12 U.S.C. § 25b — State law preemption standards for national banks and subsidiaries clarified

(a) Definitions: (1) "National bank" includes any bank chartered under U.S. law, and any federal branch set up under the International Banking Act of 1978. (2) "State consumer financial law" means a state law that doesn't discriminate against national banks and that directly and specifically controls the manner, content, or terms of a financial transaction national banks are allowed to do, or an account tied to it, involving a consumer. (3) "Affiliate," "subsidiary," "includes," and "including" mean the same as they do in section 1813 of this title. (b) Preemption standard: (1) A state consumer financial law is preempted only if: (A) applying it would treat national banks worse than a bank chartered by that state; (B) under the legal standard from the Supreme Court's Barnett Bank decision, the state law prevents or significantly interferes with the bank's powers — a court, or the Comptroller of the Currency acting case-by-case, may decide this; or (C) some other federal law (not the National Bank Act) preempts it. (2) Savings clause: The National Bank Act does not preempt, override, or affect state law as applied to a subsidiary or affiliate of a national bank — unless that subsidiary or affiliate is itself chartered as a national bank. (3) Case-by-case basis: (A) This means a determination the Comptroller makes about how one state's consumer financial law affects a national bank subject to it, or an equivalent law of another state. (B) Before treating another state's law as having "substantively equivalent" terms to one already preempted, the Comptroller must first consult the Bureau of Consumer Financial Protection and consider its views. (4) Rule of construction: The National Bank Act does not take over the whole field of state law — other state laws can still apply. (5) Standards of review: (A) A court reviewing the Comptroller's preemption determinations must judge them based on how thorough the agency's reasoning was, how sound that reasoning is, how consistent it is with the agency's other rulings, and any other factors the court finds relevant. (B) Aside from that, this section doesn't change how much deference courts otherwise give the Comptroller when interpreting federal banking law. (6) Only the Comptroller personally may make a preemption determination under (b)(1)(B); this cannot be delegated to another officer or employee. (c) Substantial evidence: A Comptroller regulation or order can't declare a state consumer financial law inapplicable to a national bank unless the record shows substantial evidence supporting that specific finding, judged under the Barnett Bank legal standard. (d) Periodic review of preemption determinations: (1) The Comptroller must periodically review, through public notice and comment, each determination that federal law preempts a state consumer financial law — at least once every 5 years — then publish in the Federal Register whether it is keeping, dropping, or proposing to amend that determination. Any proposed amendment, and its resolution, must follow set notice-and-comment procedures. (2) Each time the Comptroller finishes such a review, it must report to the House Financial Services Committee and Senate Banking Committee, explaining whether it will keep, drop, or amend each determination, and why. (e) A state consumer financial law still applies to a subsidiary or affiliate of a national bank (unless that subsidiary or affiliate is itself chartered as a national bank), to the same extent it applies to any other person or business. (f) This section doesn't change a national bank's existing power, under section 85, to charge interest at the rate allowed by the state, territory, or district where it's located — including how "interest" is defined there. (g) The Comptroller must publish, and update at least every quarter, a list of its current preemption determinations, showing what activities and practices each one covers, and what state requirements are preempted. (h) Clarification for nondepository subsidiaries and affiliates: (1) "Depository institution," "subsidiary," and "affiliate" mean the same as in section 1813. (2) No provision of the National Bank Act preempts, overrides, or affects state law as applied to a subsidiary, affiliate, or agent of a national bank — unless that entity is itself chartered as a national bank. (i) Visitorial powers: Following the Supreme Court's decision in Cuomo v. Clearing House Assn., nothing that relates to limiting who may inspect or investigate a national bank stops a state attorney general (or other top state law-enforcement officer) from suing a national bank in an appropriate court to enforce a valid law and get the relief that law allows. (j) Enforcement actions: The Comptroller's ability to bring an enforcement action, under the National Bank Act or under 15 U.S.C. § 45, does not stop any private party from separately enforcing their own rights under federal or state law in court.