§2805 — Title 12 Banks and Banking | U.S. Code

Summary

State laws about public disclosure and recordkeeping for banks or savings institutions chartered by a State stay in force unless they conflict with this federal law. The Bureau decides if a conflict exists. The Bureau cannot find a conflict when the state law requires more detailed records or gives greater disclosure than the federal rule. The Bureau can exempt a state‑chartered institution from the federal rules if the state's rules are largely the same and are enforceable. For national banks and Federal savings associations with FDIC‑insured deposits, the Office of the Comptroller of the Currency enforces those exemptions under section 1818.

Title 12, §2805

Banks and Banking — Source: USLM XML via OLRC

(a)This chapter does not annul, alter, or affect, or exempt any State chartered depository institution subject to the provisions of this chapter from complying with the laws of any State or subdivision thereof with respect to public disclosure and recordkeeping by depositor institutions, except to the extent that those laws are inconsistent with any provision of this chapter, and then only to the extent of the inconsistency. The Bureau is authorized to determine whether such inconsistencies exist. The Bureau may not determine that any such law is inconsistent with any provision of this chapter if the Bureau determines that such law requires the maintenance of records with greater geographic or other detail than is required under this chapter, or that such law otherwise provides greater disclosure than is required under this chapter.

(b)The Bureau may, by regulation, exempt from the requirements of this chapter any State-chartered depository institution within any State or subdivision thereof, if the agency determines that, under the law of such State or subdivision, that institution is subject to requirements that are substantially similar to those imposed under this chapter, and that such law contains adequate provisions for enforcement. Notwithstanding any other provision of this subsection, compliance with the requirements imposed under this subsection shall be enforced by the Office of the Comptroller of the Currency under section 1818 of this title, in the case of national banks and Federal savings associations, the deposits of which are insured by the Federal Deposit Insurance Corporation.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Pub. L. 111–203, § 1094(1), substituted “Bureau” for “Board” wherever appearing. Subsec. (b). Pub. L. 111–203, § 1094(5), added subsec. (b) and struck out former subsec. (b) which read as follows: “The Bureau may by regulation exempt from the requirements of this chapter any State chartered depository institution within any State or subdivision thereof if it determines that, under the law of such State or subdivision, that institution is subject to requirements substantially similar to those imposed under this chapter, and that such law contains adequate provisions for

Enforcement

. Notwithstanding any other provision of this subsection, compliance with the requirements imposed under this subsection shall be enforced under— “(1) section 1818 of this title in the case of national banks, by the Comptroller of the Currency; and “(2) section 1818 of this title, by the Director of the Office of Thrift Supervision in the case of a savings association the deposits of which are insured by the Federal Deposit Insurance Corporation.” 1989—Subsec. (b)(2). Pub. L. 101–73 amended par. (2) generally. Prior to amendment, par. (2) read as follows: “section 1464(d) of this title in the case of any institution subject to that provision, by the Federal Home Loan Bank Board.” 1988—Subsec. (b)(1), (2). Pub. L. 100–628 substituted “section” for “Section”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

§2805 Relation to State Laws