§5806 — Title 12 Banks and Banking | U.S. Code

Summary

Federal rules under this chapter and the regulations made under it override any state or local law that deals with picking or using a benchmark replacement or the matching changes needed for it. They also override any state or local rule that tries to limit how interest is calculated, including compounding, when those limits would apply to a benchmark replacement chosen by the Board or to its matching changes.

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.

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.

§5806 Preemption