US Supreme Court Decisions On-Line | US Laws

§ 3303. —  Financial Institutions Examination Council.

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC3303]

                       TITLE 12--BANKS AND BANKING
Sec. 3303. Financial Institutions Examination Council

(a) Establishment; composition

    There is established the Financial Institutions Examination Council 
which shall consist of--
        (1) the Comptroller of the Currency,
        (2) the Chairman of the Board of Directors of the Federal 
    Deposit Insurance Corporation,
        (3) a Governor of the Board of Governors of the Federal Reserve 
    System designated by the Chairman of the Board,
        (4) the Director, Office of Thrift Supervision \1\
    \1\ So in original. Probably should be followed by ``, and''.
        (5) the Chairman of the National Credit Union Administration 

(b) Chairmanship

    The members of the Council shall select the first chairman of the 
Council. Thereafter the chairmanship shall rotate among the members of 
the Council.

(c) Term of office

    The term of the Chairman of the Council shall be two years.

(d) Designation of officers and employees

    The members of the Council may, from time to time, designate other 
officers or employees of their respective agencies to carry out their 
duties on the Council.

(e) Compensation and expenses

    Each member of the Council shall serve without additional 
compensation but shall be entitled to reasonable expenses incurred in 
carrying out his official duties as such a member.

(Pub. L. 95-630, title X, Sec. 1004, Nov. 10, 1978, 92 Stat. 3694; Pub. 
L. 101-73, title VII, Sec. 744(a)(2), Aug. 9, 1989, 103 Stat. 438.)


    1989--Subsec. (a)(4). Pub. L. 101-73 substituted ``Director, Office 
of Thrift Supervision'' for ``Chairman of the Federal Home Loan Bank 
Board, and''.