (1),
by striking and Federal branches and Federal agencies of foreign
banks
and inserting , Federal branches and Federal agencies of
foreign banks, and savings associations
;
by striking paragraph (2); and
by redesignating paragraphs (3) through (5) as paragraphs (2) through (4), respectively;
in section 305(b) (12 U.S.C. 2804(b))—
in paragraph (1),
by striking and Federal branches and Federal agencies of foreign
banks
and inserting Federal branches and Federal agencies of
foreign banks, and savings associations the deposits of which are insured by
the Federal Deposit Insurance Corporation
;
by striking paragraph (2); and
by redesignating paragraphs (3) and (4) as paragraphs (2) and (3);
in section
306(b)(2) (12 U.S.C. 2805(b)(2)), by striking Director of the Office of
Thrift Supervision
and inserting Comptroller of the
Currency
; and
in section 307 (12 U.S.C. 2806)—
in subsection
(a)(1), by striking the Comptroller of the Currency,
; and
by striking
Director of the Office of Thrift Supervision
each place that
term appears and inserting Comptroller of the Currency
.
Community Reinvestment Act of 1977
Section 803(1) of the Community Reinvestment Act of 1977 (12 U.S.C. 2902(1)) is amended—
in subparagraph
(A), by inserting , savings associations (the deposits of which are
insured by the Federal Deposit Insurance Corporation) and savings and loan
holding companies
after banks
;
in subparagraph
(B), by adding and
at the end;
in subparagraph
(C), by striking and
at the end; and
by striking paragraph (2) (as so designated by section 744(q) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (103 Stat. 440)).
International Banking Act of 1978
Section 15 of the International Banking Act of 1978 (12 U.S.C. 3109) is amended—
in each of
subsections (a) and (b), by striking Federal Deposit Insurance
Corporation, and Director of the Office of Thrift Supervision
each
place that term appears and inserting and Federal Deposit Insurance
Corporation
; and
in subsection
(c)(4), by striking the Federal Deposit Insurance Corporation, and the
Director of the Office of Thrift Supervision
and inserting and
the Federal Deposit Insurance Corporation
.
Depository Institution Management Interlocks Act
The Depository Institution Management Interlocks Act (12 U.S.C. 3201 et seq.) is amended—
in section 205(9)
(12 U.S.C. 3204(9)), by striking Director of the Office of Thrift
Supervision
and inserting Comptroller of the
Currency
;
in section 207 (12 U.S.C. 3206)—
in paragraph (1),
by inserting , savings associations (the deposits of which are insured
by the Federal Deposit Insurance Corporation), and savings and loan holding
companies
after banks
;
by striking paragraph (4);
in paragraph (6),
by striking (5)
and inserting (4)
; and
by redesignating paragraphs (5) and (6) as paragraphs (4) and (5), respectively; and
in section 209 (12 U.S.C. 3207)—
in paragraph (1),
by inserting after banks
the following: , institutions,
the accounts of which are insured by the Federal Deposit Insurance Corporation,
and savings and loan holding companies
;
in paragraph (3),
by adding and
at the end;
by striking paragraph (4); and
by redesignating paragraph (5) as paragraph (4).
Federal Financial Institutions Examination Council Act of 1978
The Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended—
in section 1003
(12 U.S.C. 3302), by striking the Office of Thrift Supervision,
;
and
in section 1004 (12 U.S.C. 3303)—
by striking paragraph (4); and
by redesignating paragraphs (5) and (6) as paragraphs (4) and (5), respectively.
Right to Financial Privacy Act of 1978
Section 1101(7) of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3401(7)) is amended—
by striking subparagraph (B); and
by redesignating subparagraphs (C) through (I) as subparagraphs (B) through (H), respectively.
Alternative Mortgage Transaction Parity Act of 1982
Section 804(a)(3) of the Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. 3803(a)(3)) is amended—
by striking
Director of the Office of Thrift Supervision
and inserting
Comptroller of the Currency
; and
by striking
Federal Home Loan Bank Board
and inserting Office of the
Comptroller of the Currency
.
International Lending Supervision Act of 1983
Section 912 of the International Lending Supervision Act of 1983 (12 U.S.C. 3911) is amended to read as follows:
Equal representation for Federal Deposit Insurance Corporation
As one of the 3 Federal bank regulatory and supervisory agencies, and as the insurer of the United States banks involved in international lending, the Federal Deposit Insurance Corporation shall be given equal representation with the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency on the Committee on Banking Regulations and Supervisory Practices of the Group of Ten Countries and Switzerland.
.
Expedited Funds Availability Act
Section 610(a) of the Expedited Funds Availability Act (12 U.S.C. 4009(a)) is amended—
in paragraph (1)—
in subparagraph
(A), by inserting before national banks
the following:
savings associations, the deposits of which are insured by the Federal
Deposit Insurance Corporation,
; and
in subparagraph
(C), by adding and
at the end;
by striking paragraph (2); and
by redesignating paragraph (3) as paragraph (2).
Truth in Savings Act
Section 270(a)(1)(C) of the Truth in Savings Act (12
U.S.C. 4309(a)(1)(C)) is amended by striking Director of the Office of
Thrift Supervision
and inserting Comptroller of the
Currency
.
Federal Housing Enterprises Financial Safety and Soundness Act of 1992
The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 is amended—
in section
1315(b) (12 U.S.C. 4515(b)), by striking the Federal Deposit Insurance
Corporation, and the Office of Thrift Supervision
and inserting
and the Federal Deposit Insurance Corporation
; and
in section 1317
(12 U.S.C. 4517) by striking the Federal Deposit Insurance Corporation,
or the Director of the Office of Thrift Supervision
and inserting
or the Federal Deposit Insurance Corporation
.
Community Development Banking and Financial Institutions Act of 1994
Section 117(e) of the Community Development Banking and
Financial Institutions Act of 1994 (12 U.S.C. 4716(e)) is amended by striking
the Director of the Office of Thrift Supervision,
.
Homeowners Protection Act of 1998
Section 10(a)(1)(C) of the Homeowners
Protection Act of 1998 (12 U.S.C. 4909(a)(1)(C)) is amended by striking
Director of the Office of Thrift Supervision
and inserting
Comptroller of the Currency
.
Secure and Fair Enforcement for Mortgage Licensing Act of 2008
Section
1503(1) of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008
(12 U.S.C. 5102(1)) is amended by striking the Director of the Office of
Thrift Supervision,
.
Emergency Economic Stabilization Act of 2008
Section 101(b) of the
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(b)) is amended by
striking the Director of the Office of Thrift
Supervision,
.
Securities Exchange Act of 1934
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended—
in section 3(a)(34) (15 U.S.C. 78c(a)(34))—
in subparagraph (A)—
in clause (i), by
striking or a subsidiary or a department or division of any such
bank
and inserting a subsidiary or a department or division of
any such bank, a savings association (as defined in section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813(b))), the deposits of which are insured
by the Federal Deposit Insurance Corporation, a subsidiary or a department or
division of any such savings association, or a savings and loan holding
company
;
in clause (iii),
by adding and
at the end;
by striking clause (iv); and
by redesignating clause (v) as clause (iv);
in subparagraph (B)—
in clause (i), by
striking or a subsidiary or a department or division of any such
bank
and inserting a subsidiary or a department or division of
any such bank, a savings association (as defined in section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813(b))), the deposits of which are insured
by the Federal Deposit Insurance Corporation, a subsidiary or a department or
division of any such savings association, or a savings and loan holding
company
;
in clause (iii),
by adding and
at the end;
by striking clause (iv); and
by redesignating clause (v) as clause (iv);
in subparagraph (C)—
in clause (i), by
inserting , a savings association (as defined in section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813(b))), the deposits of which are
insured by the Federal Deposit Insurance Corporation, a savings and loan
holding company, or a subsidiary of a savings and loan holding company
after national bank
;
in clause (iii),
by adding and
at the end;
by striking clause (iv); and
by redesignating clause (v) as clause (iv);
in subparagraph (D)—
in clause (i), by
inserting or savings association (as defined in section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813(b))), the deposits of which are
insured by the Federal Deposit Insurance Corporation
after
national bank
;
in clause (ii),
by adding and
at the end;
by striking clause (iii); and
by redesignating clause (iv) as clause (iii);
in subparagraph (F)—
in clause (i), by
inserting or savings association (as defined in section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813(b))), the deposits of which are
insured by the Federal Deposit Insurance Corporation
after
national bank
;
by striking clause (ii); and
by redesignating clauses (iii) through (v) as clauses (ii) through (iv), respectively;
in subparagraph (G)—
in clause (i), by
inserting or a savings association (as defined in section 3(b) of the
Federal Deposit Insurance Act), the deposits of which are insured by the
Federal Deposit Insurance Corporation
after
1978)
;
in clause (iii),
by adding and
at the end; and
by striking clause (iv); and
in the matter
following subparagraph (H)(iv), by striking Office of Thrift
Supervision
and inserting Comptroller of the
Currency
;
in section 12(i) (15 U.S.C. 78l(i))—
in the first sentence—
by inserting
and savings associations, the accounts of which are insured by the
Federal Deposit Insurance Corporation
after national
banks
;
by inserting
and
before (3)
; and
by striking
, and (4) with respect to savings associations the accounts of which are
insured by the Federal Deposit Insurance Corporation are vested in the Office
of Thrift Supervision
; and
in the second
sentence, by striking the Federal Deposit Insurance Corporation, and the
Office of Thrift Supervision
and inserting and the Federal
Deposit Insurance Corporation
; and
in section 15C(g)
(15 U.S.C. 78o–5(g)), by striking the Director of the Office of Thrift
Supervision,
.
Financial Services Regulatory Relief Act of 2006
Section 101(c) of the
Financial Services Regulatory Relief Act of 2006 (15 U.S.C. 78c note) is
amended by striking the Office of Thrift Supervision,
.
Truth in Lending Act
Section 108(a) of the Truth in Lending Act (15 U.S.C. 1607(a)) is amended—
in paragraph
(1)(A), by inserting savings associations, the deposits of which are
insured by the Federal Deposit Insurance Corporation,
before
national banks
;
by striking paragraph (2); and
by redesignating paragraphs (3) through (6) as paragraphs (2) through (5), respectively.
Fair Credit Reporting Act
Section 621(b) of the Fair Credit Reporting Act (15 U.S.C. 1681s(b))—
in paragraph
(1)(A), by inserting savings associations, the deposits of which are
insured by the Federal Deposit Insurance Corporation,
before
national banks
;
by striking paragraph (2); and
by redesignating paragraphs (3) through (6) as paragraphs (2) through (5), respectively.
Equal Credit Opportunity Act
Section 704(a) of the Equal Credit Opportunity Act (15 U.S.C. 1691c(a)) is amended—
in paragraph
(1)(A), by inserting savings associations, the deposits of which are
insured by the Federal Deposit Insurance Corporation,
before
national banks
;
by striking paragraph (2); and
by redesignating paragraphs (3) through (9) as paragraphs (2) through (8), respectively.
Fair Debt Collection Practices Act
Section 814(b) of the Fair Debt Collection Practices Act (15 U.S.C. 1692l(b)) is amended—
in paragraph
(1)(A), by inserting savings associations, the deposits of which are
insured by the Federal Deposit Insurance Corporation,
before
national banks
;
by striking paragraph (2); and
by redesignating paragraphs (3) through (6) as paragraphs (2) through (5), respectively.
Electronic Fund Transfer Act
Section 917(a) of the Electronic Fund Transfer Act (15 U.S.C. 1693o(a)) is amended—
in paragraph
(1)(A), by inserting savings associations, the deposits of which are
insured by the Federal Deposit Insurance Corporation,
before
national banks
;
by striking paragraph (2); and
by redesignating paragraphs (3) through (5) as paragraphs (2) through (4), respectively.
Children's Online Privacy Protection Act of 1998
Section 1306(b) of the Children's Online Privacy Protection Act of 1998 (15 U.S.C. 6505(b)) is amended—
in paragraph
(1)(A), by inserting savings associations, the deposits of which are
insured by the Federal Deposit Insurance Corporation,
before
national banks
;
by striking paragraph (2); and
by redesignating paragraphs (3) through (6) as paragraphs (2) through (5), respectively.
Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003
Section 7(b)(1) of the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (15 U.S.C. 7706(b)(1)) is amended—
in subparagraph
(A), by inserting savings associations, the deposits of which are
insured by the Federal Deposit Insurance Corporation,
before
national banks
;
in subparagraph
(B), by adding and
at the end;
in subparagraph
(C), by striking and
at the end; and
by striking subparagraph (D).
Title 18
Title 18, United States Code, is amended—
in section 212(c)(2)—
by striking subparagraph (C); and
by redesignating subparagraphs (D) through (H) as subparagraphs (C) through (G), respectively;
in section 657,
by striking Thrift Supervision
and inserting the
Comptroller of the Currency with respect to any functions transferred from the
Office of Thrift Supervision pursuant to section 202 of the
Financial System Stabilization and Reform Act
of 2009
;
in the matter
following section 981(a)(1)(D)(vi), by striking or the Office of Thrift
Supervision
;
in the matter
following section 982(a)(3)(F), by striking or the Office of Thrift
Supervision,
;
in section 1006,
by striking Thrift Supervision
and inserting the
Comptroller of the Currency with respect to any functions transferred from the
Office of Thrift Supervision pursuant to section 202 of the
Financial System Stabilization and Reform Act
of 2009
;
in section 1014,
by striking Thrift Supervision
and inserting the
Comptroller of the Currency with respect to any functions transferred from the
Office of Thrift Supervision pursuant to section 202 of the
Financial System Stabilization and Reform Act
of 2009
; and
in section
1032(1), by striking or the Director of the Office of Thrift
Supervision,
.
Title 31
Title 31, United States Code, is amended—
by striking section 309;
in section 321(c)—
in paragraph (2),
by striking ; and
and inserting a period; and
by striking paragraph (3); and
in section
714(1), by striking the Office of the Comptroller of the Currency, and
the Office of Thrift Supervision
and inserting and the Office of
the Comptroller of the Currency
.
Flood Disaster Protection Act of 1973
Section 3(a)(5) of the Flood Disaster
Protection Act of 1973 (42 U.S.C. 4003(a)(5)) is amended by striking the
Office of Thrift Supervision,
.
National Flood Insurance Act of 1968
Section 1370(a)(9) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4121(a)(9)) is amended by striking the
Office of Thrift Supervision,
.
Additional conforming references
Except as provided under this Act, reference in any other Federal law, Executive order, rule, regulation, or delegation of authority, or any document of or relating to—
the Director of the Office of Thrift Supervision, with regard to functions transferred under section 202, shall be deemed to refer to the Comptroller of the Currency; and
the Office of Thrift Supervision, with regard to functions transferred under this Act, shall be deemed to refer to the Office of the Comptroller of the Currency.