PRIA, Government Policy, Made Personal

Summary

When a court or the Director (or a later officer or agency) decides how state law relates to this chapter or its rules, they must use the same legal standards that apply to national banks for deciding when state law is overridden. Even with the powers in this chapter, it does not take over whole areas of state law. The inspection and supervision rules in section 25b(i) apply to Federal savings associations and their subsidiaries the same as they do to national banks and their subsidiaries. If the Comptroller brings an enforcement action under this chapter or under section 45 of title 15, private people or companies can still go to court to enforce their federal or state rights.

Title 12, §1465

Banks and Banking, Source: USLM XML via OLRC

(a)In general

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)Principles of conflict preemption applicable

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)Visitorial powers

The provisions of 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)Enforcement actions

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 L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 313, which related to liquid asset requirements, was repealed by Pub.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