12 U.S.C. § 5412

Powers and duties transferred

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(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 functionsThere 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 CurrencyExcept 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) CorporationExcept 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.11 See References in Text note below.

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

Notes of Decisions

Cited in 15 cases, 2011–2020 · leading case: Charlotte McCauley v. Home Loan Inv. Bank, FSB, 710 F.3d 551 (4th Cir. 2013).

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Charlotte McCauley v. Home Loan Inv. Bank, FSB, 710 F.3d 551 (4th Cir. 2013). “12 U.S.C. §§ 5412 , 5413. It did not, however, do so retroactively.”

Tinsley v. Onewest Bank, FSB, 4 F. Supp. 3d 805 (S.D.W. Va 2014). “12 U.S.C. §§ 5412 , 5413. However, it did not retroactively vacate the regulations issued by OTS.”

Davis v. World Sav. Bank, Fsb, 806 F. Supp. 2d 159 (D.D.C. 2011). “See 12 U.S.C. § 5412 . Effective 90 days after the transfer date, the OTS will be abolished.”

Degutis v. Fin. Freedom, LLC, 978 F. Supp. 2d 1243 (M.D. Fla. 2013). “12 U.S.C. § 5412 . These regulations prior to the Dodd-Frank Act still apply to Plaintiffs claims, as the Dodd-Frank Act did not "alter or affect the applicability of any regulation, order, guidance, or interpretation prescribed, issued, and established by the Comptroller of the…”

Meyer v. One West Bank, F.S.B., 91 F. Supp. 3d 1177 (C.D. Cal. 2015). “11, 2012); 12 U.S.C. §§ 5412 , 1465. The Dodd-Frank Act is not, however, retroactive.”

Williams & Connolly LLP v. Off. of the Comptroller of the Currency, 39 F. Supp. 3d 82 (D.D.C. 2014). “1376 , 1521-23 (2010) (codified at 12 U.S.C. § 5412 ); see also id. § 316(b) (codified at 12 U.”

Higley v. Flagstar Bank, FSB, 910 F. Supp. 2d 1249 (D. Or. 2012). “111-103, 124 Stat 1376 (2010) (codified at 12 U.S.C. §§ 5412 and 5413). In 2008, when the Higleys obtained their loan and executed the trust deed, OTS was charged with regulating federal savings associations.”

Deutsche Bank Nat'l Trust Co., as Tr. for the Trusts v. Fed. Deposit Ins. Corp., 109 F. Supp. 3d 179 (D.D.C. 2015). “767 at 95-96; 12 U.S.C. §§ 5412 (b)(2)(B), 5414(a)(2)(B).”

Maria Ferrer v. Janet Yellen, 659 F. App'x 982 (11th Cir. 2016). “See 12 U.S.C. § 5412 . 2 . While we normally limit our review of a grant of a motion to dismiss to the complaint and its attachments, see Reese v.”

Seila Law LLC v. Consum. Fin. Prot. Bureau, 591 U.S. 197 (2020). “See 12 U. S. C. §§5412–5413 (Office of Thrift Supervision).”

Sharabani v. Simon Prop. Grp., Inc., 96 A.D.3d 24 (N.Y. App. Div. 2012). “On July 21, 2011, the OTS ceased operations and was merged into the Office of the Comptroller of the Currency, as mandated by section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub L 111-203, tit III, 124 US Stat 1376, enacting 12 USC § 5412 ). The OTS…”

Seila Law LLC v. Consum. Fin. Prot. Bureau, 591 U.S. 197 (2020). “See 12 U. S. C. §§5412–5413 (Office of Thrift Supervision).”

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