12 USC 5552 - Preservation of enforcement powers of States

U.S Code last checked for updates: Nov 23, 2024

§ 5552.

Preservation of enforcement powers of States

(a)

In general

(1)

Action by State

(2)

Action by State against national bank or Federal savings association to enforce rules

(A)

In general

(B)

Enforcement of rules permitted

(3)

Rule of construction

(b)

Consultation required

(1)

Notice

(A)

In general

(B)

Emergency action

(C)

Contents of notice

The notification required under this paragraph shall, at a minimum, describe—

(i)

the identity of the parties;

(ii)

the alleged facts underlying the proceeding; and

(iii)

whether there may be a need to coordinate the prosecution of the proceeding so as not to interfere with any action, including any rulemaking, undertaken by the Bureau, a prudential regulator, or another 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 proceeding may.

(c)

Regulations

(d)

Preservation of State authority

(1)

State claims

(2)

State securities regulators

(3)

State insurance regulators

(Pub. L. 111–203, title X, § 1042, July 21, 2010, 124 Stat. 2012.)

cite as: 12 USC 5552