12 U.S.C. § 5411 — Transfer date
submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 232 words · no verdicts yet
This section normally sets the “transfer date” one year after July 21, 2010. It allows an extension to no later than 18 months after that date if the Secretary gives Congress the required written information.
(a) Transfer date. Unless subsection (b) applies, “transfer date” means the date 1 year after July 21, 2010.
(b) Extension.
(1) Notice required. After consulting the Comptroller of the Currency, the Director* of the Office of Thrift Supervision, the Chairman of the Board of Governors, and the Chairperson of the Corporation, the Secretary may extend the period and set a transfer date no later than 18 months after July 21, 2010. To do so, the Secretary must send the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee (A) a written finding that beginning the orderly implementation process by the one-year date is not feasible; (B) an explanation of why an extension is needed to begin orderly implementation; (C) the transfer date; and (D) the steps that will begin an orderly and timely implementation during the extension. The supplied footnote digits are ignored.
(2) Publication. No later than 270 days after July 21, 2010, the Secretary must publish in the Federal Register notice of any transfer date set under paragraph (1).
Except as provided in subsection (b), the term “transfer date” means the date that is 1 year after July 21, 2010.
The Secretary, in consultation with the Comptroller of the Currency, the Director* of the Office of Thrift Supervision, the Chairman of the Board of Governors, and the Chairperson of the Corporation, may extend the period under subsection (a) and designate a transfer date that is not later than 18 months after July 21, 2010, if the Secretary transmits to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives—
a written determination that commencement of the orderly process to implement this title 1 is not feasible by the date that is 1 year after July 21, 2010;
an explanation of why an extension is necessary to commence the process of orderly implementation of this title; 1
the transfer date designated under this subsection; and
a description of the steps that will be taken to initiate the process of an orderly and timely implementation of this title 1 within the extended time period.
Not later than 270 days after July 21, 2010, the Secretary shall publish in the Federal Register notice of any transfer date designated under paragraph (1).
Source credit: (Pub. L. 111–203, title III, § 311, July 21, 2010, 124 Stat. 1520.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 1520
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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