(a) In general
The Federal Deposit Insurance Corporation, the Comptroller of the Currency, the National Credit Union Administration Board, the Federal Housing Finance Agency, the Office of Financial Research, and the Bureau of Consumer Financial Protection, the 1 Farm Credit Administration, in establishing and adjusting schedules of compensation and benefits which are to be determined solely by each agency under applicable provisions of law, shall inform the heads of the other agencies and the Congress of such compensation and benefits and shall seek to maintain comparability regarding compensation and benefits.
(b) Commodity Futures Trading Commission
In establishing and adjusting schedules of compensation and benefits for employees of the Commodity Futures Trading Commission under applicable provisions of law, the Commission shall—
(1) inform the heads of the agencies referred to in subsection (a) and Congress of such compensation and benefits; and
(2) seek to maintain comparability with those agencies regarding compensation and benefits.
Codification
Section was enacted as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and not as part of the Federal Deposit Insurance Act which comprises this chapter.
Amendments
2010—Subsec. (a). Pub. L. 111–203, §367(8)(B), which directed striking out ", and the Office of Thrift Supervision" could not be executed because those words did not appear subsequent to amendment by Pub. L. 111–203, §152(d)(3)(B). See below.
Pub. L. 111–203, §367(8)(A), which directed substitution of "Agency, and" for "Board, the Oversight Board of the Resolution Trust Corporation", was executed by substituting "Agency" for "Board" after "Federal Housing Finance", to reflect the probable intent of Congress and the amendments made by Pub. L. 107–123 and section 302(a) of Pub. L. 102–233. See 2002 Amendment note and Change of Name note below.
Pub. L. 111–203, §152(d)(3), substituted "Finance Board, the Office of Financial Research, and the Bureau of Consumer Financial Protection" for "Finance Board," and struck out "and the Office of Thrift Supervision," after "Credit Administration,".
2002—Pub. L. 107–171 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
Pub. L. 107–123 struck out "the Thrift Depositor Protection Oversight Board of the Resolution Trust Corporation" after "Federal Housing Finance Board,".
Change of Name
Oversight Board redesignated Thrift Depositor Protection Oversight Board, effective Feb. 1, 1992, see section 302(a) of Pub. L. 102–233, formerly set out as a note under section 1441a of this title. Thrift Depositor Protection Oversight Board abolished, see section 14(a)–(d) of Pub. L. 105–216, formerly set out as a note under section 1441a of this title.
Effective Date of 2010 Amendment
Amendment by section 152(d)(3)of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of this title.
Amendment by section 367(8) of Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
Effective Date of 2002 Amendment
Amendment by Pub. L. 107–123 effective Oct. 1, 2001, see section 11 of Pub. L. 107–123, set out as a note under section 78ee of Title 15, Commerce and Trade.
1 So in original. Probably should be "Research, the Bureau of Consumer Financial Protection, and the".Tried the LawStack mobile app?
Join thousands and try LawStack mobile for FREE today.
- Carry the law offline, wherever you go.
- Download CFR, USC, rules, and state law to your mobile device.
