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12 U.S.C. § 5806 — Preemption

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

12 U.S.C. § 5806 — Preemption

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.

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Stable record: federal_law:legal_authorities:record_usc_e54173343b0041a405dda963
Source file: Laws/federal/codes/united-states-code/title-12/section-5806-preemption--efb7b3d578.md
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Source location: Title 12, Chapter 55, § 5806; chapter-055-adjustable-interest-rate-libor.md

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

12 U.S.C. § 5801 — Findings and purpose

**(a) Findings** Congress finds that— (1) LIBOR is used as a benchmark rate in more than $200,000,000,000,000 worth of contracts worldwide; (2) a significant number of existing contracts that reference LIBOR do not provide for the use of a clearly defined or practicable replacement benchmark rate when LIBOR is discontinued; and (3) the cessation or nonrepresentativeness of LIBOR could result in disruptive litigation related to existing contracts that do not provide for the use of a clearly defined or practicable replacement benchmark rate. **(b) Purpose** It is the purpose of this chapter— (1) to establish a clear and uniform process, on a nationwide basis, for replacing LIBOR in existing contracts the terms of which do not provide for the use of a clearly defined or practicable replacement benchmark rate, without affecting the ability of parties to use any appropriate benchmark rate in new contracts; (2) to preclude litigation related to existing contracts the terms of which do not provide for the use of a clearly defined or practicable replacement benchmark rate; (3) to allow existing contracts that reference LIBOR but provide for the use of a clearly defined and practicable replacement rate, to operate according to their terms; and (4) to address LIBOR references in Federal law.

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

12 U.S.C. § 5806 — Preemption

Page 2027 TITLE 12—BANKS AND BANKING § 5807 (1) Bank The term ‘‘bank’’ means an institution sub- ject to examination by a Federal financial in- stitutions regulatory agency. (2) Covered action The term ‘‘covered action’’ means— (A) the initiation by a Federal supervisory agency of an enforcement action, including the issuance of a cease-and-desist order; or (B) the issuance by a Federal supervisory agency of a matter requiring attention, a matter requiring immediate attention; or a matter requiring board attention resulting from a supervisory activity conducted by the Federal supervisory agency. (3) Federal financial institutions regulatory agency The term ‘‘Federal financial institutions regulatory agencies’’ has the meaning given the term in section 3302 of this title. (4) Federal supervisory agency The term ‘‘Federal supervisory agency’’ means an agency listed in subparagraphs (A) through (H) of section 3401(7) of this title. (5) Non-IBOR loan The term ‘‘non-IBOR loan’’ means any loan that, by its terms, does not use in any way LIBOR, any tenor of non-U.S. dollar currency rates formerly known as the London interbank offered rate as administered by ICE Bench- mark Administration Limited (or any prede- cessor or successor administrator thereof), and any other interbank offered rates that are ex- pected to cease, as a benchmark. (b) Benchmarks used by banks With respect to a benchmark used by a bank— (1) the bank, in any non-IBOR loan made be- fore, on, or after March 15, 2022, may use any benchmark, including a benchmark that is not SOFR, that the bank determines to be appro- priate for the funding model of the bank; the needs of the customers of the bank; and the products, risk profile, risk management capa- bilities, and operational c

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