Page 666 — Public Law 111-203 including PTFA amendments

124 STAT. 2040 PUBLIC LAW 111–203—JULY 21, 2010

Board, the Comptroller of the Currency, the Director of the
Office of Thrift Supervision, the Secretary of the Department
of Housing and Urban Development, and the Director of the
Office of Management and Budget, change the date designated
under subsection (a); and
Notice. (2) shall publish notice of any changed designated date
Federal Register, in the Federal Register.
publication. (c) PERMISSIBLE DATES.—
Time period. (1) IN GENERAL.—Except as provided in paragraph (2), any
date designated under this section shall be not earlier than
180 days, nor later than 12 months, after the date of enactment
of this Act.
(2) EXTENSION OF TIME.—The Secretary may designate a
date that is later than 12 months after the date of enactment
of this Act if the Secretary transmits to appropriate committees
of Congress—
Determination. (A) a written determination that orderly implementa-
tion of this title is not feasible before the date that is
12 months after the date of enactment of this Act;
(B) an explanation of why an extension is necessary
for the orderly implementation of this title; and
(C) a description of the steps that will be taken to
effect an orderly and timely implementation of this title
within the extended time period.
(3) EXTENSION LIMITED.—In no case may any date des-
ignated under this section be later than 18 months after the
date of enactment of this Act.

12 USC 5583. SEC. 1063. SAVINGS PROVISIONS.
(a) BOARD OF GOVERNORS.—
(1) EXISTING RIGHTS, DUTIES, AND OBLIGATIONS NOT
AFFECTED.—Section 1061(b)(1) does not affect the validity of
any right, duty, or obligation of the United States, the Board
of Governors (or any Federal reserve bank), or any other person
that—
(A) arises under any provision of law relating to any
consumer financial protection function of the Board of Gov-
ernors transferred to the Bureau by this title; and
(B) existed on the day before the designated transfer
date.
(2) CONTINUATION OF SUITS.—No provision of this Act shall
abate any proceeding commenced by or against the Board of
Governors (or any Federal reserve bank) before the designated
transfer date with respect to any consumer financial protection
function of the Board of Governors (or any Federal reserve
bank) transferred to the Bureau by this title, except that the
Bureau, subject to sections 1024, 1025, and 1026, shall be
substituted for the Board of Governors (or Federal reserve
bank) as a party to any such proceeding as of the designated
transfer date.
(b) FEDERAL DEPOSIT INSURANCE CORPORATION.—
(1) EXISTING RIGHTS, DUTIES, AND OBLIGATIONS NOT
AFFECTED.—Section 1061(b)(4) does not affect the validity of

LAWS any right, duty, or obligation of the United States, the Federal Deposit Insurance Corporation, the Board of Directors of that Corporation, or any other person, that—PUBLIC with on anorris VerDate Nov 24 2008 10:40 Sep 02, 2010 Jkt 089139 PO 00203 Frm 00666 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203