Preservation of Federalism in Banking Act

Summary

Preservation of Federalism in Banking Act - Amends the Revised Statutes of the United States to set forth State law preemption standards for national banks and their subsidiaries. Declares that any State: (1) consumer law of general application (including any law relating to unfair or deceptive acts or practices and any consumer fraud law) shall also apply to any national bank; and (2) law applicable to State banks shall also apply to any national bank if it was enacted pursuant to, or consistent with, Federal law permitting the States to exceed or supplement Federal law requirements. Prohibits construction of Federal law governing visitorial powers, or otherwise limiting or restricting the supervisory, examination, or regulatory authority to which any national bank is subject, as limiting or restricting the authority of a State attorney general to enforce: (1) any applicable Federal or State law; or (2) on behalf of residents of such State, any applicable provision of any Federal or State law against a national bank, or seek relief and recover damages for such residents from any violation of any such law by any national bank. Prohibits construction of Federal law governing nondepository institution subsidiaries of national banks as preempting the applicability of State law to any State-chartered nondepository institution subsidiary of a national bank, except to the extent the preemption is explicitly provided by an Act of Congress. Directs the Comptroller of the Currency to record and monitor each complaint received from a consumer regarding a national bank or any subsidiary of a national bank as well as the resolution of the complaint.

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Timeline

1. 9 October 2004

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 9 October 2004

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S10989)

   Source: IntroReferral

3. 9 October 2004

   Introduced

   Sponsor introductory remarks on measure. (CR S10988-10989)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 9 October 2004 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 9 October 2004

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 9 October 2004

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 9 October 2004

  Open at official source

Sponsors

• Sen. Corzine, Jon S. [D-NJ] · D · Sponsor
• Rep. Boxer, Barbara [D-CA-6] · D · Sponsor
• Patty Murray · D · Sponsor
• Charles Schumer · D · Sponsor
• Sen. Lautenberg, Frank R. [D-NJ] · D · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Preservation of Federalism in Banking Act