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Can you summarize 12 CFR 7.4000?
Preemption > Visitorial powers with respect to national banks.
Short Summary
This legal document governs the exercise of visitorial powers with respect to national banks. Under 12 U.S.C. 484, only the OCC or an authorized representative of the OCC may exercise visitorial powers with respect to national banks. State officials are generally prohibited from exercising visitorial powers, such as conducting examinations or inspecting bank records, except in limited circumstances authorized by federal law. However, there are exceptions to this general rule, including actions brought by state attorney generals to enforce applicable laws against national banks. The document also clarifies that the OCC has exclusive visitorial authority with respect to the content and conduct of activities authorized for national banks under federal law. No specific penalties are mentioned in this document.
Whom does it apply to?
OCC (Office of the Comptroller of the Currency), authorized representatives of the OCC, state officials (with limited circumstances authorized by federal law)
What does it govern?
Visitorial powers with respect to national banks
What are exemptions?
Actions brought by state attorney generals to enforce applicable laws against national banks
What are the Penalties?
No specific penalties mentioned
Jurisdiction
U.S. Federal Government