12 U.S. Code § 5587 - Transition oversight

§ 5587.
Transition oversight
(a) PurposeThe purpose of this section is to ensure that the Bureau—
has an orderly and organized startup;
attracts and retains a qualified workforce; and
establishes comprehensive employee training and benefits programs.
(b) Reporting requirement
(1) In general

The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2).

(2) PlansThe plans described in this paragraph are as follows:
(A) Training and workforce development planThe Bureau shall submit a training and workforce development plan that includes, to the extent practicable—
identification of skill and technical expertise needs and actions taken to meet those requirements;
steps taken to foster innovation and creativity;
leadership development and succession planning; and
effective use of technology by employees.
(B) Workplace flexibilities planThe Bureau shall submit a workforce flexibility plan that includes, to the extent practicable—
flexible work schedules;
phased retirement;
reemployed annuitants;
part-time work;
job sharing;
parental leave benefits and childcare assistance;
domestic partner benefits;
other workplace flexibilities; or
any combination of the items described in clauses (i) through (ix).
(C) Recruitment and retention planThe Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to—
the steps necessary to target highly qualified applicant pools with diverse backgrounds;
streamlined employment application processes;
the provision of timely notification of the status of employment applications to applicants; and
the collection of information to measure indicators of hiring effectiveness.
(c) Expiration

The reporting requirement under subsection (b) shall terminate 5 years after July 21, 2010.

(d) Rule of constructionNothing in this section may be construed to affect—
a collective bargaining agreement, as that term is defined in section 7103(a)(8) of title 5, that is in effect on July 21, 2010; or
the rights of employees under chapter 71 of title 5.
(e) Participation in examinations

In order to prepare the Bureau to conduct examinations under section 5515 of this title upon the designated transfer date, the Bureau and the applicable prudential regulator may agree to include, on a sampling basis, examiners on examinations of the compliance with Federal consumer financial law of institutions described in section 5515(a) of this title conducted by the prudential regulators prior to the designated transfer date.


LII has no control over and does not endorse any external Internet site that contains links to or references LII.