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Board Report: September 26, 2012
Title III of the Dodd-Frank Act established provisions for the transfer of authority from the OTS to the Office of the Comptroller of the Currency (OCC), the FDIC, and the Board within one year after the July 21, 2010, enactment date. Under title III, the Board received the functions and rulemaking authority for consolidated supervision of savings and loan holding companies and their nondepository subsidiaries. This transfer of OTS functions to the Board was effective on July 21, 2011.
The Dodd-Frank Act required that, within 180 days after its enactment, the OTS, the OCC, the FDIC, and the Board jointly submit a plan--the Joint Implementation Plan--to Congress and the IGs of the Treasury, the FDIC, and the Board that detailed the steps each agency would take to implement the title III provisions. The Joint Implementation Plan was submitted to Congress and the IGs on January 25, 2011. The Dodd-Frank Act required that the IGs conduct a review to determine whether the implementation plan conformed to the title III provisions. On March 28, 2011, the IGs jointly issued a report concluding that the actions described in the Joint Implementation Plan generally conformed to the provisions of title III.
Section 327 of title III requires the IGs to report on the status of the implementation of the Joint Implementation Plan every six months. The IGs have issued three status reports to date: the first on September 28, 2011; the second on March 21, 2012; and, during this reporting period, the third on September 26, 2012. These joint reports, all of which were titled Status of the Transfer of Office of Thrift Supervision Functions, concluded that the Board, the FDIC, the OCC, and the OTS have substantially implemented the actions in the plan to transfer OTS functions, employees, funds, and property to the Board, the FDIC, and the OCC, as appropriate. All three reports noted that the Board was still undertaking certain aspects of the plan, and the September 26, 2012, report noted that the rulemaking for the collection of supervisory assessments by the Board was ongoing and not yet required to be completed as provided in title III. In its written comments regarding the September 26, 2012, report, the Board stated that it agreed with the IGs' conclusion.