12 U.S.C. § 16 — Funding of Office

submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 263 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Comptroller of the Currency can charge banks fees to fund the Office's work. This fee money isn't government funding, so normal federal budget limits don't apply to it. The Comptroller alone decides how the Office pays its bills, except for staff pay rules.

This section is a single, undivided provision. The Comptroller of the Currency can collect an assessment, fee, or other charge from any entity covered by section 1813(q)(1) — entities for which the Office of the Comptroller of the Currency is the main federal regulator. The Comptroller decides how much to charge, and can base that amount on the entity's nature and scope of business, the amount and type of assets it holds, its financial and management condition, and any other factor the Comptroller thinks fits. Money collected this way can be deposited under section 192 of this title. This money is not treated as government funds or appropriated money, so it's not subject to the spending caps in chapter 15 of title 31, or any other law's spending limits. This fee authority adds to — it doesn't replace — the Comptroller's other authority under subchapter XV of chapter 3. Finally, the Comptroller has sole authority to decide how the Office's own bills, disbursements, and expenses are incurred, allowed, and paid under this section — except that employee compensation still follows chapter 71 of title 5.

the actual law source: uscode.house.gov ↗public domain

The Comptroller of the Currency may collect an assessment, fee, or other charge from any entity described in section 1813(q)(1) of this title, as the Comptroller determines is necessary or appropriate to carry out the responsibilities of the Office of the Comptroller of the Currency. In establishing the amount of an assessment, fee, or charge collected from an entity under this section, the Comptroller of the Currency may take into account the nature and scope of the activities of the entity, the amount and type of assets that the entity holds, the financial and managerial condition of the entity, and any other factor, as the Comptroller of the Currency determines is appropriate. Funds derived from any assessment, fee, or charge collected or payment made pursuant to this section may be deposited by the Comptroller of the Currency in accordance with the provisions of section 192 of this title. Such funds shall not be construed to be Government funds or appropriated monies, and shall not be subject to apportionment for purposes of chapter 15 of title 31 or any other provision of law. The authority of the Comptroller of the Currency under this section shall be in addition to the authority under subchapter XV of chapter 3.

The Comptroller of the Currency shall have sole authority to determine the manner in which the obligations of the Office of the Comptroller of the Currency shall be incurred and its disbursements and expenses allowed and paid, in accordance with this section, except as provided in chapter 71 of title 5 (with respect to compensation).

Source credit: (R.S. § 5240A, as added Pub. L. 111–203, title III, § 318(b), July 21, 2010, 124 Stat. 1526.)

history & why it existsrecord from the source credit

2010Enacted · Pub. L. 111-203 · 124 Stat. 1526

A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.

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