POWERS AND DUTIES TRANSFERRED.

SEC. 312. POWERS AND DUTIES TRANSFERRED.(a) Effective Date.—This section, and the amendments made by this section, shall take effect on the transfer date.(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 all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision (including the authority to issue orders) relating to—(i) the supervision of—(I) any savings and loan holding company; and(II) any subsidiary (other than a depository institution) of a savings and loan holding company; and(ii) all rulemaking authority of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision relating to savings and loan holding companies.(B) Powers, authorities, rights, and duties.—The Board of Governors shall succeed to all powers, authorities, rights, and duties that were vested in the Office of Thrift Supervision and the Director of the Office of Thrift Supervision on the day before the transfer date relating to the functions and authority transferred under subparagraph (A).(2) All other functions transferred.—(A) Board of governors.—All rulemaking authority of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision under section 11 of the Home Owners’ Loan Act (12 U.S.C. 1468) relating to transactions with affiliates and extensions of credit to executive officers, directors, and principal shareholders and under section 5(q) of such Act relating to tying arrangements is transferred to the Board of Governors.124 STAT. 1522(B) Comptroller of the currency.—Except as provided in paragraph (1) and subparagraph (A)—(i) there are transferred to the Office of the Comptroller of the Currency and the Comptroller of the Currency—(I) all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision, respectively, relating to Federal savings associations; and(II) all rulemaking authority of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision, respectively, relating to savings associations; and(ii) the Office 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 of Thrift Supervision and the Director of the Office of Thrift Supervision, respectively, on the day before the transfer date relating to the functions and authority transferred under clause (i).(C) Corporation.—Except as provided in paragraph (1) and subparagraphs (A) and (B)—(i) all functions of the Office of Thrift Supervision and the Director of the Office of Thrift Supervision relating to State savings associations are transferred to the Corporation; and(ii) the Corporation shall succeed to all powers, authorities, rights, and duties that were vested in the Office of Thrift Supervision and the Director of the Office of Thrift Supervision on the day before the transfer date relating to the functions transferred under clause (i).(c) Conforming Amendments.—Section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813) is amended—(1) in subsection (q), by striking paragraphs (1) through (4) and inserting the following:“(1) the Office of the Comptroller of the Currency, in the case of—“(A) any national banking association;“(B) any Federal branch or agency of a foreign bank; and“(C) any Federal savings association;“(2) the Federal Deposit Insurance Corporation, in the case of—“(A) any State nonmember insured bank;“(B) any foreign bank having an insured branch; and“(C) any State savings association;“(3) the Board of Governors of the Federal Reserve System, in the case of—“(A) any State member bank;“(B) any branch or agency of a foreign bank with respect to any provision of the Federal Reserve Act which is made applicable under the International Banking Act of 1978;“(C) any foreign bank which does not operate an insured branch;124 STAT. 1523“(D) any agency or commercial lending company other than a Federal agency;“(E) supervisory or regulatory proceedings arising from the authority given to the Board of Governors under section 7(c)(1) of the International Banking Act of 1978, including such proceedings under the Financial Institutions Supervisory Act of 1966;“(F) any bank holding company and any subsidiary (other than a depository institution) of a bank holding company; and“(G) any savings and loan holding company and any subsidiary (other than a depository institution) of a savings and loan holding company.”; and(2) in paragraphs (1) and (3) of subsection (u), by striking “(other than a bank holding company” and inserting “(other than a bank holding company or savings and loan holding company”.(d) Consumer Protection.—Nothing in this section may be construed to limit or otherwise affect the transfer of powers under title X.