§57b–4 — Title 15 Commerce and Trade | U.S. Code

Summary

It protects people, partnerships, and companies from being treated as lawbreakers when they honestly relied on and followed a rule, regulation, or official guidance issued by the Board of Governors of the Federal Reserve System. That protection stays in place even if the Board later changes or cancels the guidance or a court finds it invalid. The Board of Governors means the Federal Reserve’s Board. The rule also applies where the Board can make rules and a Commission can enforce the law.

Title 15, §57b–4

Commerce and Trade — Source: USLM XML via OLRC

(a)For purposes of this section, the term “Board of Governors’ means the Board of Governors” of the Federal Reserve System.

(b)Notwithstanding any other provision of law, if—

(1)any person, partnership, or corporation engages in any conduct or practice which allegedly constitutes a violation of any Federal law with respect to which the Board of Governors of the Federal Reserve System has rulemaking authority; and

(2)such person, partnership, or corporation engaged in such conduct or practice in good faith reliance upon, and in conformity with, any rule, regulation, statement of interpretation, or statement of approval prescribed or issued by the Board of Governors under such Federal law;

(c)The provisions of subsection (b) shall apply regardless of whether any rule, regulation, statement of interpretation, or statement of approval prescribed or issued by the Board of Governors is amended, rescinded, or held to be invalid by judicial authority or any other authority after a person, partnership, or corporation has engaged in any conduct or practice in good faith reliance upon, and in conformity with, such rule, regulation, statement of interpretation, or statement of approval.

(d)If, in any case in which—

(1)the Board of Governors has rulemaking authority with respect to any Federal law; and

(2)the Commission is authorized to enforce the requirements of such Federal law;

Statutory Notes and Related Subsidiaries

Effective Date

Section effective May 28, 1980, see section 23 of Pub. L. 96–252, set out as an

Effective Date

of 1980 Amendment note under section 45 of this title.

§57b–4 Good faith reliance on actions of Board of Governors

Summary

Title 15, §57b–4

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata