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3.1 Transfer of OTS Functions

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3.1        Transfer of OTS Functions.  One year after the date of enactment of the Act the OTS's functions will be transferred ("Transfer Date") to the Fed, OCC or the FDIC.  The Transfer Date may be extended by the Treasury Secretary until no later than 18 months after the enactment of the Act under certain circumstances. [§311]  The OTS will be officially abolished 90 days after the Transfer Date. [§313] 

3.1.2     Interim Operations.  The OTS will work with the OCC, the FDIC, and the Fed to facilitate the orderly transfer of services and functions.  [§321]  Within 180 days of enactment of the Act, the four agencies must submit a joint plan to Congress detailing the steps the agencies will take to implement the transfer of functions. [§327]