12 U.S.C. § 5437 | Implementation plan and reports

(a)

Plan submission

July 21, 20101

1 See References in Text note below.

Within 180 days of , the Board of Governors, the Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, shall jointly submit a plan to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, and the Inspectors General of the Department of the Treasury, the Corporation, and the Board of Governors detailing the steps the Board of Governors, the Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision will take to implement the provisions of sections 301 through 326, and the provisions of the amendments made by such sections.

(b)

Inspectors General review of the plan

¹Within 60 days of receiving the plan required under subsection (a), the Inspectors General of the Department of the Treasury, the Corporation, and the Board of Governors shall jointly provide a written report to the Board of Governors, the Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision and shall submit a copy to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives detailing whether the plan conforms with the provisions of sections 301 through 326, and the provisions of the amendments made by such sections, including—

(1)

whether the plan sufficiently takes into consideration the orderly transfer of personnel;

(2)

whether the plan describes procedures and safeguards to ensure that the Office of Thrift Supervision employees are not unfairly disadvantaged relative to employees of the Office of the Comptroller of the Currency and the Corporation;

(3)

whether the plan sufficiently takes into consideration the orderly transfer of authority and responsibilities;

(4)

whether the plan sufficiently takes into consideration the effective transfer of funds;

(5)

2 So in original. Probably should be “into”.

whether the plan sufficiently takes in  consideration the orderly transfer of property; and

(6)

any additional recommendations for an orderly and effective process.

(c)

Implementation reports

Not later than 6 months after the date on which the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives receives the report required under subsection (b), and every 6 months thereafter until all aspects of the plan have been implemented, the Inspectors General of the Department of the Treasury, the Corporation, and the Board of Governors shall jointly provide a written report on the status of the implementation of the plan to the Board of Governors, the Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision and shall submit a copy to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.

Pub. L. 111–203, title III, § 327July 21, 2010124 Stat. 1537 (, , .)

Editorial Notes

References in Text

Pub. L. 111–203 section 3502 of Title 44Sections 301 through 326, referred to in subsecs. (a) and (b), are sections 301 to 326 of , which enacted sections 4b, 16, and 5401 to 5436 of this title, amended sections 1, 11, 248, 481, 482, 1813, and 1820 of this title and , Public Printing and Documents, and enacted provisions set out as notes under sections 1 and 16 of this title.

Statutory Notes and Related Subsidiaries

Effective Date

July 21, 2010section 4 of Pub. L. 111–203 section 5301 of this titleSection effective 1 day after , except as otherwise provided, see , set out as a note under .