This title, other than sections
1048, may not be construed as annulling, altering, or affecting, or exempting any person subject to the provisions of this title  from complying with, the statutes, regulations, orders, or interpretations in effect in any State, except to the extent that any such provision of law is inconsistent with the provisions of this title, and then only to the extent of the inconsistency.
(2) Greater protection under State law
For purposes of this subsection, a statute, regulation, order, or interpretation in effect in any State is not inconsistent with the provisions of this title  if the protection that such statute, regulation, order, or interpretation affords to consumers is greater than the protection provided under this title. A determination regarding whether a statute, regulation, order, or interpretation in effect in any State is inconsistent with the provisions of this title  may be made by the Bureau on its own motion or in response to a nonfrivolous petition initiated by any interested person.
(b) Relation to other provisions of enumerated consumer laws that relate to State law
No provision of this title, except as provided in section
1083, shall be construed as modifying, limiting, or superseding the operation of any provision of an enumerated consumer law that relates to the application of a law in effect in any State with respect to such Federal law.
(c) Additional consumer protection regulations in response to State action
(1) Notice of proposed rule required
The Bureau shall issue a notice of proposed rulemaking whenever a majority of the States has enacted a resolution in support of the establishment or modification of a consumer protection regulation by the Bureau.
(2) Bureau considerations required for issuance of final regulation
Before prescribing a final regulation based upon a notice issued pursuant to paragraph (1), the Bureau shall take into account whether—
(A)the proposed regulation would afford greater protection to consumers than any existing regulation;
(B)the intended benefits of the proposed regulation for consumers would outweigh any increased costs or inconveniences for consumers, and would not discriminate unfairly against any category or class of consumers; and
(C)a Federal banking agency has advised that the proposed regulation is likely to present an unacceptable safety and soundness risk to insured depository institutions.
(3) Explanation of considerations
(A)shall include a discussion of the considerations required in paragraph (2) in the Federal Register notice of a final regulation prescribed pursuant to this subsection; and
(B)whenever the Bureau determines not to prescribe a final regulation, shall publish an explanation of such determination in the Federal Register, and provide a copy of such explanation to each State that enacted a resolution in support of the proposed regulation, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives.
(4) Reservation of authority
No provision of this subsection shall be construed as limiting or restricting the authority of the Bureau to enhance consumer protection standards established pursuant to this title  in response to its own motion or in response to a request by any other interested person.
(5) Rule of construction
No provision of this subsection shall be construed as exempting the Bureau from complying with subchapter
II of chapter
5 of title
For purposes of this subsection, the term “consumer protection regulation” means a regulation that the Bureau is authorized to prescribe under the Federal consumer financial laws.
This title, referred to in subsecs. (a), (b), and (c)(4), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, 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.
1048, referred to in subsec. (a)(1), are sections 1044 to 1048 ofPub. L. 111–203, which enacted and amended sections
1465 of this title and enacted provisions set out as a note below.
1083, referred to in subsec. (b), is section 1083 ofPub. L. 111–203, which amended sections
3803 of this title and enacted provisions set out as notes under section
3802 of this title.
Pub. L. 111–203, title X, § 1048,July 21, 2010, 124 Stat. 2018, provided that: “This subtitle [subtitle D (§§ 1041–1048) of title X of Pub. L. 111–203, enacting this part and enacting and amending sections
1465 of this title] 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.]
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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