§ 43. — Interpretations concerning preemption of certain State laws.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC43]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER I--ORGANIZATION AND GENERAL PROVISIONS
Sec. 43. Interpretations concerning preemption of certain State
laws
(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) of this section 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.
(R.S. Sec. 5244, as added Pub. L. 103-328, title I, Sec. 114, Sept. 29,
1994, 108 Stat. 2366.)
Codification
Another R.S. Sec. 5244 is classified to section 8 of Title 33,
Navigation and Navigable Waters.
