U.S. Code » Title 12 » Chapter CHAPTER 53— WALL STREET REFORM AND CONSUMER PROTECTION › Subchapter SUBCHAPTER I— FINANCIAL STABILITY › Part Part C— Additional Board of Governors Authority for Certain Nonbank Financial Companies and Bank Holding Companies

12 U.S.C. § 2

CONFORMING AMENDMENT.

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“(a)In General.—

[Amended this section.]

“(b)Transition Period.—Any small bank holding company that was excepted from the provisions of section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act [12 U.S.C. 5371] pursuant to subparagraph (C) of section 171(b)(5) (as such subparagraph was in effect on the day before the date of enactment of this Act [Dec. 18, 2014]), and any small savings and loan holding company that would have been excepted from the provisions of section 171 pursuant to subparagraph (C) [of section 171(b)(5)] (as such subparagraph was in effect on the day before the date of enactment of this Act) if it had been a small bank holding company, shall be excepted from the provisions of section 171 until the effective date of the Small Bank Holding Company Policy Statement issued by the Board as required by section 1 of this Act.
Notes of Decisions
Cited in 14 cases (3 in the last 5 years), 1979–2025 · leading case: PHH Corp. v. Consumer Financial Protection Bureau
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PHH Corp. v. Consumer Financial Protection Bureau (2018) cadc · cites it 8× “12 U.S.C. § 2 . Whatever the type of reason it requires, the statute without question constrains the presidential removal power.”
PHH Corp. v. Consumer Financial Protection Bureau (2016) cadc · cites it 2× “See 12 U.S.C. § 2 (“The Comptroller of the Currency shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold his office for a term of five years unless sooner removed by the President, upon reasons to be communicated by him to the…”
Harry Calcutt III v. FDIC (2022) ca6 · cites it 2× “12 U.S.C. § 2 . In practice, however, the FDIC Board has had several vacancies during the proceedings in Calcutt’s case; additionally, at least one board member continued to serve after his term expired until a successor was appointed.”
Consumer Financial Protection Bureau v. Future Income Payments, LLC (2017) cacd “12 U.S.C. § 2 (requiring the President to “communicate[]”' “reasons” for removal of the Comptroller to the Senate); 44 U.”
Zeffiro v. First Pennsylvania Banking & Trust Co. (1979) paed “Bernard also alleged jurisdiction under the National Bank Act, 12 U.S.C. § 2 (a). Counsel has not addressed the issue of whether this section vests this Court with jurisdiction and, in light of our conclusion that this Court does have jurisdiction under the Trust Indenture Act,…”
PHH Corporation v. CFPB (2018) cadc · cites it 4× “12 U.S.C. § 2 . Whatever the type of reason it requires, the statute without question constrains the presidential removal power.”
Harry Calcutt III v. FDIC (2022) ca6 · cites it 2× “12 U.S.C. § 2 . In practice, however, the FDIC Board has had several vacancies during the proceedings in Calcutt’s case; additionally, at least one board member continued to serve after his term expired until a successor was appointed.”
Cook v. Trump (2025) dcd · cites it 2× “” 12 U.S.C. § 2 (emphasis added); Pub. L. No.”
Post-Employment Restriction of 12 U.S.C. § 1812(e) (2001) olc · cites it 2× “al in our Office’s files, but a letter sent to the Comptroller of the Currency in 1964 by Norbert Schlei, then the Assistant Attorney General for our Office, stated: I am aware of the case of your immediate predecessor in office, who resigned at the request of President Kennedy…”
PHH Corporation v. CFPB (2016) cadc “See 12 U.S.C. § 2 (“The Comptroller of the Currency shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold his office for a term of five years unless sooner removed by the President, upon reasons to be communicated by him to the…”
Extending Regulatory Review Under Executive Order 12866 to Independent Regulatory Agencies (2019) olc “The President may remove the Comptroller of the Currency only “upon reasons to be communicated by him to the Senate,” 12 U.S.C. § 2 , but no statute purports to limit the permissible reasons for removal.”
Designating an Acting Director of the Federal Housing Finance Agency (2019) olc “Because the Comptroller of the Currency is appointed after Senate confirmation, see 12 U.S.C. § 2 , the President could designate Mr.”
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