§1465 — Title 12 Banks and Banking | U.S. Code

Summary

When a court, the Comptroller, or a successor decides whether state law is overridden by this chapter or its rules, they must use the same preemption rules that apply to national banks. Even though sections 1463 and 1464 give certain powers, this chapter does not take over any area of state law. Section 25b(i) applies to Federal savings associations and their subsidiaries the same as it does to national banks and their subsidiaries. If the Comptroller brings an enforcement action under this chapter or under section 45 of title 15, private parties may still sue in court to enforce federal or state rights.

Title 12, §1465

Banks and Banking — Source: USLM XML via OLRC

(a)Any determination by a court or by the Director or any successor officer or agency regarding the relation of State law to a provision of this chapter or any regulation or order prescribed under this chapter shall be made in accordance with the laws and legal standards applicable to national banks regarding the preemption of State law.

(b)Notwithstanding the authorities granted under section 1463 and 1464 of this title, this chapter does not occupy the field in any area of State law.

(c)The provisions of section 11 So in original. Probably should be “section”. 25b(i) of this title shall apply to Federal savings associations, and any subsidiary thereof, to the same extent and in the same manner as if such savings associations, or subsidiaries thereof, were national banks or subsidiaries of national banks, respectively.

(d)The ability of the Comptroller of the Currency to bring an enforcement action under this chapter or section 45 of title 15 does not preclude any private party from enforcing rights granted under Federal or State law in the courts.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior section 1465, acts

June 13, 1933, ch. 64, § 6, 48 Stat. 134; Apr. 27, 1934, ch. 168, § 11, 48 Stat. 647;

May 28, 1935, ch. 150, § 19, 49 Stat. 297; Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 313, which related to liquid asset requirements, was repealed by Pub. L. 106–569, title XII, § 1201(a), Dec. 27, 2000, 114 Stat. 3032.

Amendments

2010—Subsecs. (c), (d). Pub. L. 111–203, § 1047(b), added subsecs. (c) and (d).

Statutory Notes and Related Subsidiaries

Effective Date

Enactment and amendment of section by Pub. L. 111–203 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.

§1465 State Law Preemption Standards for Federal Savings Associations Clarified