§5553 — Title 12 Banks and Banking | U.S. Code

Summary

Bureau rules and guidance must not be used to change how the Comptroller of the Currency or the Director of the Office of Thrift Supervision decide whether state law applies under federal banking law. This protection covers contracts made on or before July 21, 2010 by national banks, Federal savings associations, or their supervised subsidiaries.

Title 12, §5553

Banks and Banking — Source: USLM XML via OLRC

This title,11 See References in Text note below. and regulations, orders, guidance, and interpretations prescribed, issued, or established by the Bureau, shall not be construed to alter or affect the applicability of any regulation, order, guidance, or interpretation prescribed, issued, and established by the Comptroller of the Currency or the Director of the Office of Thrift Supervision regarding the applicability of State law under Federal banking law to any contract entered into on or before July 21, 2010, by national banks, Federal savings associations, or subsidiaries thereof that are regulated and supervised by the Comptroller of the Currency or the Director of the Office of Thrift Supervision, respectively.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This title, referred to in text, is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see

Short Title

note set out under section 5301 of this title and Tables.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the designated transfer date, see section 1048 of Pub. L. 111–203, set out as a note under section 5551 of this title.

§5553 Preservation of existing contracts