12 CFR 253.6 – Preemption
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Pursuant to section 107 of the Adjustable Interest Rate (LIBOR) Act, 12 U.S.C. § 5806, this part supersedes any provision of any state or local law, statute, rule, regulation, or standard—
Terms Used In 12 CFR 253.6
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Statute: A law passed by a legislature.
(a) Relating to the selection or use of a benchmark replacement or related conforming changes; or
(b) Expressly limiting the manner of calculating interest, including the compounding of interest, as that provision applies to the selection or use of a Board-selected benchmark replacement or benchmark replacement conforming changes.