12 U.S.C. § 5552 — Preservation of enforcement powers of

Page 1980 TITLE 12—BANKS AND BANKING § 5552 1 See References in Text note below. § 5552. Preservation of enforcement powers of States (a) In general (1) Action by State Except as provided in paragraph (2), the at- torney general (or the equivalent thereof) of any State may bring a civil action in the name of such State in any district court of the United States in that State or in State court that is located in that State and that has ju- risdiction over the defendant, to enforce provi- sions of this title 1 or regulations issued under this title,1 and to secure remedies under provi- sions of this title 1 or remedies otherwise pro- vided under other law. A State regulator may bring a civil action or other appropriate pro- ceeding to enforce the provisions of this title 1 or regulations issued under this title 1 with re- spect to any entity that is State-chartered, in- corporated, licensed, or otherwise authorized to do business under State law (except as pro- vided in paragraph (2)), and to secure remedies under provisions of this title 1 or remedies oth- erwise provided under other provisions of law with respect to such an entity. (2) Action by State against national bank or Federal savings association to enforce rules (A) In general Except as permitted under subparagraph (B), the attorney general (or equivalent thereof) of any State may not bring a civil action in the name of such State against a national bank or Federal savings association to enforce a provision of this title.1 (B) Enforcement of rules permitted The attorney general (or the equivalent thereof) of any State may bring a civil ac- tion in the name of such State against a na- tional bank or Federal savings association in any district court of the United States in the State or in State court that is located in that State and that has jurisdiction over the defendant to enforce a regulation prescribed by the Bureau under a provision of this title 1 and to secure remedies under provi- sions of this title 1 or remedies otherwise provided under other law. (3) Rule of construction No provision of this title 1 shall be construed as modifying, limiting, or superseding the op- eration of any provision of an enumerated con- sumer law that relates to the authority of a State attorney general or State regulator to enforce such Federal law. (b) Consultation required (1) Notice (A) In general Before initiating any action in a court or other administrative or regulatory pro- ceeding against any covered person as au- thorized by subsection (a) to enforce any provision of this title,1 including any regula- tion prescribed by the Bureau under this title,1 a State attorney general or State reg- ulator shall timely provide a copy of the complete complaint to be filed and written notice describing such action or proceeding to the Bureau and the prudential regulator, if any, or the designee thereof. (B) Emergency action If prior notice is not practicable, the State attorney general or State regulator shall provide a copy of the complete complaint and the notice to the Bureau and the pruden- tial regulator, if any, immediately upon in- stituting the action or proceeding. (C) Contents of notice The notification required under this para- graph shall, at a minimum, describe— (i) the identity of the parties; (ii) the alleged facts underlying the pro- ceeding; and (iii) whether there may be a need to co- ordinate the prosecution of the proceeding so as not to interfere with any action, in- cluding any rulemaking, undertaken by the Bureau, a prudential regulator, or an- other Federal agency. (2) Bureau response In 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 pro- ceeding may. (c) Regulations The Bureau shall prescribe regulations to im- plement the requirements of this section and, from time to time, provide guidance in order to further coordinate actions with the State attor- neys general and other regulators. (d) Preservation of State authority (1) State claims No provision of this section shall be con- strued as altering, limiting, or affecting the authority of a State attorney general or any other regulatory or enforcement agency or au- thority to bring an action or other regulatory proceeding arising solely under the law in ef- fect in that State. (2) State securities regulators No provision of this title 1 shall be construed as altering, limiting, or affecting the author- ity of a State securities commission (or any agency or office performing like functions) under State law to adopt rules, initiate en- forcement proceedings, or take any other ac- tion with respect to a person regulated by such commission or authority. (3) State insurance regulators No provision of this title 1 shall be construed as altering, limiting, or affecting the author- ity of a State insurance commission or State Page 1981 TITLE 12—BANKS AND BANKING § 5562 1 See References in Text note below. 1 See References in Text note below. insurance regulator under State law to adopt rules, initiate enforcement proceedings, or take any other action with respect to a person regulated by such commission or regulator. (Pub. L. 111–203, title X, § 1042, July 21, 2010, 124 Stat. 2012.) Editorial Notes REFERENCES IN TEXT This title, referred to in subsecs. (a), (b)(1)(A), and (d)(2), (3), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protec- tion Act of 2010, which enacted this subchapter and en- acted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on the designated transfer date, see section 1048 of Pub. L. 111–203, set out as a note under section 5551 of this title. § 5553. Preservation of existing contracts This title,1 and regulations, orders, guidance, and interpretations prescribed, issued, or estab- lished by the Bureau, shall not be construed to alter or affect the applicability of any regula- tion, order, guidance, or interpretation pre- scribed, issued, and established by the Comp- troller of the Currency or the Director of the Of- fice of Thrift Supervision regarding the applica- bility of State law under Federal banking law to any contract entered into on or before July 21, 2010, by national banks, Federal savings associa- tions, or subsidiaries thereof that are regulated and supervised by the Comptroller of the Cur- rency or the Director of the Office of Thrift Su- pervision, respectively. (Pub. L. 111–203, title X, § 1043, July 21, 2010, 124 Stat. 2014.) Editorial Notes REFERENCES IN TEXT This title, referred to in text, is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Con- sumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed nu- merous other sections and notes in the Code. For com- plete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on the designated transfer date, see section 1048 of Pub. L. 111–203, set out as a note under section 5551 of this title. PART E—ENFORCEMENT POWERS § 5561. Definitions For purposes of this part, the following defini- tions shall apply: (1) Bureau investigation The term ‘‘Bureau investigation’’ means any inquiry conducted by a Bureau investigator for the purpose of ascertaining whether any person is or has been engaged in any conduct that is a violation, as defined in this section. (2) Bureau investigator The term ‘‘Bureau investigator’’ means any attorney or investigator employed by the Bu- reau who is charged with the duty of enforcing or carrying into effect any Federal consumer financial law. (3) Custodian The term ‘‘custodian’’ means the custodian or any deputy custodian designated by the Bu- reau. (4) Documentary material The term ‘‘documentary material’’ includes the original or any copy of any book, docu- ment, record, report, memorandum, paper, communication, tabulation, chart, logs, elec- tronic files, or other data or data compilations stored in any medium. (5) Violation The term ‘‘violation’’ means any act or omission that, if proved, would constitute a violation of any provision of Federal consumer financial law. (Pub. L. 111–203, title X, § 1051, July 21, 2010, 124 Stat. 2018.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 111–203, title X, § 1058, July 21, 2010, 124 Stat. 2035, provided that: ‘‘This subtitle [subtitle E (§§ 1051–1058), enacting this part] shall become effective on the designated transfer date.’’ [The term ‘‘designated transfer date’’ is defined in section 5481(9) of this title as the date established under section 5582 of this title.] § 5562. Investigations and administrative dis- covery (a) Joint investigations (1) In general The Bureau or, where appropriate, a Bureau investigator, may engage in joint investiga- tions and requests for information, as author- ized under this title.1 (2) Fair lending The authority under paragraph (1) includes matters relating to fair lending, and where ap- propriate, joint investigations with, and re- quests for information from, the Secretary of Housing and Urban Development, the Attor- ney General of the United States, or both. (b) Subpoenas (1) In general The Bureau or a Bureau investigator may issue subpoenas for the attendance and testi- mony of witnesses and the production of rel- evant papers, books, documents, or other ma- terial in connection with hearings under this title.1 (2) Failure to obey In the case of contumacy or refusal to obey a subpoena issued pursuant to this paragraph