Title 12 — Banks and Banking
Part F · Chapter 53 — Wall Street Reform and Consumer Protection
§ 5582. Designated transfer date
Statutory text
In general
Not later than 60 days after , the Secretary shall—
in consultation with the Chairman of the Board of Governors, the Chairperson of the Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, designate a single calendar date 1 for the transfer of functions to the Bureau under section 5581 of this title; and
publish notice of that designated date in the Federal Register.
Changing designation
The Secretary—
may, in consultation with the Chairman of the Board of Governors, the Chairperson of the Federal Deposit Insurance Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, change the date designated under subsection (a); and
shall publish notice of any changed designated date in the Federal Register.
Permissible dates
In general
Except as provided in paragraph (2), any date designated under this section shall be not earlier than 180 days, nor later than 12 months, after .
Extension of time
The Secretary may designate a date that is later than 12 months after , if the Secretary transmits to appropriate committees of Congress—
a written determination that orderly implementation of this title 2 is not feasible before the date that is 12 months after ;
an explanation of why an extension is necessary for the orderly implementation of this title; 2 and
a description of the steps that will be taken to effect an orderly and timely implementation of this title 2 within the extended time period.
Extension limited
In no case may any date designated under this section be later than 18 months after .
Footnotes
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Consumer Financial Protection Act of 2010
Pub. L. 111–203 title X § 1062 · 124 Stat. 1376
Enacted · 12 U.S.C. § 5582
(Pub. L. 111–203, title X, § 1062, July 21, 2010, 124 Stat. 2039.)
Source evidence
Code source credit
(Pub. L. 111–203, title X, § 1062, July 21, 2010, 124 Stat. 2039.)Enacted provision · exact public law section
SEC. 1062. DESIGNATED TRANSFER DATE. (a) In General.— Not later Deadline. than 60 days after the date of enactment of this Act, the Secretary shall— (1) in consultation with the Chairman of the Board of Governors, the Chairperson of the Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, designate a single calendar date for the transfer of functions to the Bureau under section 1061; and (2) publish notice of that designated date in the Federal Register. (b) Changing Designation.— The Secretary— (1) may, in consultation with the Chairman of the Board of Governors, the Chairperson of the Federal Deposit Insurance Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, change the date designated under subsection (a); and (2) shall publish notice of any changed designated date in the Federal Register. (c) Permissible Dates.— (1) In general.— Except as Time period. provided in paragraph (2), any date designated under this section shall be not earlier than 180 days, nor later than 12 months, after the date of enactment of this Act. (2) Extension of time.— The Secretary may designate a date that is later than 12 months after the date of enactment of this Act if the Secretary transmits to appropriate committees of Congress— (A) a written determination that orderly implementation of this title is not feasible before the date that is 12 months after the date of enactment of this Act; (B) an explanation of why an extension is necessary for the orderly implementation of this title; and (C) a description of the steps that will be taken to effect an orderly and timely implementation of this title within the extended time period. (3) Extension limited.— In no case may any date designated under this section be later than 18 months after the date of enactment of this Act.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
This title, referred to in subsec. (c)(2), is title X of Pub. L. 111–203, , 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter 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.
Statutory Notes and Related Subsidiaries
Definition of Designated Transfer Date
Notice of Secretary of the Treasury, , 75 F.R. 57252, provided that the designated transfer date is .