S.2973 - Preservation of Federalism in Banking Act108th Congress (2003-2004)
Summary: S.2973 — 108th Congress (2003-2004)
Introduced in Senate (10/09/2004)
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.