Page:United States Statutes at Large Volume 124.djvu/1547

 124 STAT. 1521 PUBLIC LAW 111–203—JULY 21, 2010 not later than 18 months after the date of enactment of this Act, 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) a written determination that commencement of the orderly process to implement this title is not feasible by the date that is 1 year after the date of enactment of this Act; (B) an explanation of why an extension is necessary to commence the process of orderly implementation of this title; (C) the transfer date designated under this subsection; and (D) a description of the steps that will be taken to initiate the process of an orderly and timely implementa- tion of this title within the extended time period. (2) PUBLICATION OF NOTICE.—Not later than 270 days after the date of enactment of this Act, the Secretary shall publish in the Federal Register notice of any transfer date designated under paragraph (1). SEC. 312. POWERS AND DUTIES TRANSFERRED. (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 FUNCTIONS.—There 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 Super- vision 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 11 of the Home Owners’ Loan Act (12 U.S.C. 1468) relating to trans- actions with affiliates and extensions of credit to executive officers, directors, and principal shareholders and under section 5(q) of such Act relating to tying arrangements is transferred to the Board of Governors. 12 USC 5412. Deadline. Federal Register, publication.