---
kind: "section"
citation: "12 U.S.C. § 5412"
title: "12"
title_heading: "Banks and Banking"
number: "5412"
heading: "Powers and duties transferred"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5412"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter III — Transfer of Powers to the Comptroller of the Currency, the Corporation, and the Board of Governors"
  - "Part A — Transfer of Powers and Duties"
---

# §5412. Powers and duties transferred

- (a) **Effective date—** This section, and the amendments made by this section, shall take effect on the [transfer date](/usc/12/5301.md?p=17).
- (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](/usc/12/5301.md?p=3) all functions of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision and the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision ([including](/usc/12/5301.md?p=18-A) the authority to issue orders) relating to—
      - (i) the supervision of—
        - (I) any savings and loan holding [company](/usc/12/5381.md?p=a-5); and
        - (II) any [subsidiary](/usc/12/5301.md?p=18-A) (other than a [depository institution](/usc/12/5301.md?p=18-A)) of a savings and loan holding [company](/usc/12/5381.md?p=a-5); and
      - (ii) all rulemaking authority of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision and the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision relating to savings and loan holding [companies](/usc/12/5381.md?p=a-5).
    - (B) **Powers, authorities, rights, and duties—** The [Board of Governors](/usc/12/5301.md?p=3) shall succeed to all powers, authorities, rights, and duties that were vested in the [Office](/usc/12/5341.md?p=1) of Thrift Supervision and the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision on the day before the [transfer date](/usc/12/5301.md?p=17) relating to the functions and authority transferred under [subparagraph (A)](#b-1-A).
  - (2) **All other functions transferred—**
    - (A) **Board of Governors—** All rulemaking authority of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision and the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision under [section 1468 of this title](/usc/12/1468.md) relating to transactions with [affiliates](/usc/12/5301.md?p=1) and extensions of [credit](/usc/12/5481.md?p=7) to executive officers, [directors](/usc/12/5341.md?p=1), and principal shareholders and under [section 1464(q) of this title](/usc/12/1464.md?p=q) relating to tying arrangements is transferred to the [Board of Governors](/usc/12/5301.md?p=3).
    - (B) **Comptroller of the Currency—** Except as provided in [paragraph (1)](#b-1) and [subparagraph (A)](#b-2-A)—
      - (i) there are transferred to the [Office](/usc/12/5341.md?p=1) of the Comptroller of the Currency and the Comptroller of the Currency—
        - (I) all functions of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision and the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision, respectively, relating to [Federal savings associations](/usc/12/5301.md?p=18-A); and
        - (II) all rulemaking authority of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision and the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision, respectively, relating to [savings associations](/usc/12/5301.md?p=18-A); and
      - (ii) the [Office](/usc/12/5341.md?p=1) of the Comptroller of the Currency and the Comptroller of the Currency shall succeed to all powers, authorities, rights, and duties that were vested in the [Office](/usc/12/5341.md?p=1) of Thrift Supervision and the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision, respectively, on the day before the [transfer date](/usc/12/5301.md?p=17) relating to the functions and authority transferred under [clause (i)](#b-2-B-i).
    - (C) **Corporation—** Except as provided in [paragraph (1)](#b-1) and subparagraphs [(A)](#b-2-A) and [(B)](#b-2-B)—
      - (i) all functions of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision and the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision relating to [State savings associations](/usc/12/5301.md?p=18-A) are transferred to the [Corporation](/usc/12/5301.md?p=7); and
      - (ii) the [Corporation](/usc/12/5301.md?p=7) shall succeed to all powers, authorities, rights, and duties that were vested in the [Office](/usc/12/5341.md?p=1) of Thrift Supervision and the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision on the day before the [transfer date](/usc/12/5301.md?p=17) relating to the functions transferred under [clause (i)](#b-2-C-i).
- (c) **Omitted—**
- (d) **Consumer protection—** Nothing in this section may be construed to limit or otherwise affect the transfer of powers under title X.[^1]

## Footnotes

[^1]: See References in Text note below.

## Source credit

(Pub. L. 111–203, title III, § 312, July 21, 2010, 124 Stat. 1521.)

## Notes

### Editorial Notes

### References in Text

Title X, referred to in subsec. (d), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted subchapter V (§ 5481 et seq.) of this chapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables.

### Codification

Section is comprised of section 312 of Pub. L. 111–203. Subsec. (c) of section 312 of Pub. L. 111–203 amended section 1813 of this title.