PRIA, Government Policy, Made Personal

Summary

Federal banking agencies must publish a notice in the Federal Register and give at least 30 days for people to send written comments before they issue any official opinion or interpretive rule, or make a determination under section 36(f)(1)(A)(ii), that says federal law overrides state laws about community reinvestment, consumer protection, fair lending, or setting up branches inside a state. The notice must explain which state laws are being considered, and the agency must think about any comments when it writes the final opinion or rule. The agency must also publish the final opinion, rule, or the section 36(f)(1)(A)(ii) determination in the Federal Register. This process does not apply if the issue is basically the same as previous court or agency decisions, if the request has no real legal basis, or if the material is for court, Congress, or internal government use. The agency can skip the notice step in writing if there is a serious, immediate threat to a national bank’s safety and soundness, or for certain bank acquisitions involving banks in default or with FDIC assistance (see section 1813 and section 1823(c)).

Title 12, §43

Banks and Banking, Source: USLM XML via OLRC

(a)Notice and opportunity for comment required

Before issuing any opinion letter or interpretive rule, in response to a request or upon the agency’s own motion, that concludes that Federal law preempts the application to a national bank of any State law regarding community reinvestment, consumer protection, fair lending, or the establishment of intrastate branches, or before making a determination under section 36(f)(1)(A)(ii) of this title, the appropriate Federal banking agency (as defined in section 1813 of this title) shall—

(1)publish in the Federal Register notice of the preemption or discrimination issue that the agency is considering (including a description of each State law at issue);

(2)give interested parties not less than 30 days in which to submit written comments; and

(3)in developing the final opinion letter or interpretive rule issued by the agency, or making any determination under section 36(f)(1)(A)(ii) of this title, consider any comments received.

(b)Publication required

The appropriate Federal banking agency shall publish in the Federal Register—

(1)any final opinion letter or interpretive rule concluding that Federal law preempts the application of any State law regarding community reinvestment, consumer protection, fair lending, or establishment of intrastate branches to a national bank; and

(2)any determination under section 36(f)(1)(A)(ii) of this title.

(c)Exceptions

(1)No new issue or significant basis

This section shall not apply with respect to any opinion letter or interpretive rule that—

(A)raises issues of Federal preemption of State law that are essentially identical to those previously resolved by the courts or on which the agency has previously issued an opinion letter or interpretive rule; or

(B)responds to a request that contains no significant legal basis on which to make a preemption determination.

(2)Judicial, legislative, or intragovernmental materials

This section shall not apply with respect to materials prepared for use in judicial proceedings or submission to Congress or a Member of Congress, or for intragovernmental use.

(3)Emergency

The appropriate Federal banking agency may make exceptions to subsection (a) if—

(A)the agency determines in writing that the exception is necessary to avoid a serious and imminent threat to the safety and soundness of any national bank; or

(B)the opinion letter or interpretive rule is issued in connection with—

(i)an acquisition of 1 or more banks in default or in danger of default (as such terms are defined in section 1813 of this title); or

(ii)an acquisition with respect to which the Federal Deposit Insurance Corporation provides assistance under section 1823(c) of this title.

Editorial Notes

Codification Another R.S. § 5244 is classified to section 8 of Title 33, Navigation and Navigable Waters.

§43 Interpretations Concerning Preemption of Certain State Laws

Summary

Title 12, §43

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata