12 USC § 1 - Office of Comptroller of the Currency

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There shall be in the Department of the Treasury a bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of national currency secured by United States bonds and, under the general supervision of the Board of Governors of the Federal Reserve System, of all Federal Reserve notes, except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of Federal Reserve notes unfit for circulation, the chief officer of which bureau shall be called the Comptroller of the Currency and shall perform his duties under the general directions of the Secretary of the Treasury. The Comptroller of the Currency shall have the same authority over matters within the jurisdiction of the Comptroller as the Director of the Office of Thrift Supervision has over matters within the Director’s jurisdiction under section 1462a (b)(3) of this title. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency.

Source

(R.S. § 324; Dec. 23, 1913, ch. 6, § 10 (par.), 38 Stat. 261; June 3, 1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II, § 203(a),49 Stat. 704; Pub. L. 89–427, § 1,May 20, 1966, 80 Stat. 161; Pub. L. 103–325, title III, § 331(b)(2),Sept. 23, 1994, 108 Stat. 2232; Pub. L. 111–203, title III, § 314(a),July 21, 2010, 124 Stat. 1523.)

Amendment of Section

Pub. L. 111–203, title III, § 314(a), (d),July 21, 2010, 124 Stat. 1523, 1524, provided that, effective on the transfer date, this section is amended to read as follows: § 1. Office of the Comptroller of the Currency (a) Office of the Comptroller of the Currency established

There is established in the Department of the Treasury a bureau to be known as the “Office of the Comptroller of the Currency” which is charged with assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction.

(b) Comptroller of the Currency (1) In general

The chief officer of the Office of the Comptroller of the Currency shall be known as the Comptroller of the Currency. The Comptroller of the Currency shall perform the duties of the Comptroller of the Currency under the general direction of the Secretary of the Treasury. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency, and may not intervene in any matter or proceeding before the Comptroller of the Currency (including agency enforcement actions), unless otherwise specifically provided by law.

(2) Additional authority

The Comptroller of the Currency shall have the same authority with respect to functions transferred to the Comptroller of the Currency under the Enhancing Financial Institution Safety and Soundness Act of 2010 as was vested in the Director of the Office of Thrift Supervision on the transfer date, as defined in section 311 of that Act.

See Effective Date of 2010 Amendment note below.

References in Text

The bureau referred to in text is known as the Office of the Comptroller of the Currency.

Codification

R.S. § 324 derived from act June 3, 1864, ch. 106, § 1,13 Stat. 99, which was the National Bank Act. See section 38 of this title.

Section is comprised of R.S. § 324, as amended by the eighth paragraph of act Dec. 23, 1913, § 10.

Amendments

1994—Pub. L. 103–325inserted at end “The Comptroller of the Currency shall have the same authority over matters within the jurisdiction of the Comptroller as the Director of the Office of Thrift Supervision has over matters within the Director’s jurisdiction under section 1462a (b)(3) of this title. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency.”

1966—Pub. L. 89–427inserted exception relating to cancellation and destruction, and accounting with respect to the cancellation and destruction, of Federal Reserve notes unfit for circulation.

Change of Name

Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.

Effective Date of 2010 Amendment

Pub. L. 111–203, title III, § 314(d),July 21, 2010, 124 Stat. 1524, provided that: “This section [enacting section 4b of this title and amending this section and section 11 of this title], and the amendments made by this section, shall take effect on the transfer date.”

[For definition of “transfer date” as used in section 314(d) ofPub. L. 111–203, set out above, see section 5301 of this title.]

Exception as to Transfer of Functions

Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, were not included in transfer of functions of officers, agencies, and employees of Department of the Treasury to Secretary of the Treasury, made by Reorg. Plan No. 26 of 1950, § 1, eff. July 31, 1950, 15 F.R. 4935, 64 Stat. 1280. See section 321 (c)(2) of Title 31, Money and Finance.

The table below lists the classification updates, since Jan. 7, 2011, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Friday, May 13, 2011

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

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Abbreviations used in the Description of Change column:

An empty field implies a standard amendment.
"new" means a new section or new note, or all new text of an existing section or note.
"nt" means note.
"nt [tbl]" means note [table].
"prec" means preceding.
"fr" means a transfer from another section.
"to" means a transfer to another section.
"omitted" means the section is omitted.
"repealed" means the section is repealed.
"nt ed change" and "ed change" - See the Editorial Classification Change Table [pdf].

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General Reference

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12 USC	Description of Change	Session Year	Public Law	Statutes at Large

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

12 CFR - Title 12—Banks and Banking

12 CFR 1 - INVESTMENT SECURITIES

12 CFR 13 - GOVERNMENT SECURITIES SALES PRACTICES

12 CFR 14 - CONSUMER PROTECTION IN SALES OF INSURANCE

12 CFR 16 - SECURITIES OFFERING DISCLOSURE RULES

12 CFR 23 - LEASING

12 CFR 27 - FAIR HOUSING HOME LOAN DATA SYSTEM

12 CFR 28 - INTERNATIONAL BANKING ACTIVITIES

12 CFR 32 - LENDING LIMITS

12 CFR 34 - REAL ESTATE LENDING AND APPRAISALS

12 CFR 37 - DEBT CANCELLATION CONTRACTS AND DEBT SUSPENSION AGREEMENTS

12 CFR 41 - FAIR CREDIT REPORTING

12 CFR 5 - RULES, POLICIES, AND PROCEDURES FOR CORPORATE ACTIVITIES

12 CFR 7 - BANK ACTIVITIES AND OPERATIONS

12 USC § 1 - Office of Comptroller of the Currency

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