§43 — Title 12 Banks and Banking | U.S. Code

Summary

Federal banking agencies must give public notice and a chance to comment before they say federal law overrides a State law about community reinvestment, consumer protection, fair lending, or opening branches inside a State, or before making a decision under section 36(f)(1)(A)(ii). They must publish a notice in the Federal Register explaining the issue and the State laws involved, allow at least 30 days for written comments, and consider those comments when they write the final opinion or rule. The agency must also publish the final opinion or rule and any decision under section 36(f)(1)(A)(ii) in the Federal Register. These steps do not apply when the issue is already decided by courts or by the agency, when a request lacks a real legal basis, or when materials are for court, Congress, or internal use. The agency may skip the notice step in writing to avoid a serious and imminent threat to a bank’s safety and soundness, or for acquisitions of failed or failing banks or FDIC-assisted purchases under section 1823(c).

Title 12, §43

Banks and Banking — Source: USLM XML via OLRC

(a)Before issuing any opinion letter or interpretive rule, in response to a request or upon the agency’s own motion, that concludes that Federal law preempts the application to a national bank of any State law regarding community reinvestment, consumer protection, fair lending, or the establishment of intrastate branches, or before making a determination under section 36(f)(1)(A)(ii) of this title, the appropriate Federal banking agency (as defined in section 1813 of this title) shall—

(1)publish in the Federal Register notice of the preemption or discrimination issue that the agency is considering (including a description of each State law at issue);

(2)give interested parties not less than 30 days in which to submit written comments; and

(3)in developing the final opinion letter or interpretive rule issued by the agency, or making any determination under section 36(f)(1)(A)(ii) of this title, consider any comments received.

(b)The appropriate Federal banking agency shall publish in the Federal Register—

(1)any final opinion letter or interpretive rule concluding that Federal law preempts the application of any State law regarding community reinvestment, consumer protection, fair lending, or establishment of intrastate branches to a national bank; and

(2)any determination under section 36(f)(1)(A)(ii) of this title.

(c)(1)This section shall not apply with respect to any opinion letter or interpretive rule that—

(A)raises issues of Federal preemption of State law that are essentially identical to those previously resolved by the courts or on which the agency has previously issued an opinion letter or interpretive rule; or

(B)responds to a request that contains no significant legal basis on which to make a preemption determination.

(2)This section shall not apply with respect to materials prepared for use in judicial proceedings or submission to Congress or a Member of Congress, or for intragovernmental use.

(3)The appropriate Federal banking agency may make exceptions to subsection (a) if—

(A)the agency determines in writing that the exception is necessary to avoid a serious and imminent threat to the safety and soundness of any national bank; or

(B)the opinion letter or interpretive rule is issued in connection with—

(i)an acquisition of 1 or more banks in default or in danger of default (as such terms are defined in section 1813 of this title); or

(ii)an acquisition with respect to which the Federal Deposit Insurance Corporation provides assistance under section 1823(c) of this title.

Editorial Notes

Codification Another R.S. § 5244 is classified to section 8 of Title 33, Navigation and Navigable Waters.

§43 Interpretations concerning preemption of certain State laws

Summary

Title 12, §43

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Editorial Notes

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