Editorial Notes
References in Text

The 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 section 77a of Title 15 and Tables.

Prior Provisions

Section is derived from subsec. (b) of former section 264 of this title. See Codification note set out under section 1811 of this title.


2010—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.

Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment

Pub. 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 section 5301 of 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 Directors

Compensation of Chairman and members of the Board, see sections 5314 and 5315 of Title 5, Government Organization and Employees.