View all text of Part D [§ 5551 - § 5553]
§ 5551. Relation to State law
(a) In general
(1) Rule of construction
(2) Greater protection under State law
(b) Relation to other provisions of enumerated consumer laws that relate to State law
(c) Additional consumer protection regulations in response to State action
(1) Notice of proposed rule required
(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
The Bureau—
(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
(5) Rule of construction
(6) Definition
(Pub. L. 111–203, title X, § 1041, July 21, 2010, 124 Stat. 2011.)