§ 43. Interpretations concerning preemption of certain State laws

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1994

   Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994

   Pub. L. 103–328 title I § 114 · 108 Stat. 2338

   Enacted · 12 U.S.C. § 43

   (R.S. § 5244, as added Pub. L. 103–328, title I, § 114, Sept. 29, 1994, 108 Stat. 2366.)

   Source evidence

   Code source credit
   (R.S. § 5244, as added Pub. L. 103–328, title I, § 114, Sept. 29, 1994, 108 Stat. 2366.)

   Enacted provision · exact public law section
   SEC. 114. NOTICE REQUIREMENTS FOR BANKING AGENCY DECISIONS PREEMPTING STATE LAW. Chapter 4 of title LXII of the Revised Statutes (12 U.S.C. 21 et seq.) is amended by adding at the end the following new section: “SEC. 5244. INTERPRETATIONS CONCERNING PREEMPTION OF CERTAIN STATE LAWS. “(a) Notice and Opportonity 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 5155(f)(1)(A)(ii) of the Revised Statutes, the appropriate Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act) shall— “(1) publish in the Federal Register notice of the preemption Federal Register, publication. 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 5155(f)(1)(A)(ii) of the Revised Statutes, consider any comments received. “(b) Publication Required.— The appropriate Federal banking Federal Register, publication. 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 5155(t)(1)(A)(ii) of the Revised Statutes. “(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 intragovemmental 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 3 of the Federal Deposit Insurance Act); or “(ii) an acquisition with respect to which the Federal Deposit Insurance Corporation provides assistance under section 13(c) of the Federal Deposit Insurance Act.”.

1 of 1 references resolved to an enrolled provision