12 U.S. Code § 5551 - Relation to State law
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(a) In general
(1) Rule of construction
This title,  other than sections 1044 through 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
(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
(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
 See References in Text note below.
Source(Pub. L. 111–203, title X, § 1041,July 21, 2010, 124 Stat. 2011.)
References in Text
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.
Sections 1044 through 1048, referred to in subsec. (a)(1), are sections 1044 to 1048 ofPub. L. 111–203, which enacted and amended sections 25b and 1465 of this title and enacted provisions set out as a note below.
Section 1083, referred to in subsec. (b), is section 1083 ofPub. L. 111–203, which amended sections 3802 and 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 25b and 1465 of this title] shall become effective on the designated transfer date.”
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