§ 482. — Employees of Office of Comptroller of the Currency; appointment; compensation and benefits.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC482]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XV--BANK EXAMINATIONS
Sec. 482. Employees of Office of Comptroller of the Currency;
appointment; compensation and benefits
Notwithstanding any of the provisions of section 481 of this title
or section 301(f)(1) of title 31 to the contrary, the Comptroller of the
Currency shall fix the compensation and number of, and appoint and
direct, all employees of the Office of the Comptroller of the Currency.
Rates of basic pay for all employees of the Office may be set and
adjusted by the Comptroller without regard to the provisions of chapter
51 or subchapter III of chapter 53 of title 5. The Comptroller may
provide additional compensation and benefits to employees of the Office
if the same type of compensation or benefits are then being provided by
any other Federal bank regulatory agency or, if not then being provided,
could be provided by such an agency under applicable provisions of law,
rule, or regulation. In setting and adjusting the total amount of
compensation and benefits for employees of the Office, the Comptroller
shall consult with, and seek to maintain comparability with, other
Federal banking agencies.
The Comptroller of the Currency may impose and collect assessments,
fees, or other charges as necessary or appropriate to carry out the
responsibilities of the office \1\ of the Comptroller. Such assessments,
fees, and other charges shall be set to meet the Comptroller's expenses
in carrying out authorized activities.
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\1\ So in original. Probably should be capitalized.
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(R.S. Sec. 5240 (pars.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23,
1913, ch. 6, Sec. 21, 38 Stat. 272; July 2, 1932, ch. 392, 47 Stat. 568;
Aug. 23, 1935, ch. 614, title III, Sec. 343, 49 Stat. 722; Apr. 30,
1956, ch. 228, Secs. 2, 3, 70 Stat. 124; Pub. L. 101-73, title XII,
Sec. 1202, Aug. 9, 1989, 103 Stat. 520; Pub. L. 102-242, title I,
Sec. 114(a), Dec. 19, 1991, 105 Stat. 2248; Pub. L. 102-550, title XVI,
Sec. 1603(b)(5), Oct. 28, 1992, 106 Stat. 4079; Pub. L. 103-325, title
III, Sec. 331(b)(1), Sept. 23, 1994, 108 Stat. 2232.)
References in Text
Provisions of section 481 of this title, referred to in first par.,
was in the original ``preceding provisions of this section'', meaning
R.S. Sec. 5240. See Codification note set out below.
Codification
R.S. Sec. 5240 derived from act June 3, 1864, ch. 106, Sec. 54, 13
Stat. 116, which was part of the National Bank Act. See section 38 of
this title.
Section is comprised of third and fourth pars. of R.S. Sec. 5240, as
amended. The former fifth par. of R.S. Sec. 5440, which comprised the
third par. of this section, was repealed by Pub. L. 102-242. See
Codification note set out under section 481 of this title.
Amendments
1994--Pub. L. 103-325 inserted ``or section 301(f)(1) of title 31''
after ``provisions of section 481 of this title''.
1992--Pub. L. 102-550 substituted ``office'' for ``duties'' in
second par.
1991--Pub. L. 102-242 added second par. and struck out former second
and third pars. which read as follows:
``The expense of the examinations provided for in this subchapter
shall be assessed by the Comptroller of the Currency upon national banks
in proportion to their assets or resources. The assessments may be made
more frequently than annually at the discretion of the Comptroller of
the Currency. The annual rate of such assessment shall be the same for
all national banks, except that banks examined more frequently than
twice in one calendar year shall, in addition, be assessed the expense
of these additional examinations.
``In addition to the expense of examination to be assessed by the
Comptroller of the Currency as heretofore provided, all national banks
exercising fiduciary powers and all banks or trust companies in the
District of Columbia exercising fiduciary powers shall be assessed by
the Comptroller of the Currency for the examination of their fiduciary
activities a fee adequate to cover the expense thereof.''
1989--Pub. L. 101-73, in first paragraph, substituted
``Notwithstanding any of the provisions of section 481 of this title to
the contrary, the Comptroller of the Currency shall fix the compensation
and number of, and appoint and direct, all employees of the Office of
the Comptroller of the Currency. Rates of basic pay for all employees of
the Office may be set and adjusted by the Comptroller without regard to
the provisions of chapter 51 or subchapter III of chapter 53 of title 5.
The Comptroller may provide additional compensation and benefits to
employees of the Office if the same type of compensation or benefits are
then being provided by any other Federal bank regulatory agency or, if
not then being provided, could be provided by such an agency under
applicable provisions of law, rule, or regulation. In setting and
adjusting the total amount of compensation and benefits for employees of
the Office, the Comptroller shall consult with, and seek to maintain
comparability with, other Federal banking agencies.'' for ``The
Comptroller of the Currency shall fix the salaries of all bank examiners
and make report thereof to Congress.'' and redesignated remaining
sentences of first paragraph as a second paragraph. Former second
paragraph became third paragraph.
1956--Act Apr. 30, 1956, provided that assessments may be made more
frequently than annually and the annual rate of such assessment shall be
the same for all national banks except that banks examined more than
twice in one year shall be assessed the expense of the additional
examinations, and based additional charges for examining all national
banks exercising fiduciary powers and all banks or trust companies in
the District of Columbia exercising fiduciary powers on the cost of
making the examination rather than the amount of trust assets under
administration.
1935--Act Aug. 23, 1935, substituted in first sentence ``The
Comptroller of the Currency'' for ``The Federal Reserve Board, upon the
recommendation of the Comptroller of the Currency''.
1932--Act July 2, 1932, added last par.
Effective Date of 1992 Amendment
Amendment by Pub. L. 102-550 effective as if included in the Federal
Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102-242,
as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102-550, set out as
a note under section 191 of this title.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the
Currency, referred to in this section, not included in transfer of
functions to Secretary of the Treasury, see note set out under section 1
of this title.
Section Referred to in Other Sections
This section is referred to in sections 330, 1831k of this title;
title 5 section 5373.
