§ 1462a. — Director of Office of Thrift Supervision.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1462a]
TITLE 12--BANKS AND BANKING
CHAPTER 12--SAVINGS ASSOCIATIONS
Sec. 1462a. Director of Office of Thrift Supervision
(a) Establishment of Office
There is established the Office of Thrift Supervision, which shall
be an office in the Department of the Treasury.
(b) Establishment of position of Director
(1) In general
There is established the position of the Director of the Office
of Thrift Supervision, who shall be the head of the Office of Thrift
Supervision and shall be subject to the general oversight of the
Secretary of the Treasury.
(2) Authority to prescribe regulations
The Director may prescribe such regulations and issue such
orders as the Director may determine to be necessary for carrying
out this chapter and all other laws within the Director's
jurisdiction.
(3) Autonomy of Director
The Secretary of the Treasury may not intervene in any matter or
proceeding before the Director (including agency enforcement
actions) unless otherwise specifically provided by law.
(4) Banking agency rulemaking
The Secretary of the Treasury may not delay or prevent the
issuance of any rule or the promulgation of any regulation by the
Director.
(c) Appointment; term
(1) Appointment
The Director shall be appointed by the President, by and with
the advice and consent of the Senate, from among individuals who are
citizens of the United States.
(2) Term
The Director shall be appointed for a term of 5 years.
(3) Vacancy
A vacancy in the position of Director which occurs before the
expiration of the term for which a Director was appointed shall be
filled in the manner established in paragraph (1) and the Director
appointed to fill such vacancy shall be appointed only for the
remainder of such term.
(4) Service after end of term
An individual may serve as Director after the expiration of the
term for which appointed until a successor Director has been
appointed.
(5) Transitional provision
Notwithstanding paragraphs (1) and (2), the Chairman of the
Federal Home Loan Bank Board on the date of enactment of the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
[Aug. 9, 1989], shall be the Director until the date on which that
individual's term as Chairman of the Federal Home Loan Bank Board
would have expired.
(d) Prohibition on financial interests
The Director shall not have a direct or indirect financial interest
in any insured depository institution, as defined in section 3 of the
Federal Deposit Insurance Act [12 U.S.C. 1813].
(e) Powers of Director
The Director shall have all powers which--
(1) were vested in the Federal Home Loan Bank Board (in the
Board's capacity as such) or the Chairman of such Board on the day
before the date of the enactment of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 [Aug. 9, 1989]; and
(2) were not--
(A) transferred to the Federal Deposit Insurance
Corporation, the Federal Housing Finance Board, the Resolution
Trust Corporation, or the Federal Home Loan Mortgage Corporation
pursuant to any amendment made by such Act; or
(B) established under any provision of law repealed by such
Act.
(f) State homestead provisions
No provision of this chapter or any other provision of law
administered by the Director shall be construed as superseding any
homestead provision of any State constitution, including any
implementing State statute, in effect on September 29, 1994, or any
subsequent amendment to such a State constitutional or statutory
provision in effect on September 29, 1994, that exempts the homestead of
any person from foreclosure, or forced sale, for the payment of all
debts, other than a purchase money obligation relating to the homestead,
taxes due on the homestead, or an obligation arising from work and
material used in constructing improvements on the homestead.
(g) Annual report required
The Director shall make an annual report to the Congress. Such
report shall include--
(1) a description of any changes the Director has made or is
considering making in the district offices of the Office, including
a description of the geographic allocation of the Office's resources
and personnel used to carry out examination and supervision
functions; and
(2) a description of actions taken to carry out section 308 of
the Financial Institutions Reform, Recovery, and Enforcement Act of
1989.
(h) Staff
(1) Appointment and compensation
The Director shall fix the compensation and number of, and
appoint and direct, all employees of the Office of Thrift
Supervision notwithstanding section 301(f)(1) of title 31. Such
compensation shall be paid without regard to the provisions of other
laws applicable to officers or employees of the United States.
(2) Rates of basic pay
Rates of basic pay for employees of the Office may be set and
adjusted by the Director without regard to the provisions of chapter
51 or subchapter III of chapter 53 of title 5.
(3) Additional compensation and benefits
The Director may provide additional compensation and benefits to
employees of the Office if the same type of compensation or benefits
are then being provided by any Federal banking agency or, if not
then being provided, could be provided by such an agency under
applicable provisions of law, rule, or regulation. In setting and
adjusting the total amount of compensation and benefits for
employees of the Office, the Director shall consult, and seek to
maintain comparability with, the Federal banking agencies.
(4) Delegation authority
(A) In general
The Director may--
(i) designate who shall act as Director in the
Director's absence; and
(ii) delegate to any employee, representative, or agent
any power of the Director.
(B) Limitations
Notwithstanding subparagraph (A)(ii), the Director shall
not, directly or indirectly--
(i) after October 10, 1989, delegate to any Federal home
loan bank or to any officer, director, or employee of a
Federal home loan bank, any power involving examining,
supervising, taking enforcement action with respect to, or
otherwise regulating any savings association, savings and
loan holding company, or other person subject to regulation
by the Director; or
(ii) delegate the Director's authority to serve as a
member of the Corporation's Board of Directors.
(i) Funding through assessments
The compensation of the Director and other employees of the Office
and all other expenses thereof may be paid from assessments levied under
this chapter.
(j) GAO audit
The Director shall make available to the Comptroller General of the
United States all books and records necessary to audit all of the
activities of the Office of Thrift Supervision.
(June 13, 1933, ch. 64, Sec. 3, as added Pub. L. 101-73, title III,
Sec. 301, Aug. 9, 1989, 103 Stat. 278; amended Pub. L. 103-325, title
III, Sec. 331(c), Sept. 23, 1994, 108 Stat. 2232; Pub. L. 103-328, title
I, Sec. 102(b)(5), Sept. 29, 1994, 108 Stat. 2352.)
References in Text
The Financial Institutions Reform, Recovery, and Enforcement Act of
1989, referred to in subsecs. (c)(5), (e), and (g)(2), is Pub. L. 101-
73, Aug. 9, 1989, 103 Stat. 183. Section 308 of the Act is set out as a
note under section 1463 of this title. For complete classification of
this Act to the Code, see Tables.
Prior Provisions
A prior section 3 of act June 13, 1933, amended section 1424 of this
title prior to the general revision of this chapter by Pub. L. 101-73,
Sec. 301.
Amendments
1994--Subsec. (b)(3). Pub. L. 103-325, Sec. 331(c)(1), substituted
``(including agency enforcement actions) unless otherwise specifically
provided by law'' for ``unless otherwise provided by law''.
Subsec. (b)(4). Pub. L. 103-325, Sec. 331(c)(2), added par. (4).
Subsecs. (f) to (j). Pub. L. 103-328 added subsec. (f) and
redesignated former subsecs. (f) to (i) as (g) to (j), respectively.
Delegation of Authority To Ratify Office of Thrift Supervision Actions
Memorandum of the President of the United States, Apr. 18, 1990, 55
F.R. 15207, provided:
Memorandum for the Director of the Office of Thrift Supervision
By the authority vested in me as President of the United States by
the Constitution and laws of the United States, including section 301 of
title 3 of the United States Code, I hereby delegate to the Director of
the Office of Thrift Supervision my authority to ratify actions taken on
behalf of, or in the name of, the Office of Thrift Supervision or its
Director before April 9, 1990.
This memorandum shall be published in the Federal Register.
George Bush.
Section Referred to in Other Sections
This section is referred to in section 1 of this title; title 31
section 309.
