12 USC 1812 - Management

U.S Code last checked for updates: May 15, 2024

§ 1812.

Management

(a)

Board of Directors

(1)

In general

The management of the Corporation shall be vested in a Board of Directors consisting of 5 members—

(A)

1 of whom shall be the Comptroller of the Currency;

(B)

1 of whom shall be the Director of the Consumer Financial Protection Bureau; and

(C)

3 of whom 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, 1 of whom shall have State bank supervisory experience.

(2)

Political affiliation

(b)

Chairperson and Vice Chairperson

(1)

Chairperson

(2)

Vice Chairperson

(3)

Acting Chairperson

(c)

Terms

(1)

Appointed members

(2)

Interim appointments

(3)

Continuation of service

(d)

Vacancy

(1)

In general

(2)

Acting officials may serve

(e)

Ineligibility for other offices

(1)

Postservice restriction

(A)

In general

No member of the Board of Directors may hold any office, position, or employment in any insured depository institution or any depository institution holding company during—

(i)

the time such member is in office; and

(ii)

the 2-year period beginning on the date such member ceases to serve on the Board of Directors.

(B)

Exception for members who serve full term

(2)

Restriction during service

No member of the Board of Directors may—

(A)

be an officer or director of any insured depository institution, depository institution holding company, Federal Reserve bank, or Federal home loan bank; or

(B)

hold stock in any insured depository institution or depository institution holding company.

(3)

Certification

(f)

Status of employees

(1)

In general

(2)

“Employee of the Corporation” defined

(3)

Effect on other law

This subsection does not affect—

(A)

any other immunities and protections that may be available to such person under applicable law with respect to such transactions, or

(B)

any other right or remedy against the Corporation, against the United States under applicable law, or against any person other than a person described in paragraph (1) participating in such transactions.

This subsection shall not be construed to limit or alter in any way the immunities that are available under applicable law for Federal officials and employees not described in this subsection.

(Sept. 21, 1950, ch. 967, § 2[2], 64 Stat. 873; Pub. L. 86–230, § 19, Sept. 8, 1959, 73 Stat. 460; Pub. L. 98–181, title I [title VII, § 702(a)], Nov. 30, 1983, 97 Stat. 1267; Pub. L. 101–73, title II, § 203(a), Aug. 9, 1989, 103 Stat. 188; Pub. L. 102–18, title I, § 103(b), Mar. 23, 1991, 105 Stat. 60; Pub. L. 104–208, div. A, title II, § 2243, Sept. 30, 1996, 110 Stat. 3009–419; Pub. L. 111–203, title III, § 336(a), July 21, 2010, 124 Stat. 1540.)

cite as: 12 USC 1812