12 U.S.C. § 5587 — Transition oversight
submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 419 words · no verdicts yet
This section requires the Bureau to make plans for startup, workforce training and development, workplace flexibility, and recruitment and retention. It requires annual reports that include those plans until the reporting requirement ends, preserves specified collective-bargaining and employee rights, and permits the Bureau and a prudential regulator to agree to include examiners in certain examinations before the designated transfer date.
(a) Purpose. This section is intended to ensure that the Bureau*—
(1) has an orderly and organized startup;
(2) attracts and keeps a qualified workforce; and
(3) establishes comprehensive employee training and benefits programs.
(b) Reporting requirement.
(1) In general. The Bureau must submit an annual report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services. The report must include the plans described in paragraph (2).
(2) Plans. The plans are—
(A) Training and workforce development plan. To the extent practicable, the Bureau’s plan must identify skill and technical-expertise needs and actions taken to meet them; steps taken to encourage innovation and creativity; leadership development and succession planning; and effective employee use of technology.
(B) Workplace flexibilities plan. To the extent practicable, the Bureau’s plan must include telework; flexible work schedules; phased retirement; reemployed annuitants; part-time work; job sharing; parental-leave benefits and child-care assistance; domestic-partner benefits; other workplace flexibilities; or any combination of those items.
(C) Recruitment and retention plan. To the extent practicable, the Bureau’s plan must address the steps needed to target highly qualified applicant pools with diverse backgrounds; streamlined employment-application processes; timely notice to applicants about the status of their employment applications; and collecting information to measure indicators of hiring effectiveness.
(c) Expiration. The reporting requirement under subsection (b) ends 5 years after July 21, 2010.
(d) Rule of construction. Nothing in this section may be construed to affect—
(1) a collective-bargaining agreement, as that term is defined in section 7103(a)(8) of title 5, that was in effect on July 21, 2010; or
(2) employees’ rights under chapter 71 of title 5.
(e) Participation in examinations. To prepare the Bureau to conduct examinations under section 5515 of this title on the designated transfer date*, the Bureau and the applicable prudential regulator* may agree to include, on a sampling basis, examiners in examinations conducted by prudential regulators before that date concerning institutions described in section 5515(a) of this title and their compliance with Federal consumer financial law*.
The purpose of this section is to ensure that the Bureau*—
has an orderly and organized startup;
attracts and retains a qualified workforce; and
establishes comprehensive employee training and benefits programs.
The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2).
The plans described in this paragraph are as follows:
The Bureau shall submit a training and workforce development plan that includes, to the extent practicable—
identification of skill and technical expertise needs and actions taken to meet those requirements;
steps taken to foster innovation and creativity;
leadership development and succession planning; and
effective use of technology by employees.
The Bureau shall submit a workforce flexibility plan that includes, to the extent practicable—
telework;
flexible work schedules;
phased retirement;
reemployed annuitants;
part-time work;
job sharing;
parental leave benefits and childcare assistance;
domestic partner benefits;
other workplace flexibilities; or
any combination of the items described in clauses (i) through (ix).
The Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to—
the steps necessary to target highly qualified applicant pools with diverse backgrounds;
streamlined employment application processes;
the provision of timely notification of the status of employment applications to applicants; and
the collection of information to measure indicators of hiring effectiveness.
The reporting requirement under subsection (b) shall terminate 5 years after July 21, 2010.
Nothing in this section may be construed to affect—
a collective bargaining agreement, as that term is defined in section 7103(a)(8) of title 5, that is in effect on July 21, 2010; or
the rights of employees under chapter 71 of title 5.
In order to prepare the Bureau to conduct examinations under section 5515 of this title upon the designated transfer date*, the Bureau and the applicable prudential regulator* may agree to include, on a sampling basis, examiners on examinations of the compliance with Federal consumer financial law* of institutions described in section 5515(a) of this title conducted by the prudential regulators prior to the designated transfer date.
Source credit: (Pub. L. 111–203, title X, § 1067, July 21, 2010, 124 Stat. 2055.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 2055
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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