Title 12, Banks and BankingRelease 119-102
§5806 Preemption
Title 12 › CHAPTER 55 — ADJUSTABLE INTEREST RATE (LIBOR) › § 5806
Summary
Federal rules under this chapter override any state or local law on a Board-chosen benchmark replacement and related changes, and on calculating interest, including compounding.
Full Legal Text
Title 12, §5806
Banks and Banking, Source: USLM XML via OLRC
This chapter, and regulations promulgated under this chapter, shall supersede any provision of any State or local law, statute, rule, regulation, or standard—
(1)relating to the selection or use of a benchmark replacement or related conforming changes; or
(2)expressly limiting the manner of calculating interest, including the compounding of interest, as that provision applies to the selection or use of a Board-selected benchmark replacement or benchmark replacement conforming changes.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
This chapter, referred to in text, was in the original “this division”, meaning div. U of Pub. L. 117–103, Mar. 15, 2022, 136 Stat. 825, known as the Adjustable Interest Rate (LIBOR) Act, which is classified principally to this chapter. For complete classification of div. U to the Code, see
Short Title
note set out under section 5801 of this title and Tables.
Reference
Citations & Metadata
Citation
12 U.S.C. § 5806
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102