This bill changes how a federal rule about interest rates applies to out-of-state state-chartered banks and insured credit unions. It adds provisions to section 27 of the Federal Deposit Insurance Act and section 205(g) of the Federal Credit Union Act. If a State adopts a law or certifies that voters approved language saying the State does not want the federal preemption to apply to loans made by institutions chartered by that State, then the federal preemption will not apply to loans made by those institutions after the adoption or certification date. The bill also repeals section 525 of the Depository Institutions Deregulation and Monetary Control Act of 1980. The changes apply to any State laws or certifications made under that 1980 section before this bill becomes effective.
No publicly available information on federal or state budget costs is included in the bill text or metadata provided.
The bill states it is intended to "restore and clarify the intent" of federal interest rate exportation parity for State-chartered banks by allowing States to opt out of preemption only with respect to loans made by institutions chartered by that State. The text of the bill describes that goal and the statutory changes used to achieve it.
No publicly available information on opponents' views or objections is included in the bill text or metadata provided.