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 (2) shall publish notice of any changed designated date in the Federal Register. (c) PERMISSIBLE DATES.— (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— (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. 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 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— 12 USC 5583. Determination. Time period. Notice. Federal Register, publication.
