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12 U.S.C. § 1465 — State law preemption standards for Federal savings associations clarified

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1465 — State law preemption standards for Federal savings associations clarified

**(a) In general** Any determination by a court or by the Director or any successor officer or agency regarding the relation of State law to a provision of this chapter or any regulation or order prescribed under this chapter shall be made in accordance with the laws and legal standards applicable to national banks regarding the preemption of State law. **(b) Principles of conflict preemption applicable** Notwithstanding the authorities granted under sections 1463 and 1464 of this title, this chapter does not occupy the field in any area of State law. **(c) Visitorial powers** The provisions of sections 11 So in original. Probably should be “section”. 25b(i) of this title shall apply to Federal savings associations, and any subsidiary thereof, to the same extent and in the same manner as if such savings associations, or subsidiaries thereof, were national banks or subsidiaries of national banks, respectively. **(d) Enforcement actions** The ability of the Comptroller of the Currency to bring an enforcement action under this chapter or [section 45 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45&num=0&edition=prelim) does not preclude any private party from enforcing rights granted under Federal or State law in the courts.

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Source file: Laws/federal/codes/united-states-code/title-12/section-1465-state-law-preemption-standards-for-federal-savings-associations-clarifie--ce819a0791.md
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Source location: Title 12, Chapter 12, § 1465; chapter-012-savings-associations.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5551 — Private Education Loan Ombudsman

**(a) Establishment** The Secretary, in consultation with the Director, shall designate a Private Education Loan Ombudsman (in this section referred to as the “Ombudsman”) within the Bureau, to provide timely assistance to borrowers of private education loans. **(b) Public information** The Secretary and the Director shall disseminate information about the availability and functions of the Ombudsman to borrowers and potential borrowers, as well as institutions of higher education, lenders, guaranty agencies, loan servicers, and other participants in private education student loan programs. **(c) Functions of Ombudsman** The Ombudsman designated under this subsection shall— (1) in accordance with regulations of the Director, receive, review, and attempt to resolve informally complaints from borrowers of loans described in subsection (a), including, as appropriate, attempts to resolve such complaints in collaboration with the Department of Education and with institutions of higher education, lenders, guaranty agencies, loan servicers, and other participants in private education loan programs; (2) not later than 90 days after the designated transfer date, establish a memorandum of understanding with the student loan ombudsman established under [section 1018(f) of title 20](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1018/f&num=0&edition=prelim), to ensure coordination in providing assistance to and serving borrowers seeking to resolve complaints related to their private education or Federal student loans; (3) compile and analyze data on borrower complaints regarding private education loans; and (4) make appropriate recommendations to the Director, the Secretary, the Secretary of Education, the Committee on Banking, Housing, and Urban A

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 45 — Unfair methods of competition unlawful; prevention by Commission

**(a) Declaration of unlawfulness; power to prohibit unfair practices; inapplicability to foreign trade** (1) Unfair methods of competition in or affecting commerce, and unfair or deceptive acts or practices in or affecting commerce, are hereby declared unlawful. (2) The Commission is hereby empowered and directed to prevent persons, partnerships, or corporations, except banks, savings and loan institutions described in [section 57a(f)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section57a/f/3&num=0&edition=prelim), Federal credit unions described in [section 57a(f)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section57a/f/4&num=0&edition=prelim), common carriers subject to the Acts to regulate commerce, air carriers and foreign air carriers subject to part A of subtitle VII of title 49, and persons, partnerships, or corporations insofar as they are subject to the Packers and Stockyards Act, 1921, as amended [[7 U.S.C. 181](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section181&num=0&edition=prelim) et seq.], except as provided in section 406(b) of said Act [[7 U.S.C. 227(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section227/b&num=0&edition=prelim)], from using unfair methods of competition in or affecting commerce and unfair or deceptive acts or practices in or affecting commerce. (3) This subsection shall not apply to unfair methods of competition involving commerce with foreign nations (other than import commerce) unless— (A) such methods of competition have a direct, substantial, and reasonably foreseeable effect— (i) on commerce which is not commerce with foreign nations, or on import commerce with foreign nations; or

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1464 — Federal savings associations

**(a) In general** In order to provide thrift institutions for the deposit of funds and for the extension of credit for homes and other goods and services, the Comptroller of the Currency is authorized, under such regulations as the Comptroller of the Currency may prescribe— (1) to provide for the organization, incorporation, examination, operation, and regulation of associations to be known as Federal savings associations (including Federal savings banks), and (2) to issue charters therefor, giving primary consideration of the best practices of thrift institutions in the United States. The lending and investment powers conferred by this section are intended to encourage such institutions to provide credit for housing safely and soundly. **(b) Deposits and related powers** (1) **Deposit accounts** (A) Subject to the terms of its charter and regulations of the Comptroller of the Currency, a Federal savings association may— (i) raise funds through such deposit, share, or other accounts, including demand deposit accounts (hereafter in this section referred to as “accounts”); and (ii) issue passbooks, certificates, or other evidence of accounts. (B) A Federal savings association may not permit any overdraft (including an intraday overdraft) on behalf of an affiliate, or incur any such overdraft in such savings association’s account at a Federal reserve bank or Federal home loan bank on behalf of an affiliate.All savings accounts and demand accounts shall have the same priority upon liquidation. Holders of accounts and obligors of a Federal savings association shall, to such extent as may be provided by its charter or by regulations of the Comptroller of the Currency, be members of the savings association, and shall have such voting rights and such other

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1467a — Regulation of holding companies

**(a) Definitions** (1) **In general** — As used in this section, unless the context otherwise requires— (A) *Savings association* — The term “savings association” includes a savings bank or cooperative bank which is deemed by the appropriate Federal banking agency to be a savings association under subsection (l). (B) *Uninsured institution* — The term “uninsured institution” means any depository institution the deposits of which are not insured by the Federal Deposit Insurance Corporation. (C) *Company* — The term “company” means any corporation, partnership, trust, joint-stock company, or similar organization, but does not include the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, any Federal home loan bank, or any company the majority of the shares of which is owned by the United States or any State, or by an instrumentality of the United States or any State. (D) *Savings and loan holding company* (i) *In general* — Except as provided in clause (ii), the term “savings and loan holding company” means any company that directly or indirectly controls a savings association or that controls any other company that is a savings and loan holding company. (ii) *Exclusion* — The term “savings and loan holding company” does not include— (I) a bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956 ([12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim) et seq.), or to any company directly or indirectly controlled by such company (other than a savings association); (II) a company that controls a savings association that functions solely in a trust or fiduciary capacity as described in section 2(c)(2)(D) of the

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5903 — Requirements for issuing payment stablecoins

**(a) Standards for the issuance of payment stablecoins** (1) **In general** — A permitted payment stablecoin issuer shall— (A) maintain identifiable reserves backing the outstanding payment stablecoins of the permitted payment stablecoin issuer on an at least 1 to 1 basis, with reserves comprising— (i) United States coins and currency (including Federal Reserve notes) or money standing to the credit of an account with a Federal Reserve Bank; (ii) funds held as demand deposits (or other deposits that may be withdrawn upon request at any time) or insured shares at an insured depository institution (including any foreign branches or agents, including correspondent banks, of an insured depository institution), subject to limitations established by the Corporation and the National Credit Union Administration, as applicable, to address safety and soundness risks of such insured depository institution; (iii) Treasury bills, notes, or bonds— (I) with a remaining maturity of 93 days or less; or (II) issued with a maturity of 93 days or less; (iv) money received under repurchase agreements, with the permitted payment stablecoin issuer acting as a seller of securities and with an overnight maturity, that are backed by Treasury bills with a maturity of 93 days or less; (v) reverse repurchase agreements, with the permitted payment stablecoin issuer acting as a purchaser of securities and with an overnight maturity, that are collateralized by Treasury notes, bills, or bonds on an overnight basis, subject to overcollateralization in line with standard market terms, that are— (I) tri-party; (II) centrally cleared through a clearing agency registered with the Securities and Exchange Commission; or (III) bilateral with a co

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1465 — State law preemption standards for Fed-

Page 390 TITLE 12—BANKS AND BANKING § 1465 1 So in original. Probably should be ‘‘section’’. (d) Treatment of covered savings associations A covered savings association shall be treated as a Federal savings association for the pur- poses— (1) of governance of the covered savings as- sociation, including incorporation, bylaws, boards of directors, shareholders, and distribu- tion of dividends; (2) of consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership; and (3) determined by regulation of the Comp- troller. (e) Existing branches A covered savings association may continue to operate any branch or agency that the covered savings association operated on the date on which an election under subsection (b) is ap- proved. (f) Rule making The Comptroller shall issue rules to carry out this section— (1) that establish streamlined standards and procedures that clearly identify required docu- mentation and timelines for an election under subsection (b); (2) that require a Federal savings associa- tion that makes an election under subsection (b) to identify specific assets and subsidiaries that— (A) do not conform to the requirements for assets and subsidiaries of a national bank; and (B) are held by the Federal savings asso- ciation on the date on which the Federal savings association submits a notice of the election; (3) that establish— (A) a transition process for bringing the assets and subsidiaries described in para- graph (2) into conformance with the require- ments for a national bank; and (B) procedures for allowing the Federal savings association to submit to the Comp- troller an application to continue to hold as- sets and subsidiaries described in paragr

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1465

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