Collapse to view only § 5551. Relation to State law
- § 5551. Relation to State law
- § 5552. Preservation of enforcement powers of States
- § 5553. Preservation of existing contracts
§ 5551. Relation to State law
(a) In general
(1) Rule of construction
(2) Greater protection under State law
(b) Relation to other provisions of enumerated consumer laws that relate to State law
(c) Additional consumer protection regulations in response to State action
(1) Notice of proposed rule required
(2) Bureau considerations required for issuance of final regulation
Before prescribing a final regulation based upon a notice issued pursuant to paragraph (1), the Bureau shall take into account whether—
(A) the proposed regulation would afford greater protection to consumers than any existing regulation;
(B) the intended benefits of the proposed regulation for consumers would outweigh any increased costs or inconveniences for consumers, and would not discriminate unfairly against any category or class of consumers; and
(C) a Federal banking agency has advised that the proposed regulation is likely to present an unacceptable safety and soundness risk to insured depository institutions.
(3) Explanation of considerations
The Bureau—
(A) shall include a discussion of the considerations required in paragraph (2) in the Federal Register notice of a final regulation prescribed pursuant to this subsection; and
(B) whenever the Bureau determines not to prescribe a final regulation, shall publish an explanation of such determination in the Federal Register, and provide a copy of such explanation to each State that enacted a resolution in support of the proposed regulation, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives.
(4) Reservation of authority
(5) Rule of construction
(6) Definition
(Pub. L. 111–203, title X, § 1041, July 21, 2010, 124 Stat. 2011.)
§ 5552. Preservation of enforcement powers of States
(a) In general
(1) Action by State
(2) Action by State against national bank or Federal savings association to enforce rules
(A) In general
(B) Enforcement of rules permitted
(3) Rule of construction
(b) Consultation required
(1) Notice
(A) In general
(B) Emergency action
(C) Contents of noticeThe notification required under this paragraph shall, at a minimum, describe—
(i) the identity of the parties;
(ii) the alleged facts underlying the proceeding; and
(iii) whether there may be a need to coordinate the prosecution of the proceeding so as not to interfere with any action, including any rulemaking, undertaken by the Bureau, a prudential regulator, or another Federal agency.
(2) Bureau responseIn any action described in paragraph (1), the Bureau may—
(A) intervene in the action as a party;
(B) upon intervening—
(i) remove the action to the appropriate United States district court, if the action was not originally brought there; and
(ii) be heard on all matters arising in the action; and
(C) appeal any order or judgment, to the same extent as any other party in the proceeding may.
(c) Regulations
(d) Preservation of State authority
(1) State claims
(2) State securities regulators
(3) State insurance regulators
(Pub. L. 111–203, title X, § 1042, July 21, 2010, 124 Stat. 2012.)
§ 5553. Preservation of existing contracts
This title,1
1 See References in Text note below.
and regulations, orders, guidance, and interpretations prescribed, issued, or established by the Bureau, shall not be construed to alter or affect the applicability of any regulation, order, guidance, or interpretation prescribed, issued, and established by the Comptroller of the Currency or the Director of the Office of Thrift Supervision regarding the applicability of State law under Federal banking law to any contract entered into on or before July 21, 2010, by national banks, Federal savings associations, or subsidiaries thereof that are regulated and supervised by the Comptroller of the Currency or the Director of the Office of Thrift Supervision, respectively.(Pub. L. 111–203, title X, § 1043, July 21, 2010, 124 Stat. 2014.)