DEPUTY DIRECTOR; SUCCESSION AUTHORITY FOR DIRECTOR OF THE OFFICE OF THRIFT SUPERVISION.

SEC. 712. DEPUTY DIRECTOR; SUCCESSION AUTHORITY FOR DIRECTOR OF THE OFFICE OF THRIFT SUPERVISION.(a) Establishment of Position of Deputy Director.—Section 3(c)(5) of the Home Owners’ Loan Act (12 U.S.C. 1462a(c)(5)) is amended to read as follows:“(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 Act.”.(b) Service of Deputy Director as Acting Director.—Section 3(c)(3) of the Home Owners’ Loan Act (12 U.S.C. 1462a(c)(3)) is amended—(1) by striking “vacancy.—A vacancy in the position of Director” and inserting “vacancy.—“(A) In general.—A vacancy in the position of Director”; and(2) by adding at the end the following:“(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.120 STAT. 1995“(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 Act and any other provision of Federal law.”.