12 U.S.C. § 1462a : US Code - Section 1462A: Director of Office of Thrift Supervision

Search 12 U.S.C. § 1462a : US Code - Section 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) In general
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.
(B) Acting Director
(i) In general
In the event of a vacancy in the position of Director or
during the absence or disability of the Director, the Deputy
Director shall serve as Acting Director.
(ii) Succession in case of 2 or more Deputy Directors
If there are 2 or more Deputy Directors serving at the time
a vacancy in the position of Director occurs or the absence
or disability of the Director commences, the First Deputy
Director shall serve as Acting Director under clause (i)
followed by such other Deputy Directors under any order of
succession the Director may establish.
(iii) Authority of Acting Director
Any Deputy Director, while serving as Acting Director under
this subparagraph, shall be vested with all authority,
duties, and privileges of the Director under this chapter and
any other provision of Federal law.
(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) Deputy Director
(A) In general
The Secretary of the Treasury shall appoint a Deputy
Director, and may appoint not more than 3 additional Deputy
Directors of the Office.
(B) First Deputy Director
If the Secretary of the Treasury appoints more than 1 Deputy
Director of the Office, the Secretary shall designate one such
appointee as the First Deputy Director.
(C) Duties
Each Deputy Director appointed under this paragraph shall
take an oath of office and perform such duties as the Director
shall direct.
(D) Compensation and benefits
The Director shall fix the compensation and benefits for each
Deputy Director in accordance with this chapter.
(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.