The management of the Corporation shall be vested in a Board of Directors consisting of 5 members-
After February 28, 1993, not more than 3 of the members of the Board of Directors may be members of the same political party.
1 of the appointed members shall be designated by the President, by and with the advice and consent of the Senate, to serve as Chairperson of the Board of Directors for a term of 5 years.
1 of the appointed members shall be designated by the President, by and with the advice and consent of the Senate, to serve as Vice Chairperson of the Board of Directors.
In the event of a vacancy in the position of Chairperson of the Board of Directors or during the absence or disability of the Chairperson, the Vice Chairperson shall act as Chairperson.
Each appointed member shall be appointed for a term of 6 years.
Any member appointed to fill a vacancy occurring before the expiration of the term for which such member's predecessor was appointed shall be appointed only for the remainder of such term.
The Chairperson, Vice Chairperson, and each appointed member may continue to serve after the expiration of the term of office to which such member was appointed until a successor has been appointed and qualified.
Any vacancy on the Board of Directors shall be filled in the manner in which the original appointment was made.
In the event of a vacancy in the office of the Comptroller of the Currency or the office of Director of the Consumer Financial Protection Bureau and pending the appointment of a successor, or during the absence or disability of the Comptroller of the Currency or the Director of the Consumer Financial Protection Bureau, the acting Comptroller of the Currency or the acting Director of the Consumer Financial Protection Bureau, as the case may be, shall be a member of the Board of Directors in the place of the Comptroller or Director.
The limitation contained in subparagraph (A)(ii) shall not apply to any member who has ceased to serve on the Board of Directors after serving the full term for which such member was appointed.
No member of the Board of Directors may-
Upon taking office, each member of the Board of Directors shall certify under oath that such member has complied with this subsection and such certification shall be filed with the secretary of the Board of Directors.
A director, member, officer, or employee of the Corporation has no liability under the Securities Act of 1933 [ et seq.] with respect to any claim arising out of or resulting from any act or omission by such person within the scope of such person's employment in connection with any transaction involving the disposition of assets (or any interests in any assets or any obligations backed by any assets) by the Corporation. This subsection shall not be construed to limit personal liability for criminal acts or omissions, willful or malicious misconduct, acts or omissions for private gain, or any other acts or omissions outside the scope of such person's employment.
For purposes of this subsection, the term "employee of the Corporation" includes any employee of the Office of the Comptroller of the Currency or of the Consumer Financial Protection Bureau who serves as a deputy or assistant to a member of the Board of Directors of the Corporation in connection with activities of the Corporation.
This subsection does not affect-
This subsection shall not be construed to limit or alter in any way the immunities that are available under applicable law for Federal officials and employees not described in this subsection.
12 U.S.C. § 1812
REFERENCES IN TEXTThe Securities Act of 1933, referred to in subsec. (f)(1), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, which is classified generally to subchapter I (§77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see sectionof Title 15 and Tables.
PRIOR PROVISIONSSection is derived from subsec. (b) of former sectionof this title. See Codification note set out under section of this title.
AMENDMENTS2010-Subsec. (a)(1)(B). Pub. L. 111-203, §336(a)(1), substituted "Director of the Consumer Financial Protection Bureau" for "Director of the Office of Thrift Supervision".Subsec. (d)(2). Pub. L. 111-203, §336(a)(2), amended par. (2) generally. Prior to amendment, text read as follows: "In the event of a vacancy in the office of the Comptroller of the Currency or the office of Director of the Office of Thrift Supervision and pending the appointment of a successor, or during the absence or disability of the Comptroller or such Director, the acting Comptroller of the Currency or the acting Director of the Office of Thrift Supervision, as the case may be, shall be a member of the Board of Directors in the place of the Comptroller or Director."Subsec. (f)(2). Pub. L. 111-203, §336(a)(3), substituted "Consumer Financial Protection Bureau" for "Office of Thrift Supervision".1996-Subsec. (a)(1)(C). Pub. L. 104-208 inserted ", 1 of whom shall have State bank supervisory experience" before period at end.1991-Subsec. (f). Pub. L. 102-18 added subsec. (f).1989- Pub. L. 101-73 amended section generally, designating existing provisions as subsecs. (a) to (e), and making other changes relating to the make-up and operation of the Board.1983- Pub. L. 98-181 inserted provision that each such appointive member may continue to serve after the expiration of his term until a successor has been appointed and qualified.1959- Pub. L. 86-230 provided for membership of Acting Comptroller of the Currency on Board of Directors during absence or disability of Comptroller instead of only during his absence from Washington.
EFFECTIVE DATE OF 2010 AMENDMENTPub. L. 111-203, title III, §336(b), July 21, 2010, 124 Stat. 1540, provided that: "This section [amending this section], and the amendments made by this section, shall take effect on the transfer date."[For definition of "transfer date" as used in section 336(b) of Pub. L. 111-203 set out above, see sectionof this title.]
TRANSITION PROVISION Pub. L. 101-73, title II, §203(b), Aug. 9, 1989, 103 Stat. 189, which permitted the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation on Aug. 9, 1989, to continue to serve as the Chairperson until the end of the term to which such Chairman was appointed (notwithstanding any provision of this section), provided that the appointed member of the Board on Aug. 9, 1989, who is not the Chairman continue to serve in office until the earlier of the end of the term to which such member was appointed or Feb. 28, 1993, with certain exceptions, and provided that the term of any member appointed to the Board before Feb. 28, 1993 (including the term of any Chairperson), end on such date, was repealed by Pub. L. 111-203, title III, §367(1), July 21, 2010, 124 Stat. 1556.
COMPENSATION OF BOARD OF DIRECTORSCompensation of Chairman and members of the Board, see sections and of Title 5, Government Organization and Employees.
- Board of Directors
- The term "Board of Directors" means the Board of Directors of the Corporation.
- The term "Bureau" means the Bureau of Consumer Financial Protection.
- The term "Director" means the Director of the Bureau.
- State bank
- The term "State bank" means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which-(A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and(B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia,including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989.
- The term "consumer" means an individual or an agent, trustee, or representative acting on behalf of an individual.
- depository institution holding company
- The term "depository institution holding company" means a bank holding company or a savings and loan holding company.
- insured depository institution
- The term "insured depository institution" means any bank or savings association the deposits of which are insured by the Corporation pursuant to this chapter.
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.