[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 664 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 664

   To create a systemic risk monitor for the financial system of the 
   United States, to oversee financial regulatory activities of the 
              Federal Government, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 23, 2009

  Ms. Collins introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To create a systemic risk monitor for the financial system of the 
   United States, to oversee financial regulatory activities of the 
              Federal Government, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Financial System 
Stabilization and Reform Act of 2009''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
                  TITLE I--FINANCIAL SYSTEM REGULATION

Sec. 101. Definitions.
                Subtitle A--Financial Stability Council

Sec. 111. Establishment and structure.
Sec. 112. Duties and authority of the Chairman.
Sec. 113. Duties and authority of the Council.
Sec. 114. Judicial review.
Sec. 115. Civil penalties.
Sec. 116. Precedence of council actions.
Sec. 117. Conflicting provisions terminated.
Sec. 118. Reporting and recordkeeping for positions involving credit-
                            default swaps.
Sec. 119. Federal Reserve Board authority over investment bank holding 
                            companies.
Sec. 120. Regulations on clearinghouse operations and fraudulent, 
                            deceptive, and manipulative acts.
                  Subtitle B--Administrative Provision

Sec. 151. Annual budget.
Sec. 152. Personnel matters.
Sec. 153. Personnel programs and policies.
Sec. 154. Executive schedule matters.
Sec. 155. Transitional authorities.
Sec. 156. Prohibition on political campaigning.
Sec. 157. Authorization of appropriations.
Sec. 158. Savings provision.
TITLE II--ABOLISHMENT AND TRANSFER OF FUNCTIONS OF THE OFFICE OF THRIFT 
                              SUPERVISION

Sec. 201. Definitions.
Sec. 202. Transfer of powers of the Director of the Office of Thrift 
                            Supervision.
Sec. 203. Abolishment of the Office of Thrift Supervision.
Sec. 204. Transition period.
Sec. 205. Savings provisions.
Sec. 206. Continuation of regulations.
Sec. 207. Transfer of functions, personnel, and property.
Sec. 208. Conforming amendments to the Home Owners' Loan Act.
Sec. 209. Conforming amendments to the Federal Deposit Insurance Act.
Sec. 210. Additional Conforming Amendments.
Sec. 211. Additional conforming references.

                  TITLE I--FINANCIAL SYSTEM REGULATION

SEC. 101. DEFINITIONS.

    As used in this title--
            (1) the term ``Council'' means the Financial Stability 
        Council established under section 111;
            (2) the term ``product or activity that is financial in 
        nature'' means products and activities listed in paragraph (4) 
        of section 4(k) of the Bank Holding Company Act of 1956 (12 
        U.S.C. 1843(k)(4)), other than the activities and products 
        listed in subparagraph (B) of that paragraph (4);
            (3) the term ``financial system'' means any product or 
        activity that is financial in nature, financial institutions, 
        or financial markets;
            (4) the term ``Federal financial regulator'' means, 
        individually and collectively, as the context requires--
                    (A) the Comptroller of the Currency;
                    (B) the Board of Governors of the Federal Reserve 
                System;
                    (C) the Federal Deposit Insurance Corporation;
                    (D) the National Credit Union Administration;
                    (E) the Securities and Exchange Commission;
                    (F) the Commodity Futures Trade Commission;
                    (G) the Treasury;
                    (H) the Pension Benefit Guarantee Corporation;
                    (I) the Federal Housing Finance Agency;
                    (J) any other department or agency or component 
                thereof, designated by the President as a Federal 
                financial regulator; and
                    (K) any combination of the agencies specified in 
                this paragraph, with respect to any given institution, 
                as otherwise provided by law;
            (5) the term ``Chairman'', except as the context otherwise 
        requires, means the Chairman of the Financial Stability 
        Council;
            (6) the term ``Board'' means the Board of Governors of the 
        Federal Reserve System;
            (7) the terms ``regulation'', ``rule'', and ``regulatory 
        action''--
                    (A) mean an agency statement of general 
                applicability and future effect, or any amendments or 
                modifications thereto, which the Council believes to 
                have the force and effect of law, that is designed to 
                implement, interpret, or prescribe law or policy or to 
                describe the procedure or practice requirements of an 
                agency; and
                    (B) do not include--
                            (i) regulations or rules that are limited 
                        to agency organization, management, or 
                        personnel matters, unless expressly provided 
                        otherwise in this title;
                            (ii) any rule, regulation, or order issued 
                        by the Board relating to the monetary policy 
                        functions of the Board; or
                            (iii) any other category of regulations 
                        exempted at the discretion of the Council; and
            (8) the term ``systemic risk''means the risk that a product 
        or activity that is financial in nature, or that a default by a 
        financial institution, will produce failures of, or significant 
        losses to, other financial institutions, resulting in 
        substantial increases in the cost of capital or substantial 
        decreases in the availability of capital, or substantial 
        financial market price volatility.

                Subtitle A--Financial Stability Council

SEC. 111. ESTABLISHMENT AND STRUCTURE.

    (a) In General.--There is established the Financial Stability 
Council, which shall be an independent establishment, as that term is 
defined in section 104 of title 5, United States Code.
    (b) Chairman.--The Council shall be headed by a Chairman, who shall 
be appointed by the President, by and with the advice and consent of 
the Senate, from among individuals having expertise in the financial 
services industry.
    (c) Prohibition on Dual Service.--The individual serving in the 
position of Chairman may not, during such service, also serve as the 
head of any Federal financial regulator.
    (d) Membership.--The members of the Council shall be--
            (1) the Chairman;
            (2) the Secretary of the Treasury;
            (3) the Chairman of the Board of Governors of the Federal 
        Reserve System;
            (4) the Chairperson of the Board of Directors of the 
        Federal Deposit Insurance Corporation;
            (5) the Chairman of the National Credit Union 
        Administration;
            (6) the Chairman of the Securities and Exchange Commission; 
        and
            (7) the Chairman of the Commodity Futures Trading 
        Commission.

SEC. 112. DUTIES AND AUTHORITY OF THE CHAIRMAN.

    (a) Duties.--The Chairman--
            (1) shall--
                    (A) serve as the principal advisor to the President 
                on matters related to oversight, monitoring, and 
                prevention of systemic risk affecting the financial 
                system of the United States;
                    (B) review all potential rules, regulations, and 
                regulatory actions of the Federal financial regulators 
                (before such rule or regulation is proposed), to 
                determine those which relate to systemic risk affecting 
                the financial system of the United States, and shall 
                therefore be subject to review by the Council under 
                this title;
                    (C) oversee and direct systemic risk regulatory 
                policy concerning the financial system of the United 
                States, including by identifying any absence in 
                regulatory authority among the Federal financial 
                regulators that may contribute to such risk;
                    (D) convene meetings of the Council at least 
                quarterly, and more often, as the Chairman determines 
                necessary;
                    (E) set the agenda for meetings of the Council;
                    (F) manage and oversee the staff of the Council; 
                and
                    (G) make recommendations for action by the Council 
                on matters relating to monitoring and preventing 
                systemic risk to the financial system of the United 
                States, and for regulating the financial system of the 
                United States to prevent such risk; and
            (2) may review existing rules, regulations, and regulatory 
        actions of the Federal financial regulators and recommend to 
        the Council any revisions or repeals thereof for the purpose of 
        monitoring and preventing systemic risk to the financial system 
        of the United States.
    (b) Agency Cooperation.--
            (1) In general.--The Chairman shall have access to, and may 
        require the production of, any data or information from the 
        Federal financial regulators, as necessary--
                    (A) to monitor areas of potential systemic risk in 
                the financial system of the United States;
                    (B) to monitor and coordinate the actions of the 
                Federal financial regulators; or
                    (C) to carry out any of the provisions of this 
                title.
            (2) Submissions by regulators.--Any Federal financial 
        regulator in possession of data or information relevant to 
        preventing systemic risk to the financial system of the United 
        States shall provide that information to the Chairman in a 
        timely manner.
            (3) Financial data collection.--If the Chairman determines 
        that it is necessary to carry out any of the provisions of this 
        title, the Chairman may direct a Federal financial regulator, 
        consistent with the authorities of such regulator, to require 
        the production of any data or information from any entity 
        regarding any product or activity that the Chairman determines 
        may be a product or activity that is financial in nature.
    (c) Insurance Information.--To carry out this title, the Chairman 
may request--
            (1) data and information from States regarding the solvency 
        of State regulated insurers and affiliates thereof; and
            (2) data and information from such insurers and affiliates 
        regarding any product or activity that the Council determines 
        may be a product or activity that is financial in nature.
    (d) Budget Recommendations.--With respect to budget requests and 
appropriations for the Federal financial regulators, the Chairman 
shall, based on economic priorities established by the President, 
provide to the heads of the Federal financial regulators guidance for 
developing the budget of each such regulator pertaining to the 
activities of such regulator that are deemed by the Chairman as 
relating to or affecting systemic risk to the financial system of the 
United States.
    (e) Reports to the President and to Congress.--Not later than 6 
months after the date of enactment of this Act, and biannually 
thereafter, the Chairman shall provide a report to the President and to 
Congress on--
            (1) the state of the financial system of the United States;
            (2) areas in which the Chairman anticipates systemic risk 
        to the financial system of the United States; and
            (3) areas for which the Council or a Federal financial 
        regulator needs legislative authority to fulfill its mission of 
        preventing such systemic risks.
    (f) Consultation With Foreign Governments.--Under the direction of 
the President, and in a manner consistent with section 207 of the 
Foreign Service Act of 1980 (22 U.S.C. 3927), the Chairman, in 
consultation with the Council, shall regularly consult with the 
financial regulatory entities and other appropriate organizations of 
foreign governments or international organizations on matters relating 
to systemic risk to the international financial system.

SEC. 113. DUTIES AND AUTHORITY OF THE COUNCIL.

    (a) In General.--The Council shall--
            (1) review, and approve or prohibit issuance of, or require 
        modification of, any rule or regulation of any Federal 
        financial regulator identified by the Chairman for such review 
        under section 112;
            (2) require each Federal financial regulator to issue or 
        revise its rules and regulations in conformance with the 
        determination of the Council;
            (3) review new financial products and services and 
        recommend regulations for such products and services to the 
        appropriate Federal financial regulator; and
            (4) direct each Federal financial regulator to impose 
        appropriate solvency requirements, including capital 
        requirements and long-term debt ratios on any financial 
        institution within its jurisdiction, as the Council deems 
        necessary to prevent systemic risk to the financial system of 
        the United States.
    (b) Insurance Industry Authority.--The Council may exercise any of 
the authorities described in subsections (a) and (d) with respect to 
products and activities that are financial in nature that are carried 
out by insurers and affiliates thereof, if the Council determines that 
such products or activities pose a systemic risk to the financial 
system of the United States.
    (c) Other Authority.--
            (1) Hearings.--The Council may, for the purpose of carrying 
        out this title--
                    (A) hold such hearings, sit and act at such times 
                and places, take such testimony, receive such evidence, 
                administer such oaths; and
                    (B) require, by subpoena or otherwise, the 
                production of such books, records, correspondence, 
                memoranda, papers, documents, tapes, and materials as 
                the Council considers advisable.
            (2) Issuance and enforcement of subpoenas.--
                    (A) Issuance.--Subpoenas issued pursuant to 
                paragraph (1) shall bear the signature of the Chairman 
                and shall be served by any person or class of persons 
                designated by the Chairman for that purpose.
                    (B) Enforcement.--In the case of contumacy or 
                failure to obey a subpoena issued under paragraph (1), 
                the subpoena shall be enforceable by order of any 
                appropriate district court of the United States. Any 
                failure to obey the order of the court may be punished 
                by the court as a contempt of that court.
    (d) Authority of the Council To Issue Regulations.--For any product 
or activity that is financial in nature and that is not otherwise 
within the jurisdiction or authority of a Federal financial regulator, 
the Council may issue and enforce regulations designed to prevent such 
product or activity from creating systemic risk to the financial system 
of the United States, in accordance with applicable provisions of title 
5, United States Code.
    (e) Actions of the Council.--All determinations and actions of the 
Council with respect to its duties and authority under this section 
shall be subject to a majority vote of a quorum of the Council.
    (f) Quorum.--Three members of the Council, including the Chairman, 
shall constitute a quorum for the transaction of business.

SEC. 114. JUDICIAL REVIEW.

    Nothing in this title affects any otherwise available judicial 
review of agency action or creates any right or benefit, substantive or 
procedural, enforceable at law or equity by a party against the United 
States, its agencies or instrumentalities, its officers or employees, 
or any other person.

SEC. 115. CIVIL PENALTIES.

    (a) In General.--Any person who violates this title or fails to 
comply with a rule, regulation, or order of the Council issued under 
this title shall be subject to a civil penalty in an amount established 
by the Council and published under subsection (b). Each such violation 
or failure shall constitute a separate civil offense.
    (b) Publication.--The Council shall annually prescribe and publish 
in the Federal Register a schedule of the maximum authorized civil 
penalty for any violation of this title or any regulatory action of the 
Council under this title.

SEC. 116. PRECEDENCE OF COUNCIL ACTIONS.

    To the extent that any regulatory action of the Council presents a 
conflict with any regulatory action of a Federal financial regulator, 
the regulatory action of the Council shall take precedence, except as 
otherwise expressly provided by law.

SEC. 117. CONFLICTING PROVISIONS TERMINATED.

    Executive Order Number 12631, issued by the President on March 18, 
1988, may not be enforced on or after the date of enactment of this 
Act.

SEC. 118. REPORTING AND RECORDKEEPING FOR POSITIONS INVOLVING CREDIT-
              DEFAULT SWAPS.

    (a) In General.--Section 2(h) of the Commodity Exchange Act (7 
U.S.C. 2(h)) is amended by adding at the end the following:
            ``(8) Reporting and recordkeeping for positions involving 
        credit-default swaps.--
                    ``(A) Definitions.--In this paragraph:
                            ``(i) Credit-default swap.--The term 
                        `credit-default swap' means a bilateral 
                        derivative contract that transfers, in exchange 
                        for 1 or more lump-sum or other payments, from 
                        1 party to another, the risk that an entity, 
                        regardless of whether owned by the buyer of the 
                        protection, may experience a loss of value from 
                        a credit event such as a default, credit 
                        downgrade, or other contractually agreed-upon 
                        adverse event.
                            ``(ii) Credit-default swap trading 
                        clearinghouse.--The term `credit-default swap 
                        trading clearinghouse' means an approved 
                        centralized clearinghouse for credit-default 
                        swap trading that is designated by the 
                        Securities and Exchange Commission, in 
                        consultation with the Commodity Futures Trading 
                        Commission and the Chairman of the Board of 
                        Governors of the Federal Reserve System.
                            ``(iii) Reportable contract.--The term 
                        `reportable contract' means a contract, 
                        agreement, or transaction involving a credit-
                        default swap, executed through a credit-default 
                        swap trading clearinghouse.
                    ``(B) Use of credit-default swap trading 
                clearinghouses.--Each credit-default swap trading 
                clearinghouse--
                            ``(i) shall be subject to regulation by the 
                        Commission;
                            ``(ii) shall be capitalized by participants 
                        in the credit-default swap trading 
                        clearinghouse at a level that is sufficient to 
                        guarantee payment for trading in credit-default 
                        swaps; and
                            ``(iii) may assess participants in the 
                        credit-default swap trading clearinghouse in an 
                        amount necessary to maintain a default fund for 
                        the credit-default swap trading clearinghouse.
                    ``(C) Recordkeeping.--The Commission, by rule, 
                shall require any person holding, maintaining, or 
                controlling any position in any reportable contract 
                under this paragraph--
                            ``(i) to maintain such records as directed 
                        by the Commission for a period of 5 years, or 
                        longer, if directed by the Commission; and
                            ``(ii) to provide such records upon request 
                        to the Commission, the Department of Justice, 
                        the Securities and Exchange Commission, or the 
                        Federal Reserve System, as applicable.
                    ``(D) Reporting of positions involving credit-
                default swaps.--The Commission shall prescribe rules 
                requiring such regular or continuous reporting of 
                positions in reportable contracts in accordance with 
                such requirements regarding size limits for reportable 
                positions and the form, timing, and manner of filing 
                such reports under this paragraph, as the Commission 
                shall determine.''.
    (b) Conforming Amendments.--Section 4a(e) of the Commodity Exchange 
Act (7 U.S.C. 6a(e)) is amended--
            (1) in the first sentence--
                    (A) by inserting ``, by any credit-default swap 
                trading clearinghouse (as defined in section 
                2(h)(8)(A)),'' after ``registered by the Commission''; 
                and
                    (B) by inserting ``, credit-default swap trading 
                clearinghouse,'' after ``derivatives transaction 
                execution facility''; and
            (2) in the second sentence, by inserting ``, by any credit-
        default swap trading clearinghouse (as defined in section 
        2(h)(8)(A)),'' after ``registered by the Commission''.

SEC. 119. FEDERAL RESERVE BOARD AUTHORITY OVER INVESTMENT BANK HOLDING 
              COMPANIES.

    (a) Regulation by the Board of Governors of the Federal Reserve 
System.--
            (1) Rulemaking required.--Not later than 90 days after the 
        date of enactment of this Act, the Board shall issue final 
        rules to provide for the examination of the safety and 
        soundness of, and the extent of systemic risk to the financial 
        system of the United States posed by, any investment bank 
        holding company organized in or doing business in the United 
        States.
            (2) Information from investment bank holding companies.--
        The rules of the Board under this section shall provide for 
        reasonable reporting of information by each investment bank 
        holding company, to the extent necessary to carry out the 
        purposes of this section.
    (b) Rule of Construction.--Nothing in this section shall be 
construed as negating or preempting the authority of the Securities and 
Exchange Commission to exercise its authority over broker or dealer 
operations in accordance with applicable provisions of law.
    (c) Exchange of Information on Systemic Risk.--The Securities and 
Exchange Commission, the Commodity Futures Trading Commission, and 
other appropriate Federal regulatory agencies shall provide to the 
Board all relevant information, as directed by the Board, on the 
activities of investment bank holding companies with respect to the 
prevention of systemic risk to the financial system of the United 
States posed by such activities.
    (d) Enforcement Provisions.--Any violation of this section or the 
rules of the Board under this section shall be subject to the 
enforcement and penalty provisions of the Bank Holding Company Act of 
1956, in the same manner and to the same extent as those provisions are 
applicable to violations of that Act by a bank holding company (as 
defined in that Act).
    (e) Authorization of Appropriations.--There are authorized to be 
appropriated to the Board such sums as may be necessary to carry out 
this section.
    (f) Definitions.--For purposes of this section, the term 
``investment bank holding company'' means--
            (1) any person other than a natural person that owns or 
        controls one or more brokers or dealers (as those terms are 
        defined in section 3 of the Securities Exchange Act of 1934 (15 
        U.S.C. 78c)); and
            (2) the associated persons thereof.
    (g) Conforming Amendments.--The Securities Exchange Act of 1934 (15 
U.S.C. 78a et seq.) is amended--
            (1) in section 6(g)(4)(A)(iv) (15 U.S.C. 78f(g)(4)(A)(iv)), 
        by striking ``and (k)'' and inserting ``and (i)'';
            (2) in section 15(b) (15 U.S.C. 78(o)(b))--
                    (A) in paragraph (11)(B)(vi), by striking ``(h), 
                and (i)'' and inserting ``and (h)''; and
                    (B) in paragraph (12)(B)(vi), by striking ``(h), 
                and (i)'' and inserting ``and (h)'';
            (3) in section 15A(k)(4)(C) (15 U.S.C. 78o-3(k)(4)(C)), by 
        striking ``and (k)'' and inserting ``and (i)''; and
            (4) in section 17 (15 U.S.C. 78q)--
                    (A) by striking subsections (i) and (j); and
                    (B) by redesignating subsection (k) as subsection 
                (i).

SEC. 120. REGULATIONS ON CLEARINGHOUSE OPERATIONS AND FRAUDULENT, 
              DECEPTIVE, AND MANIPULATIVE ACTS.

    (a) Rulemaking Required.--Not later than 90 days after the date of 
enactment of this Act, the Securities and Exchange Commission (in this 
section referred to as the ``Commission''), in consultation with the 
Board and the Commodity Futures Trading Commission, shall issue final 
rules--
            (1) to designate clearinghouses for credit-default swaps; 
        and
            (2) to prohibit fraudulent, deceptive, or manipulative acts 
        or practices in connection with credit-default swaps.
    (b) Criteria.--Rules of the Commission under this section shall 
require that clearinghouses--
            (1) are capitalized by participants to a level adequate to 
        guarantee payments; and
            (2) are authorized to assess members for a default fund.
    (c) Required Use of Clearinghouses.--Any person that engages in a 
credit-default swap transaction shall utilize a clearinghouse 
designated by the Commission for such purpose in accordance with the 
rules issued under subsection (a).

                 Subtitle B--Administrative Provisions

SEC. 151. ANNUAL BUDGET.

    The Chairman shall develop for each fiscal year a consolidated 
budget proposal for the Council to implement this title, and shall 
transmit such budget proposal to the President and to Congress.

SEC. 152. PERSONNEL MATTERS.

    (a) Council Staff.--
            (1) In general.--The Chairman may appoint and terminate 
        such personnel as may be necessary to enable to the Council to 
        perform its duties. The Chairman may establish positions in the 
        excepted service for employees of the Council.
            (2) Compensation.--The Chairman may fix the compensation of 
        Council personnel without regard to the provisions of chapter 
        51 and subchapter III of chapter 53 of title 5, United States 
        Code, relating to classification of positions and General 
        Schedule pay rates, except that the rate of pay for such 
        personnel may not exceed the rate payable for level V of the 
        Executive Schedule under section 5316 of such title.
            (3) Other personnel authorities.--The Chairman may exercise 
        any personnel authority of any of the Federal financial 
        regulators for the purposes of recruiting, hiring, or retention 
        of Council personnel.
    (b) Detail of Government Employees.--Any Federal Government 
employee may be detailed to the Council without reimbursement, and such 
detail shall be without interruption or loss of civil service status or 
privilege.
    (c) Procurement of Temporary and Intermittent Services.--The 
Chairman may procure temporary and intermittent services under section 
3109(b) of title 5, United States Code, at rates for individuals that 
do not exceed the daily equivalent of the annual rate of basic pay 
prescribed for level V of the Executive Schedule under section 5316 of 
such title.

SEC. 153. PERSONNEL PROGRAMS AND POLICIES.

    (a) In General.--The Chairman shall prescribe, in consultation with 
the heads of the Federal financial regulators, personnel policies and 
programs applicable to the Council and the Federal financial regulators 
that
            (1) set standards for education, training, and career 
        development of personnel;
            (2) encourage and facilitate the recruitment and retention 
        by the Council and the Federal financial regulators of highly 
        qualified individuals for the effective conduct of their 
        responsibilities; and
            (3) the Chairman shall prescribe mechanisms to facilitate 
        the rotation of personnel of the Federal financial regulators 
        through various components and departments of the Federal 
        financial regulators in the course of their careers in order to 
        facilitate the widest possible understanding by such personnel 
        of the variety of financial regulation, methods, users, and 
        capabilities.
    (b) Mechanisms Authorized.--The mechanisms prescribed under 
subparagraph (A) may include, among others--
            (1) the establishment of special occupational categories 
        involving service, over the course of a career, in more than 
        one Federal financial regulator;
            (2) the provision of rewards for service in positions 
        undertaking analysis and planning of operations involving 2 or 
        more Federal financial regulators; and
            (3) the establishment of requirements for education, 
        training, service, and evaluation for service involving more 
        than one Federal financial regulator.

SEC. 154. EXECUTIVE SCHEDULE MATTERS.

    Section 5312 of title 5, United States Code, is amended by adding 
at the end the following new item:
            ``Chairman of the Financial Stability Council.''.

SEC. 155. TRANSITIONAL AUTHORITIES.

    Upon request of the Chairman, the head of any executive agency may, 
on a reimbursable basis, provide services or detail personnel to the 
Chairman or the Council.

SEC. 156. PROHIBITION ON POLITICAL CAMPAIGNING.

    The Chairman may not participate in Federal election campaign 
activities, except that the Chairman is not prohibited by this 
subsection from making contributions to individual candidates.

SEC. 157. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the Council, such sums 
as may be necessary to carry out this title, to remain available until 
expended.

SEC. 158. SAVINGS PROVISION.

    Nothing in this title shall be construed to invalidate, impair, or 
supersede any law enacted by any State for the purpose of regulating 
the business of insurance, or which imposes a fee or tax upon such 
business.

TITLE II--ABOLISHMENT AND TRANSFER OF FUNCTIONS OF THE OFFICE OF THRIFT 
                              SUPERVISION

SEC. 201. DEFINITIONS.

    In this title--
            (1) the term ``Comptroller'' means the Comptroller of the 
        Currency;
            (2) the term ``Director'' means the Director of the Office 
        of Thrift Supervision;
            (3) the term ``Office'' (other than as used in connection 
        with the Office of the Comptroller of the Currency) means the 
        Office of Thrift Supervision; and
            (4) the term ``transition period'' means the 180-day period 
        described in section 204(a).

SEC. 202. TRANSFER OF POWERS OF THE DIRECTOR OF THE OFFICE OF THRIFT 
              SUPERVISION.

    The Comptroller shall have all powers that were vested in the 
Director on the day before the effective date under section 203.

SEC. 203. ABOLISHMENT OF THE OFFICE OF THRIFT SUPERVISION.

    Effective at the end of the transition period, the Office 
established under section 3 of the Home Owners' Loan Act (12 U.S.C. 
1462a) and the position of Director are abolished.

SEC. 204. TRANSITION PERIOD.

    (a) Disposition of Affairs.--During the 180-day period beginning on 
the date of enactment of this Act, the Director--
            (1) shall, solely for the purpose of winding up the affairs 
        of the Office--
                    (A) manage the employees of the Office and provide 
                for the payment of compensation and benefits of any 
                such employees that accrue before the effective date of 
                the transfer of such employee under section 207; and
                    (B) manage any property of the Office until such 
                property is transferred under section 207; and
            (2) may take any other action necessary for the purpose of 
        winding up the affairs of the Office.
    (b) Authority and Status of Director.--
            (1) In general.--Notwithstanding the abolishment of the 
        Office under section 203, the Director shall have any authority 
        vested in the Director before the effective date of such 
        abolishment that is necessary for the Director to carry out the 
        requirements of this section during the transition period.
            (2) Other provisions.--For purposes of paragraph (1), the 
        Director shall continue to be--
                    (A) treated as an officer of the United States 
                during the transition period; and
                    (B) entitled to compensation at the annual rate of 
                basic pay payable for level III of the Executive 
                Schedule.
    (c) Status of Employees Before Transfer.--
            (1) Employees of office.--Any employee of the Office shall 
        be treated as an employee of the Office of the Comptroller of 
        the Currency on and after the effective date under section 203.
            (2) Rule of construction.--The abolishment of the Office 
        under section 203 shall not be construed as affecting the 
        status of any employee of the Office as an employee of an 
        agency of the United States for purposes of any other provision 
        of law in effect before the effective date of the transfer of 
        any such employee under section 207.
    (d) Continuation of Services.--
            (1) In general.--The Comptroller may use the services of 
        employees and other personnel and the property of the Office, 
        on a reimbursable basis, to perform functions which have been 
        transferred to the Office of the Comptroller of the Currency 
        for such time as is reasonable to facilitate the orderly 
        transfer of functions under any provision of this title.
            (2) Agency services.--Any agency, department, or other 
        instrumentality of the United States (including any Federal 
        home loan bank), and any successor to any such agency, 
        department, or instrumentality, which was providing supporting 
        services to the Office before the date of enactment of this Act 
        in connection with functions that are transferred to the Office 
        the Comptroller of the Currency shall--
                    (A) continue to provide such services, on a 
                reimbursable basis, until the transfer of such 
                functions is complete; and
                    (B) consult with any such agency to coordinate and 
                facilitate a prompt and reasonable transition.

SEC. 205. SAVINGS PROVISIONS.

    (a) Existing Rights, Duties, and Obligations Not Affected.--The 
abolishment of the Office under this title shall not affect the 
validity of any right, duty, or obligation of the United States, the 
Office, or any other person, that existed on the day before the date of 
enactment of this Act.
    (b) Continuation of Suits.--No action or other proceeding commenced 
by or against the Office, or any Federal home loan bank with respect to 
any function of the Office that was delegated to employees of such 
bank, shall abate by reason of the enactment of this title, except that 
the appropriate successor to the interests of the Office shall be 
substituted for the Office or the Federal home loan bank as a party to 
any such action or proceeding.

SEC. 206. CONTINUATION OF REGULATIONS.

    (a) Continuation of Orders, Resolutions, Determinations, and 
Regulations.--All orders, resolutions, determinations, and regulations, 
which have been issued, made, prescribed, or allowed to become 
effective by the Director, or by a court of competent jurisdiction, in 
the performance of functions which are transferred by this title and 
are in effect on the effective date under section 203, shall continue 
in effect according to the terms of such orders, resolutions, 
determinations, and regulations and shall be enforceable by or against 
the Comptroller until modified, terminated, set aside, or superseded in 
accordance with applicable law by the Comptroller by any court of 
competent jurisdiction, or by operation of law.
    (b) Treatment of References in Adjustable Rate Mortgage 
Instruments.--
            (1) In general.--For purposes of adjustable rate mortgage 
        instruments that are in effect as of the date of enactment of 
        this Act, any reference in the instrument to the Office of 
        Thrift Supervision before such date shall be treated as a 
        reference to the Office of the Comptroller of the Currency, as 
        appropriate on the basis of the transfer of functions under 
        this title, unless the context of the reference requires 
        otherwise.
            (2) Substitution for indexes.--If any index used to 
        calculate the applicable interest rate on any adjustable rate 
        mortgage instrument is no longer calculated and made available 
        as a direct or indirect result of the enactment of this title, 
        any index made available by the Comptroller or determined by 
        the Comptroller to be substantially similar to the index that 
        is no longer calculated or made available may be substituted by 
        the holder of any such adjustable rate mortgage instrument upon 
        notice to the borrower.
            (3) Agency action required to provide continued 
        availability of indexes.--Promptly after the date of enactment 
        of this Act, the Comptroller shall take such action as may be 
        necessary to assure that the indexes prepared by the Office 
        immediately prior to the date of enactment of this Act and used 
        to calculate the interest rate on adjustable rate mortgage 
        instruments continue to be available.
            (4) Requirements relating to substitute indexes.--If any 
        agency can no longer make available an index, an index that is 
        substantially similar to such index may be substituted for such 
        index, if the Comptroller determines, after notice and 
        opportunity for comment, that--
                    (A) the new index is based upon data substantially 
                similar to that of the original index; and
                    (B) the substitution of the new index will result 
                in an interest rate substantially similar to the rate 
                in effect at the time the original index became 
                unavailable.

SEC. 207. TRANSFER OF FUNCTIONS, PERSONNEL, AND PROPERTY.

    (a) Determination of Transferred Functions and Employees.--
            (1) All ots employees shall be transferred.--All employees 
        of the Office shall be transferred to the Office of the 
        Comptroller of the Currency.
            (2) Functions and employees transferred.--
                    (A) In general.--During the transition period, the 
                Comptroller and the Director shall jointly determine 
                the functions or activities of the Office and the 
                number of employees necessary to perform or support 
                each such function or activity transferred from the 
                Office to the Office of the Comptroller of the Currency 
                under this title.
                    (B) Allocation of employees.--The Comptroller shall 
                allocate the employees of the Office consistent with 
                the number determined under subparagraph (A) in a 
                manner which the Comptroller, in the sole discretion of 
                the Comptroller, determines is equitable, except that, 
                within work units, the preferences of individual 
                employees shall be accommodated as far as possible.
    (b) Rights of Employees of OTS.--
            (1) In general.--All employees identified for transfer 
        under subsection (a) shall--
                    (A) be transferred to the Office of the Comptroller 
                of the Currency for employment no later than the end of 
                the transition period, and such transfer shall be 
                deemed a transfer of function for purposes of section 
                3503 of title 5, United States Code;
                    (B) be guaranteed a position with the same status, 
                tenure, grade, and pay as that held on the day 
                immediately preceding the transfer; and each such 
                employee holding a permanent position shall not be 
                involuntarily separated or reduced in grade or 
                compensation for 1 year after the date of transfer, 
                except for cause or, if the employee is a temporary 
                employee, separated in accordance with the terms of the 
                appointment; and
                    (C) in the case of employees occupying positions in 
                the excepted service or the Senior Executive Service, 
                continue to be subject to any appointment authority 
                established under law or regulations of the Office of 
                Personnel Management for filling such positions, except 
                that the Office of the Comptroller of the Currency may 
                decline a transfer of authority (and the employees 
                appointed pursuant thereto) to the extent that such 
                authority relates to positions excepted from the 
                competitive service because of their confidential, 
                policy-making, policy-determining, or policy-advocating 
                character, and noncareer positions in the Senior 
                Executive Service (within the meaning of section 
                3132(a)(7) of title 5, United States Code).
            (2) Major reorganization.--If the Office of the Comptroller 
        of the Currency determines, after the end of the 1-year period 
        beginning on the date that the transfer of functions to the 
        Office of the Comptroller of the Currency is complete, that a 
        reorganization of the combined work force is required, that 
        reorganization shall be deemed a ``major reorganization'' for 
        purposes of affording affected employees retirement under 
        section 8336(d)(2) or 8414(b)(1)(B) of title 5, United States 
        Code.
            (3) Benefit programs.--
                    (A) In general.--Any employee accepting employment 
                with the Office of the Comptroller of the Currency as a 
                result of a transfer under this section may retain for 
                1 year beginning on the date on which such transfer 
                occurs membership in any employee benefit program of 
                the Office of Thrift Supervision, including insurance, 
                to which such employee belongs on the date of enactment 
                of this Act if the employee does not elect to give up 
                the benefit or membership in the program and the 
                benefit or program is continued by the Comptroller.
                    (B) Cost differential.--The difference in the costs 
                between the benefits which would have been provided by 
                such agency or entity and those provided by this 
                subsection shall be paid by the Comptroller. If any 
                employee elects to give up membership in a health 
                insurance program or the health insurance program is 
                not continued by the Comptroller, the employee shall be 
                permitted to select an alternate Federal health 
                insurance program within 30 days of such election or 
                notice, without regard to any other regularly scheduled 
                open season.
            (4) Senior executive service employees.--A transferring 
        employee in the Senior Executive Service shall be placed in a 
        comparable position at the Office of the Comptroller of the 
        Currency.
            (5) Notice of assignments.--Transferring employees shall 
        receive notice of their position assignments not later than 120 
        days after the effective date of their transfer.
    (c) Control of Property and Facilities.--Not later than the end of 
the transition period, the Comptroller shall take control of all 
property of the Office used to perform functions and activities of the 
Office.

SEC. 208. CONFORMING AMENDMENTS TO THE HOME OWNERS' LOAN ACT.

    (a) Short Title and Table of Contents.--Section 1 of the Home 
Owners' Loan Act (12 U.S.C. 1461) is amended in the table of contents 
by striking the item relating to section 3 and inserting the following:

``Sec. 3. Powers of the Comptroller relating to savings 
                            associations.''.
    (b) Definitions.--Section 2 of the Home Owners' Loan Act (12 U.S.C. 
1462) is amended--
            (1) by amending paragraph (1) to read as follows:
            ``(1) Comptroller.--The term `Comptroller' means the 
        Comptroller of the Currency.''; and
            (2) in paragraph (3), by striking ``Thrift Supervision'' 
        and inserting ``the Comptroller of the Currency''.
    (c) Director of the Office of Thrift Supervision.--Section 3 of the 
Home Owners' Loan Act (12 U.S.C. 1462a) is amended to read as follows:

``SEC. 3. POWERS OF THE COMPTROLLER RELATING TO SAVINGS ASSOCIATIONS.

    ``(a) Powers of the Comptroller.--The Comptroller shall have all 
powers that were vested in the Director of the Office of Thrift 
Supervision on the day before the date of enactment of the Financial 
Regulatory Oversight Act of 2009.
    ``(b) Regulations.--The Comptroller may prescribe such regulations 
and issue such orders as the Comptroller determines are necessary for 
carrying out this Act.
    ``(c) Autonomy of Director.--The Secretary of the Treasury may not 
intervene in any matter or proceeding before the Comptroller (including 
agency enforcement actions) relating to this Act, unless otherwise 
specifically provided by law.
    ``(d) Banking Agency Rulemaking.--The Secretary of the Treasury may 
not delay or prevent the issuance of any rule or the promulgation of 
any regulation by the Comptroller under this Act.
    ``(e) State Homestead Provisions.--No provision of this Act shall 
be construed as superseding any homestead provision of any State 
constitution, including any implementing State statute, in effect on 
the date of enactment of the Riegle-Neal Interstate Banking and 
Branching Efficiency Act of 1994, or any subsequent amendment to such a 
State constitutional or statutory provision in effect on such date, 
that exempts the homestead of any person from foreclosure, or forced 
sale, for the payment of all debts, other than a purchase money 
obligation relating to the homestead, taxes due on the homestead, or an 
obligation arising from work and material used in constructing 
improvements on the homestead.''.
    (d) Funding Through Assessments.--The compensation of employees of 
the Office, and any other expenses thereof, may be paid from 
assessments levied under the Home Owners' Loan Act.
    (e) Supervision of Savings Associations.--Section 4 of the Home 
Owners' Loan Act (12 U.S.C. 1463) is amended--
            (1) by striking ``Director'' each place that term appears 
        and inserting ``Comptroller'';
            (2) in subsection (a)--
                    (A) by striking paragraph (2); and
                    (B) by redesignating paragraph (3) as paragraph 
                (2); and
            (3) in subsection (c), by striking ``of the Currency''.
    (f) Federal Savings Associations.--Section 5 of the Home Owners' 
Loan Act (12 U.S.C. 1464) is amended--
            (1) by striking ``Director'' each place that term appears 
        and inserting ``Comptroller'';
            (2) by striking ``Director's'' each place that term appears 
        and inserting ``Comptroller's'';
            (3) in subsection (d)(1)(A), by inserting ``(with respect 
        to insured savings associations)'' after ``Insurance Act'';
            (4) in subsection (d)(2)(A), by striking ``Director of the 
        Office of Thrift Supervision'' and inserting ``Comptroller''; 
        and
            (5) in subsection (t)--
                    (A) in paragraph (5)(D)(vii), by striking 
                ```Director''' and inserting ```Comptroller''';
                    (B) in paragraph (9), by striking ``of the 
                Currency'' each place that term appears; and
                    (C) in paragraph (10)--
                            (i) in the paragraph heading, by striking 
                        ``comptroller's'' and inserting ``national 
                        bank''; and
                            (ii) in subparagraph (A), by striking ``of 
                        the Currency''.
    (g) District Associations.--Section 8 of the Home Owners' Loan Act 
(15 U.S.C. 1466a) is amended by striking ``Director'' each place that 
term appears and inserting ``Comptroller''.
    (h) Examination Fees.--Section 9 of the Home Owners' Loan Act (15 
U.S.C. 1467) is amended--
            (1) by striking ``Director'' each place that term appears 
        and inserting ``Comptroller''; and
            (2) in subsection (m), by striking ``the Office'' and 
        inserting ``the Comptroller in carrying out this Act''.
    (i) Regulation of Holding Companies.--Section 10 of the Home 
Owners' Loan Act (15 U.S.C. 1467a) is amended by striking ``Director'' 
each place that term appears and inserting ``Comptroller''.
    (j) Transactions With Affiliates.--Section 11 of the Home Owners' 
Loan Act (15 U.S.C. 1468) is amended by striking ``Director'' each 
place that term appears and inserting ``Comptroller''.
    (k) Advertising.--Section 12 of the Home Owners' Loan Act (15 
U.S.C. 1468a) is amended by striking ``Director'' and inserting 
``Comptroller for purposes of this Act.''.
    (l) Powers of Examiners.--Section 13 of the Home Owners' Loan Act 
(15 U.S.C. 1468b) is amended by striking ``Director'' and inserting 
``Comptroller''.

SEC. 209. CONFORMING AMENDMENTS TO THE FEDERAL DEPOSIT INSURANCE ACT.

    The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 
amended--
            (1) in section 2 (12 U.S.C. 1812)--
                    (A) in subsection (a)--
                            (i) in paragraph (1)--
                                    (I) in subparagraph (A), by adding 
                                ``and'' at the end;
                                    (II) by striking subparagraph (B); 
                                and
                                    (III) in subparagraph (C), by 
                                striking ``3'' and inserting ``2''; and
                            (ii) in paragraph (2), by striking ``3'' 
                        and inserting ``2'';
                    (B) in subsection (d)(2), by striking--
                            (i) ``or the office of Director of the 
                        Office of Thrift Supervision'';
                            (ii) ``or such Director''; and
                            (iii) ``or the acting Director of the 
                        Office of Thrift Supervision, as the case may 
                        be,'' and
                    (C) in subsection (f), by striking ``or of the 
                Office of Thrift Supervision'';
            (2) in section 3 (12 U.S.C. 1813)--
                    (A) in subsection (b)(1)(C), by striking ``Director 
                of the Office of Thrift Supervision'' and inserting 
                ``Comptroller of the Currency'';
                    (B) in subsection (l)(5), by striking ``, Director 
                of the Office of Thrift Supervision,'';
                    (C) in subsection (q)--
                            (i) in paragraph (1), by striking ``or any 
                        Federal branch or agency of a foreign bank'' 
                        and inserting ``, any Federal branch or agency 
                        of a foreign bank, any savings association, or 
                        any savings and loan holding company'';
                            (ii) in paragraph (3), by striking ``; 
                        and'' and inserting a period; and
                            (iii) by striking paragraph (4); and
                    (D) in subsection (z), by striking ``the Director 
                of the Office of Thrift Supervision,'';
            (3) in section 7 (12 U.S.C. 1817)--
                    (A) in subsection (a)--
                            (i) in paragraph (2)(A), by striking ``the 
                        Director of the Office of Thrift Supervision,'' 
                        each place that term appears;
                            (ii) in paragraph (2)(B)--
                                    (I) by inserting ``and'' after 
                                ``Currency,''; and
                                    (II) by striking ``and the Director 
                                of the Office of Thrift Supervision,'';
                            (iii) in paragraph (3)--
                                    (I) by inserting ``and'' after 
                                ``Currency,''; and
                                    (II) by striking ``, and the 
                                Director of the Office of Thrift 
                                Supervision''; and
                            (iv) in paragraph (7), by striking ``, the 
                        Director of the Office of Thrift 
                        Supervision,'';
                    (B) in subsection (n)--
                            (i) by striking ``Director of the Office of 
                        Thrift Supervision'' each place that term 
                        appears and inserting ``Comptroller of the 
                        Currency''; and
                            (ii) by striking ``Director'' each place 
                        that term appears and inserting ``Comptroller 
                        of the Currency'';
            (4) in section 8 (12 U.S.C. 1818)--
                    (A) in the matter following subsection 
                (a)(8)(B)(ii)(IV)--
                            (i) by striking ``Director of the Office of 
                        Thrift Supervision'' each place that term 
                        appears and inserting ``Comptroller of the 
                        Currency''; and
                            (ii) by striking ``Federal Savings and Loan 
                        Insurance Corporation or the Federal Home Loan 
                        Bank Board'' and inserting ``Office of Thrift 
                        Supervision'';
                    (B) in subsection (o), by striking ``Director of 
                the Office of Thrift Supervision'' and inserting 
                ``Comptroller of the Currency''; and
                    (C) in subsection (w), by striking ``Office of 
                Thrift Supervision'' and inserting ``Comptroller of the 
                Currency'';
            (5) in section 10(k)(5)(B) (12 U.S.C. 1820(k)(5)(B))--
                    (A) in clause (ii), by adding ``and'' at the end;
                    (B) in clause (iii), by striking ``; and'' and 
                inserting a period; and
                    (C) by striking clause (iv);
            (6) in section 11 (12 U.S.C. 1821)--
                    (A) in subsection (c)(6), by striking ``Director of 
                the Office of Thrift Supervision'' each place that term 
                appears and inserting ``Comptroller of the Currency'';
                    (B) in subsection (d)--
                            (i) in paragraph (17)(A), by striking ``or 
                        the Director of the Office of Thrift 
                        Supervision''; and
                            (ii) in paragraph (18)(b), by striking ``or 
                        the Director of the Office of Thrift 
                        Supervision'';
                    (C) in subsection (m)--
                            (i) in paragraph (9), by striking ``or the 
                        Director of the Office of Thrift Supervision, 
                        as appropriate'';
                            (ii) in paragraph (16), by striking ``or 
                        the Director of the Office of Thrift 
                        Supervision, as appropriate,'' each place that 
                        term appears; and
                            (iii) in paragraph (18), by striking ``or 
                        the Director of the Office of Thrift 
                        Supervision, as appropriate,'' each place that 
                        term appears; and
                    (D) in subsection (n)--
                            (i) in paragraph (1)(A), by striking ``, or 
                        the Director of the Office of Thrift 
                        Supervision, with respect to'' and inserting 
                        ``or'';
                            (ii) in paragraph (2)(A), by striking ``or 
                        the Director of the Office of Thrift 
                        Supervision'';
                            (iii) in paragraph (4)(G), by striking 
                        ``and the Director of the Office of Thrift 
                        Supervision, as appropriate,''; and
                            (iv) in paragraph (12)(B), by striking ``or 
                        the Director of the Office of Thrift 
                        Supervision, as appropriate,'' each place that 
                        term appears;
            (7) in section 13(k)(1)(A)(iv) (12 U.S.C. 
        1823(k)(1)(A)(iv)), by striking ``Director of the Office of 
        Thrift Supervision'' and inserting ``Comptroller of the 
        Currency'';
            (8) in section 18 (12 U.S.C. 1828)--
                    (A) in subsection (c)(2)--
                            (i) in subparagraph (A), by striking ``bank 
                        is to be a national bank'' and inserting 
                        ``institution is to be a national bank or 
                        savings association'';
                            (ii) in subparagraph (B)--
                                    (I) by striking ``Director of the 
                                Office of Thrift Supervision'' and 
                                inserting ``Comptroller of the 
                                Currency''; and
                                    (II) by adding ``and'' at the end;
                            (iii) in subparagraph (C), by striking ``; 
                        and'' and inserting a period; and
                            (iv) by striking subparagraph (D);
                    (B) in subsection (g)(1), by striking ``Director of 
                the Office of Thrift Supervision'' and inserting 
                ``Comptroller of the Currency'';
                    (C) in subsection (i)(2)(C), by striking ``Director 
                of the Office of Thrift Supervision'' and inserting 
                ``Comptroller of the Currency''; and
                    (D) in subsection (m)--
                            (i) by striking ``Director of the Office of 
                        Thrift Supervision'' each place that term 
                        appears and inserting ``Comptroller of the 
                        Currency'';
                            (ii) in the matter following paragraph 
                        (2)(B)(ii), by striking ``Director'' and 
                        inserting ``Comptroller of the Currency''; and
                            (iii) by amending paragraph (3)(B) to read 
                        as follows:
                    ``(B) Authority of comptroller.--The section does 
                not limit the authority of the Comptroller of the 
                Currency to issue regulations to promote safety and 
                soundness or to enforce compliance with other 
                applicable laws.'';
            (9) in section 19(e) (12 U.S.C. 1829)--
                    (A) by striking ``Director of the Office of Thrift 
                Supervision'' each place that term appears and 
                inserting ``Comptroller of the Currency''; and
                    (B) in the heading of paragraph (2), by striking 
                ``Director'' and inserting ``Comptroller'';
            (10) in section 28 (12 U.S.C. 1831e)--
                    (A) in subsection (e), by striking ``Director of 
                the Office of Thrift Supervision'' each place that term 
                appears and inserting ``Comptroller of the Currency''; 
                and
                    (B) in subsection (h), by striking ``Director of 
                the Office of Thrift Supervision'' and inserting 
                ``Comptroller of the Currency''; and
            (11) in section 33(e) (12 U.S.C. 1831j(e)), by striking 
        ``the Comptroller of the Currency, and the Director of the 
        Office of Thrift Supervision'' and inserting ``and the 
        Comptroller of the Currency''.

SEC. 210. ADDITIONAL CONFORMING AMENDMENTS.

    (a) Title 5.--Title 5, United States Code, is amended--
            (1) in section 3132(a)(1)(D), by striking ``, the Office of 
        Thrift Supervision,''; and
            (2) in section 5314, by striking ``Director of the Office 
        of Thrift Supervision.''.
    (b) Title 10.--Section 987(h)(3) of title 10, United States Code, 
is amended by striking subparagraph (E).
    (c) Revised Statutes.--Section 324 of the Revised Statutes of the 
United States (12 U.S.C. 1) is amended by striking the second sentence.
    (d) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 221 et 
seq.) is amended--
            (1) in section 11(a)(2)(B)(iii) (12 U.S.C. 
        248(a)(2)(B)(iii)), by striking ``Director of the Office of 
        Thrift Supervision'' and inserting ``Comptroller of the 
        Currency''; and
            (2) in section 19(b)(12 U.S.C. 461(b))--
                    (A) in paragraph (1)(F), by striking ``Director of 
                the Office of Thrift Supervision'' and inserting 
                ``Comptroller of the Currency''; and
                    (B) in paragraph (4)(B), by striking ``Director of 
                the Office of Thrift Supervision'' and inserting 
                ``Comptroller of the Currency''.
    (e) Public Law 93-495.--Section 111 of Public Law 93-495 (12 U.S.C. 
250) is amended by striking ``the Director of the Office of Thrift 
Supervision,''.
    (f) Economic Growth and Regulatory Paperwork Reduction Act of 
1996.--Section 2227(a)(1) of the Economic Growth and Regulatory 
Paperwork Reduction Act of 1996 (12 U.S.C. 252(a)(1)) is amended by 
striking ``the Director of the Office of Thrift Supervision,''.
    (g) Federal Deposit Insurance Corporation Improvement Act of 
1991.--Section 306(m)(2) of the Federal Deposit Insurance Corporation 
Improvement Act of 1991 (12 U.S.C. 375b note) is amended by striking 
``Director of the Office of Thrift Supervision'' and inserting 
``Comptroller of the Currency''.
    (h) Federal Home Loan Bank Act.--The Federal Home Loan Bank Act (12 
U.S.C. 1421 et seq.) is amended--
            (1) in section 10(h)(1) (12 U.S.C. 1430(h)(1)), by striking 
        ``Director of the Office of Thrift Supervision'' and inserting 
        ``Comptroller of the Currency'';
            (2) in section 18(c) (12 U.S.C. 1438(c)), by striking 
        ``Director of the Office of Thrift Supervision'' each place 
        that term appears and inserting ``Comptroller of the 
        Currency'';
            (3) in section 21A (12 U.S.C. 1441a)--
                    (A) by striking ``Director of the Office of Thrift 
                Supervision'' each place that term appears and 
                inserting ``Comptroller of the Currency''; and
                    (B) in subsection (k)(9) by striking ``Director'' 
                and inserting ``Comptroller''; and
            (4) in section 22 (12 U.S.C. 1442), by striking ``Director 
        of the Office of Thrift Supervision'' each place that term 
        appears and inserting ``Comptroller of the Currency''.
    (i) Housing Act of 1948.--Section 502 of the Housing Act of 1948 
(12 U.S.C. 1701c) is amended--
            (1) by striking ``Director of the Office of Thrift 
        Supervision'' each place that term appears and inserting 
        ``Comptroller of the Currency''; and
            (2) by striking ``Federal Home Loan Bank Board'' and 
        inserting ``Comptroller of the Currency''.
    (j) National Housing Act.--Section 202(e)(8) of the National 
Housing Act (12 U.S.C. 1708(e)(8)) is amended by striking ``Director of 
the Office of Thrift Supervision'' and inserting ``Comptroller of the 
Currency''.
    (k) Federal Credit Union Act.--Section 205(b)(2)(G) of the Federal 
Credit Union Act (12 U.S.C. 1785(b)(2)(G)) is amended by striking ``the 
Office of Thrift Supervision and''.
    (l) Bank Holding Company Act of 1956.--The Bank Holding Company Act 
of 1956 is amended--
            (1) in section 2(j)(3) (12 U.S.C. 1841(j)(3)), by striking 
        ``Director of the Office of Thrift Supervision'' and inserting 
        ``Comptroller of the Currency''; and
            (2) in section 4(i) (12 U.S.C. 1843(i))--
                    (A) by striking ``Director'' each place that term 
                appears and inserting ``Comptroller''; and
                    (B) by amending paragraph (7) to read as follows:
            ``(7) Comptroller defined.--For purposes of this 
        subsection, the term `Comptroller' means the Comptroller of the 
        Currency.''.
    (m) FEGLI Living Benefits Act.--Section 5 of the FEGLI Living 
Benefits Act (5 U.S.C. 8701 note) is amended--
            (1) by striking ``or the Office of Thrift Supervision'' 
        each place it appears; and
            (2) in subsection (c), by striking ``and the Office of 
        Thrift Supervision''.
    (n) Resolution Trust Corporation Funding Act of 1991.--Section 
102(c)(1)(B) of the Resolution Trust Corporation Funding Act of 1991 
(12 U.S.C. 1441a note) is amended by striking ``the Director of the 
Office of Thrift Supervision with respect to reports to be filed by 
such Office,'' and inserting ``the Comptroller of the Currency with 
respect to reports to be filed by the Office of the Comptroller of the 
Currency''.
    (o) Gramm-Leach-Bliley Act.--The Gramm-Leach-Bliley Act is 
amended--
            (1) in section 132 (12 U.S.C. 1828b), by striking ``the 
        Director of the Office of Thrift Supervision,'';
            (2) in section 505(a)(1) (15 U.S.C. 6805(a)(1))--
                    (A) in subparagraph (A), by inserting ``savings 
                associations, the deposits of which are insured by the 
                Federal Deposit Insurance Corporation,'' before 
                ``national banks'';
                    (B) in subparagraph (B), by adding ``and'' at the 
                end;
                    (C) in subparagraph (C), by striking ``; and'' and 
                inserting a period; and
                    (D) by striking subparagraph (D);
            (3) in section 509(2) (15 U.S.C. 6809(2))--
                    (A) by striking subparagraph (D); and
                    (B) by redesignating subparagraphs (E) and (F) as 
                subparagraphs (D) and (E), respectively; and
            (4) in section 522(b)(1)(A) (15 U.S.C. 6822(b)(1)(A))--
                    (A) in clause (i), by inserting ``savings 
                associations, the deposits of which are insured by the 
                Federal Deposit Insurance Corporation,'' before 
                ``national banks'';
                    (B) in clause (ii), by adding ``and'' at the end; 
                and
                    (C) by striking clause (iv).
    (p) Financial Institutions Reform, Recovery, and Enforcement Act of 
1989.--The Financial Institutions Reform, Recovery, and Enforcement Act 
of 1989 is amended--
            (1) in section 1121(6) (12 U.S.C. 3350(6)), by striking 
        ``the Office of Thrift Supervision,'';
            (2) in section 1206(a) (12 U.S.C. 1833b(a)), by striking 
        ``the Farm Credit Administration, and the Office of Thrift 
        Supervision'' and inserting ``and the Farm Credit 
        Administration''; and
            (3) in section 1216 (12 U.S.C. 1833e)--
                    (A) in subsection (a)--
                            (i) by striking paragraph (2); and
                            (ii) by redesignating paragraphs (3) 
                        through (6) as paragraphs (2) through (5), 
                        respectively; and
                    (B) in subsection (c), by striking ``the Director 
                of the Office of Thrift Supervision,''.
    (q) Bank Service Company Act.--Section 1(b)(4) of the Bank Service 
Company Act (12 U.S.C. 1861(b)(4)) is amended by striking ``Director of 
the Office of Thrift Supervision'' and inserting ``Comptroller of the 
Currency''.
    (r) Bank Protection Act of 1968.--Section 2 of the Bank Protection 
Act of 1968 (12 U.S.C. 1881) is amended--
            (1) by striking ``The'' each place that term appears and 
        inserting ``the'';
            (2) in paragraph (1), by inserting ``and Federal savings 
        associations'' after ``banks'';
            (3) in paragraph (2), by adding ``and'' at the end;
            (4) in paragraph (3), by striking ``and'' at the end and 
        inserting a period; and
            (5) by striking paragraph (4).
    (s) Real Estate Settlement Procedures Act of 1974.--Section 4(a) of 
the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603(a)) 
is amended by striking ``Director of the Office of Thrift Supervision'' 
and inserting ``Comptroller of the Currency''.
    (t) Home Mortgage Disclosure Act of 1975.--The Home Mortgage 
Disclosure Act of 1975 is amended--
            (1) in section 304(h) (12 U.S.C. 2803(h))--
                    (A) in paragraph (1), by striking ``and Federal 
                branches and Federal agencies of foreign banks'' and 
                inserting ``, Federal branches and Federal agencies of 
                foreign banks, and savings associations'';
                    (B) by striking paragraph (2); and
                    (C) by redesignating paragraphs (3) through (5) as 
                paragraphs (2) through (4), respectively;
            (2) in section 305(b) (12 U.S.C. 2804(b))--
                    (A) in paragraph (1), by striking ``and Federal 
                branches and Federal agencies of foreign banks'' and 
                inserting ``Federal branches and Federal agencies of 
                foreign banks, and savings associations the deposits of 
                which are insured by the Federal Deposit Insurance 
                Corporation'';
                    (B) by striking paragraph (2); and
                    (C) by redesignating paragraphs (3) and (4) as 
                paragraphs (2) and (3);
            (3) in section 306(b)(2) (12 U.S.C. 2805(b)(2)), by 
        striking ``Director of the Office of Thrift Supervision'' and 
        inserting ``Comptroller of the Currency''; and
            (4) in section 307 (12 U.S.C. 2806)--
                    (A) in subsection (a)(1), by striking ``the 
                Comptroller of the Currency,''; and
                    (B) by striking ``Director of the Office of Thrift 
                Supervision'' each place that term appears and 
                inserting ``Comptroller of the Currency''.
    (u) Community Reinvestment Act of 1977.--Section 803(1) of the 
Community Reinvestment Act of 1977 (12 U.S.C. 2902(1)) is amended--
            (1) in subparagraph (A), by inserting ``, savings 
        associations (the deposits of which are insured by the Federal 
        Deposit Insurance Corporation) and savings and loan holding 
        companies'' after ``banks'';
            (2) in subparagraph (B), by adding ``and'' at the end;
            (3) in subparagraph (C), by striking ``and'' at the end; 
        and
            (4) by striking paragraph (2) (as so designated by section 
        744(q) of the Financial Institutions Reform, Recovery, and 
        Enforcement Act of 1989 (103 Stat. 440)).
    (v) International Banking Act of 1978.--Section 15 of the 
International Banking Act of 1978 (12 U.S.C. 3109) is amended--
            (1) in each of subsections (a) and (b), by striking 
        ``Federal Deposit Insurance Corporation, and Director of the 
        Office of Thrift Supervision'' each place that term appears and 
        inserting ``and Federal Deposit Insurance Corporation''; and
            (2) in subsection (c)(4), by striking ``the Federal Deposit 
        Insurance Corporation, and the Director of the Office of Thrift 
        Supervision'' and inserting ``and the Federal Deposit Insurance 
        Corporation''.
    (w) Depository Institution Management Interlocks Act.--The 
Depository Institution Management Interlocks Act (12 U.S.C. 3201 et 
seq.) is amended--
            (1) in section 205(9) (12 U.S.C. 3204(9)), by striking 
        ``Director of the Office of Thrift Supervision'' and inserting 
        ``Comptroller of the Currency'';
            (2) in section 207 (12 U.S.C. 3206)--
                    (A) in paragraph (1), by inserting ``, savings 
                associations (the deposits of which are insured by the 
                Federal Deposit Insurance Corporation), and savings and 
                loan holding companies'' after ``banks'';
                    (B) by striking paragraph (4);
                    (C) in paragraph (6), by striking ``(5)'' and 
                inserting ``(4)''; and
                    (D) by redesignating paragraphs (5) and (6) as 
                paragraphs (4) and (5), respectively; and
            (3) in section 209 (12 U.S.C. 3207)--
                    (A) in paragraph (1), by inserting after ``banks'' 
                the following: ``, institutions, the accounts of which 
                are insured by the Federal Deposit Insurance 
                Corporation, and savings and loan holding companies'';
                    (B) in paragraph (3), by adding ``and'' at the end;
                    (C) by striking paragraph (4); and
                    (D) by redesignating paragraph (5) as paragraph 
                (4).
    (x) Federal Financial Institutions Examination Council Act of 
1978.--The Federal Financial Institutions Examination Council Act of 
1978 (12 U.S.C. 3301 et seq.) is amended--
            (1) in section 1003 (12 U.S.C. 3302), by striking ``the 
        Office of Thrift Supervision,''; and
            (2) in section 1004 (12 U.S.C. 3303)--
                    (A) by striking paragraph (4); and
                    (B) by redesignating paragraphs (5) and (6) as 
                paragraphs (4) and (5), respectively.
    (y) Right to Financial Privacy Act of 1978.--Section 1101(7) of the 
Right to Financial Privacy Act of 1978 (12 U.S.C. 3401(7)) is amended--
            (1) by striking subparagraph (B); and
            (2) by redesignating subparagraphs (C) through (I) as 
        subparagraphs (B) through (H), respectively.
    (z) Alternative Mortgage Transaction Parity Act of 1982.--Section 
804(a)(3) of the Alternative Mortgage Transaction Parity Act of 1982 
(12 U.S.C. 3803(a)(3)) is amended--
            (1) by striking ``Director of the Office of Thrift 
        Supervision'' and inserting ``Comptroller of the Currency''; 
        and
            (2) by striking ``Federal Home Loan Bank Board'' and 
        inserting ``Office of the Comptroller of the Currency''.
    (aa) International Lending Supervision Act of 1983.--Section 912 of 
the International Lending Supervision Act of 1983 (12 U.S.C. 3911) is 
amended to read as follows:

``SEC. 912. EQUAL REPRESENTATION FOR FEDERAL DEPOSIT INSURANCE 
              CORPORATION.

    ``As one of the 3 Federal bank regulatory and supervisory agencies, 
and as the insurer of the United States banks involved in international 
lending, the Federal Deposit Insurance Corporation shall be given equal 
representation with the Board of Governors of the Federal Reserve 
System and the Office of the Comptroller of the Currency on the 
Committee on Banking Regulations and Supervisory Practices of the Group 
of Ten Countries and Switzerland.''.
    (bb) Expedited Funds Availability Act.--Section 610(a) of the 
Expedited Funds Availability Act (12 U.S.C. 4009(a)) is amended--
            (1) in paragraph (1)--
                    (A) in subparagraph (A), by inserting before 
                ``national banks'' the following: ``savings 
                associations, the deposits of which are insured by the 
                Federal Deposit Insurance Corporation,''; and
                    (B) in subparagraph (C), by adding ``and'' at the 
                end;
            (2) by striking paragraph (2); and
            (3) by redesignating paragraph (3) as paragraph (2).
    (cc) Truth in Savings Act.--Section 270(a)(1)(C) of the Truth in 
Savings Act (12 U.S.C. 4309(a)(1)(C)) is amended by striking ``Director 
of the Office of Thrift Supervision'' and inserting ``Comptroller of 
the Currency''.
    (dd) Federal Housing Enterprises Financial Safety and Soundness Act 
of 1992.--The Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992 is amended--
            (1) in section 1315(b) (12 U.S.C. 4515(b)), by striking 
        ``the Federal Deposit Insurance Corporation, and the Office of 
        Thrift Supervision'' and inserting ``and the Federal Deposit 
        Insurance Corporation''; and
            (2) in section 1317 (12 U.S.C. 4517) by striking ``the 
        Federal Deposit Insurance Corporation, or the Director of the 
        Office of Thrift Supervision'' and inserting ``or the Federal 
        Deposit Insurance Corporation''.
    (ee) Community Development Banking and Financial Institutions Act 
of 1994.--Section 117(e) of the Community Development Banking and 
Financial Institutions Act of 1994 (12 U.S.C. 4716(e)) is amended by 
striking ``the Director of the Office of Thrift Supervision,''.
    (ff) Homeowners Protection Act of 1998.--Section 10(a)(1)(C) of the 
Homeowners Protection Act of 1998 (12 U.S.C. 4909(a)(1)(C)) is amended 
by striking ``Director of the Office of Thrift Supervision'' and 
inserting ``Comptroller of the Currency''.
    (gg) Secure and Fair Enforcement for Mortgage Licensing Act of 
2008.--Section 1503(1) of the Secure and Fair Enforcement for Mortgage 
Licensing Act of 2008 (12 U.S.C. 5102(1)) is amended by striking ``the 
Director of the Office of Thrift Supervision,''.
    (hh) Emergency Economic Stabilization Act of 2008.--Section 101(b) 
of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(b)) 
is amended by striking ``the Director of the Office of Thrift 
Supervision,''.
    (ii) Securities Exchange Act of 1934.--The Securities Exchange Act 
of 1934 (15 U.S.C. 78a et seq.) is amended--
            (1) in section 3(a)(34) (15 U.S.C. 78c(a)(34))--
                    (A) in subparagraph (A)--
                            (i) in clause (i), by striking ``or a 
                        subsidiary or a department or division of any 
                        such bank'' and inserting ``a subsidiary or a 
                        department or division of any such bank, a 
                        savings association (as defined in section 3(b) 
                        of the Federal Deposit Insurance Act (12 U.S.C. 
                        1813(b))), the deposits of which are insured by 
                        the Federal Deposit Insurance Corporation, a 
                        subsidiary or a department or division of any 
                        such savings association, or a savings and loan 
                        holding company'';
                            (ii) in clause (iii), by adding ``and'' at 
                        the end;
                            (iii) by striking clause (iv); and
                            (iv) by redesignating clause (v) as clause 
                        (iv);
                    (B) in subparagraph (B)--
                            (i) in clause (i), by striking ``or a 
                        subsidiary or a department or division of any 
                        such bank'' and inserting ``a subsidiary or a 
                        department or division of any such bank, a 
                        savings association (as defined in section 3(b) 
                        of the Federal Deposit Insurance Act (12 U.S.C. 
                        1813(b))), the deposits of which are insured by 
                        the Federal Deposit Insurance Corporation, a 
                        subsidiary or a department or division of any 
                        such savings association, or a savings and loan 
                        holding company'';
                            (ii) in clause (iii), by adding ``and'' at 
                        the end;
                            (iii) by striking clause (iv); and
                            (iv) by redesignating clause (v) as clause 
                        (iv);
                    (C) in subparagraph (C)--
                            (i) in clause (i), by inserting ``, a 
                        savings association (as defined in section 3(b) 
                        of the Federal Deposit Insurance Act (12 U.S.C. 
                        1813(b))), the deposits of which are insured by 
                        the Federal Deposit Insurance Corporation, a 
                        savings and loan holding company, or a 
                        subsidiary of a savings and loan holding 
                        company'' after ``national bank'';
                            (ii) in clause (iii), by adding ``and'' at 
                        the end;
                            (iii) by striking clause (iv); and
                            (iv) by redesignating clause (v) as clause 
                        (iv);
                    (D) in subparagraph (D)--
                            (i) in clause (i), by inserting ``or 
                        savings association (as defined in section 3(b) 
                        of the Federal Deposit Insurance Act (12 U.S.C. 
                        1813(b))), the deposits of which are insured by 
                        the Federal Deposit Insurance Corporation'' 
                        after ``national bank'';
                            (ii) in clause (ii), by adding ``and'' at 
                        the end;
                            (iii) by striking clause (iii); and
                            (iv) by redesignating clause (iv) as clause 
                        (iii);
                    (E) in subparagraph (F)--
                            (i) in clause (i), by inserting ``or 
                        savings association (as defined in section 3(b) 
                        of the Federal Deposit Insurance Act (12 U.S.C. 
                        1813(b))), the deposits of which are insured by 
                        the Federal Deposit Insurance Corporation'' 
                        after ``national bank'';
                            (ii) by striking clause (ii); and
                            (iii) by redesignating clauses (iii) 
                        through (v) as clauses (ii) through (iv), 
                        respectively;
                    (F) in subparagraph (G)--
                            (i) in clause (i), by inserting ``or a 
                        savings association (as defined in section 3(b) 
                        of the Federal Deposit Insurance Act), the 
                        deposits of which are insured by the Federal 
                        Deposit Insurance Corporation'' after 
                        ``1978)'';
                            (ii) in clause (iii), by adding ``and'' at 
                        the end; and
                            (iii) by striking clause (iv); and
                    (G) in the matter following subparagraph (H)(iv), 
                by striking ``Office of Thrift Supervision'' and 
                inserting ``Comptroller of the Currency'';
            (2) in section 12(i) (15 U.S.C. 78l(i))--
                    (A) in the first sentence--
                            (i) by inserting ``and savings 
                        associations, the accounts of which are insured 
                        by the Federal Deposit Insurance Corporation'' 
                        after ``national banks'';
                            (ii) by inserting ``and'' before ``(3)''; 
                        and
                            (iii) by striking ``, and (4) with respect 
                        to savings associations the accounts of which 
                        are insured by the Federal Deposit Insurance 
                        Corporation are vested in the Office of Thrift 
                        Supervision''; and
                    (B) in the second sentence, by striking ``the 
                Federal Deposit Insurance Corporation, and the Office 
                of Thrift Supervision'' and inserting ``and the Federal 
                Deposit Insurance Corporation''; and
            (3) in section 15C(g) (15 U.S.C. 78o-5(g)), by striking 
        ``the Director of the Office of Thrift Supervision,''.
    (jj) Financial Services Regulatory Relief Act of 2006.--Section 
101(c) of the Financial Services Regulatory Relief Act of 2006 (15 
U.S.C. 78c note) is amended by striking ``the Office of Thrift 
Supervision,''.
    (kk) Truth in Lending Act.--Section 108(a) of the Truth in Lending 
Act (15 U.S.C. 1607(a)) is amended--
            (1) in paragraph (1)(A), by inserting ``savings 
        associations, the deposits of which are insured by the Federal 
        Deposit Insurance Corporation,'' before ``national banks'';
            (2) by striking paragraph (2); and
            (3) by redesignating paragraphs (3) through (6) as 
        paragraphs (2) through (5), respectively.
    (ll) Fair Credit Reporting Act.--Section 621(b) of the Fair Credit 
Reporting Act (15 U.S.C. 1681s(b))--
            (1) in paragraph (1)(A), by inserting ``savings 
        associations, the deposits of which are insured by the Federal 
        Deposit Insurance Corporation,'' before ``national banks'';
            (2) by striking paragraph (2); and
            (3) by redesignating paragraphs (3) through (6) as 
        paragraphs (2) through (5), respectively.
    (mm) Equal Credit Opportunity Act.--Section 704(a) of the Equal 
Credit Opportunity Act (15 U.S.C. 1691c(a)) is amended--
            (1) in paragraph (1)(A), by inserting ``savings 
        associations, the deposits of which are insured by the Federal 
        Deposit Insurance Corporation,'' before ``national banks'';
            (2) by striking paragraph (2); and
            (3) by redesignating paragraphs (3) through (9) as 
        paragraphs (2) through (8), respectively.
    (nn) Fair Debt Collection Practices Act.--Section 814(b) of the 
Fair Debt Collection Practices Act (15 U.S.C. 1692l(b)) is amended--
            (1) in paragraph (1)(A), by inserting ``savings 
        associations, the deposits of which are insured by the Federal 
        Deposit Insurance Corporation,'' before ``national banks'';
            (2) by striking paragraph (2); and
            (3) by redesignating paragraphs (3) through (6) as 
        paragraphs (2) through (5), respectively.
    (oo) Electronic Fund Transfer Act.--Section 917(a) of the 
Electronic Fund Transfer Act (15 U.S.C. 1693o(a)) is amended--
            (1) in paragraph (1)(A), by inserting ``savings 
        associations, the deposits of which are insured by the Federal 
        Deposit Insurance Corporation,'' before ``national banks'';
            (2) by striking paragraph (2); and
            (3) by redesignating paragraphs (3) through (5) as 
        paragraphs (2) through (4), respectively.
    (pp) Children's Online Privacy Protection Act of 1998.--Section 
1306(b) of the Children's Online Privacy Protection Act of 1998 (15 
U.S.C. 6505(b)) is amended--
            (1) in paragraph (1)(A), by inserting ``savings 
        associations, the deposits of which are insured by the Federal 
        Deposit Insurance Corporation,'' before ``national banks'';
            (2) by striking paragraph (2); and
            (3) by redesignating paragraphs (3) through (6) as 
        paragraphs (2) through (5), respectively.
    (qq) Controlling the Assault of Non-Solicited Pornography and 
Marketing Act of 2003.--Section 7(b)(1) of the Controlling the Assault 
of Non-Solicited Pornography and Marketing Act of 2003 (15 U.S.C. 
7706(b)(1)) is amended--
            (1) in subparagraph (A), by inserting ``savings 
        associations, the deposits of which are insured by the Federal 
        Deposit Insurance Corporation,'' before ``national banks'';
            (2) in subparagraph (B), by adding ``and'' at the end;
            (3) in subparagraph (C), by striking ``and'' at the end; 
        and
            (4) by striking subparagraph (D).
    (rr) Title 18.--Title 18, United States Code, is amended--
            (1) in section 212(c)(2)--
                    (A) by striking subparagraph (C); and
                    (B) by redesignating subparagraphs (D) through (H) 
                as subparagraphs (C) through (G), respectively;
            (2) in section 657, by striking ``Thrift Supervision'' and 
        inserting ``the Comptroller of the Currency with respect to any 
        functions transferred from the Office of Thrift Supervision 
        pursuant to section 202 of the Financial System Stabilization 
        and Reform Act of 2009'';
            (3) in the matter following section 981(a)(1)(D)(vi), by 
        striking ``or the Office of Thrift Supervision'';
            (4) in the matter following section 982(a)(3)(F), by 
        striking ``or the Office of Thrift Supervision,'';
            (5) in section 1006, by striking ``Thrift Supervision'' and 
        inserting ``the Comptroller of the Currency with respect to any 
        functions transferred from the Office of Thrift Supervision 
        pursuant to section 202 of the Financial System Stabilization 
        and Reform Act of 2009'';
            (6) in section 1014, by striking ``Thrift Supervision'' and 
        inserting ``the Comptroller of the Currency with respect to any 
        functions transferred from the Office of Thrift Supervision 
        pursuant to section 202 of the Financial System Stabilization 
        and Reform Act of 2009''; and
            (7) in section 1032(1), by striking ``or the Director of 
        the Office of Thrift Supervision,''.
    (ss) Title 31.--Title 31, United States Code, is amended--
            (1) by striking section 309;
            (2) in section 321(c)--
                    (A) in paragraph (2), by striking ``; and'' and 
                inserting a period; and
                    (B) by striking paragraph (3); and
            (3) in section 714(1), by striking ``the Office of the 
        Comptroller of the Currency, and the Office of Thrift 
        Supervision'' and inserting ``and the Office of the Comptroller 
        of the Currency''.
    (tt) Flood Disaster Protection Act of 1973.--Section 3(a)(5) of the 
Flood Disaster Protection Act of 1973 (42 U.S.C. 4003(a)(5)) is amended 
by striking ``the Office of Thrift Supervision,''.
    (uu) National Flood Insurance Act of 1968.--Section 1370(a)(9) of 
the National Flood Insurance Act of 1968 (42 U.S.C. 4121(a)(9)) is 
amended by striking ``the Office of Thrift Supervision,''.

SEC. 211. ADDITIONAL CONFORMING REFERENCES.

    Except as provided under this Act, reference in any other Federal 
law, Executive order, rule, regulation, or delegation of authority, or 
any document of or relating to--
            (1) the Director of the Office of Thrift Supervision, with 
        regard to functions transferred under section 202, shall be 
        deemed to refer to the Comptroller of the Currency; and
            (2) the Office of Thrift Supervision, with regard to 
        functions transferred under this Act, shall be deemed to refer 
        to the Office of the Comptroller of the Currency.
                                 <all>