C.F.R. » Title 12 » CHAPTER I—COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY › PART 7—ACTIVITIES AND OPERATIONS › Subpart D—Preemption

12 C.F.R. § 7.4000

Visitorial powers with respect to national banks

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(a) General rule. (1) 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 may not exercise visitorial powers with respect to national banks, such as conducting examinations, inspecting or requiring the production of books or records of national banks, or prosecuting enforcement actions, except in limited circumstances authorized by federal law. However, production of a bank's records (other than non-public OCC information under 12 CFR part 4, subpart C) may be required under normal judicial procedures.

(2) For purposes of this section, visitorial powers include:

(i) Examination of a bank;

(ii) Inspection of a bank's books and records;

(iii) Regulation and supervision of activities authorized or permitted pursuant to federal banking law; and

(iv) Enforcing compliance with any applicable Federal or state laws concerning those activities, including through investigations that seek to ascertain compliance through production of non-public information by the bank, except as otherwise provided in paragraphs (a), (b), and (c) of this section.

(3) Unless otherwise provided by Federal law, the OCC has exclusive visitorial authority with respect to the content and conduct of activities authorized for national banks under Federal law.

(b) Exclusion. In accordance with the decision of the Supreme Court in Cuomo v. Clearing House Assn., L. L. C., 129 S. Ct. 2710 (2009), an action against a national bank in a court of appropriate jurisdiction brought by a state attorney general (or other chief law enforcement officer) to enforce an applicable law against a national bank and to seek relief as authorized by such law is not an exercise of visitorial powers under 12 U.S.C. 484.

(c) Exceptions to the general rule. Under 12 U.S.C. 484, the OCC's exclusive visitorial powers are subject to the following exceptions:

(1) Exceptions authorized by Federal law. National banks are subject to such visitorial powers as are provided by Federal law. Examples of laws vesting visitorial power in other governmental entities include laws authorizing state or other Federal officials to:

(i) Inspect the list of shareholders, provided that the official is authorized to assess taxes under state authority (12 U.S.C. 62; this section also authorizes inspection of the shareholder list by shareholders and creditors of a national bank);

(ii) Review, at reasonable times and upon reasonable notice to a bank, the bank's records solely to ensure compliance with applicable state unclaimed property or escheat laws upon reasonable cause to believe that the bank has failed to comply with those laws (12 U.S.C. 484(b));

(iii) Verify payroll records for unemployment compensation purposes (26 U.S.C. 3305(c));

(iv) Ascertain the correctness of Federal tax returns (26 U.S.C. 7602);

(v) Enforce the Fair Labor Standards Act (29 U.S.C. 211); and

(vi) Functionally regulate certain activities, as provided under the Gramm-Leach-Bliley Act, Pub. L. 106-102, 113 Stat. 1338 (Nov. 12, 1999).

(2) Exception for courts of justice. National banks are subject to such visitorial powers as are vested in the courts of justice. This exception pertains to the powers inherent in the judiciary.

(3) Exception for Congress. National banks are subject to such visitorial powers as shall be, or have been, exercised or directed by Congress or by either House thereof or by any committee of Congress or of either House duly authorized.

(d) Report of examination. The report of examination made by an OCC examiner is designated solely for use in the supervision of the bank. The bank's copy of the report is the property of the OCC and is loaned to the bank and any holding company thereof solely for its confidential use. The bank's directors, in keeping with their responsibilities both to depositors and to shareholders, should thoroughly review the report. The report may be made available to other persons only in accordance with the rules on disclosure in 12 CFR part 4.

[61 FR 4862, Feb. 9, 1996, as amended at 64 FR 60100, Nov. 4, 1999; 69 FR 1904, Jan. 13, 2004; 76 FR 43565, July 21, 2011]
Notes of Decisions
Cited in 34 cases (4 in the last 5 years), 2002–2023 · leading case: Cuomo v. Clearing House Ass'n, LLC, 557 U.S. 519 (2009).
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Cuomo v. Clearing House Ass'n, LLC, 557 U.S. 519 (2009). · cites it 16× “"(2) For purposes of this section, visitorial powers include: "(i) Examination of a bank; "(ii) Inspection of a bank's books and records; "(iii) Regulation and supervision of activities authorized or permitted pursuant to federal banking law; and "(iv) Enforcing compliance with…”
Clearing House Ass'n, LLC v. Cuomo, 510 F.3d 105 (2d Cir. 2007). · cites it 24× “The OCC revised this regulation in 1999 "to clarify the extent of the OCC's visitorial powers" and to "codif[y] the definition of visitorial powers and illustrate[ ] what vistitorial powers include by providing a non-exclusive list of these powers.”
Watters v. Wachovia Bank, N. A., 550 U.S. 1 (2007). · cites it 4× “Among incidental powers, national banks may conduct certain activities through "operating subsidiaries," discrete entities authorized to engage solely in activities the bank itself could undertake, and subject to the same terms and conditions as those applicable to the bank.”
Off. of the Comptroller of the Currency v. Spitzer, 396 F. Supp. 2d 383 (S.D.N.Y. 2005). · cites it 32× “§ 484 (a), and the OCC’s implementing regulation codified at 12 C.F.R. § 7.4000 , which gives the OCC exclusive authority to investigate national banks and prosecute enforcement actions to compel their compliance with state and federal laws regulating the content or conduct of…”
Capital One Bank (USA), N.A. v. McGraw, 563 F. Supp. 2d 613 (S.D.W. Va 2008). · cites it 14× “1 12 C.F.R. § 7.4000 (a)(2). It is undisputed that Capital One is a national bank.”
Mississippi Dep't of Revenue v. Pikco Fin., Inc., 97 So. 3d 1203 (Miss. 2012). · cites it 5× “C.A. § 484 (a) (2006). Section 484 was meant to protect the independence of banks by giving the OCC exclusive authority to exercise visitorial powers as to national banks.”
Clearing House Ass'n, LLC v. Spitzer, 394 F. Supp. 2d 620 (S.D.N.Y. 2005). · cites it 6× “The Clearing House contends that the Attorney General’s investigation and threatened enforcement actions impinge on the exclusive visitorial powers of the Office of the Comptroller of the Currency (the “OCC”) in violation of section 484(a) of the National Bank Act, 12 U.”
Goleta Nat'l Bank v. O'DONNELL, 239 F. Supp. 2d 745 (S.D. Ohio 2002). · cites it 3× “§ 484 , 12 C.F.R. § 7.4000 , and 42 U.S.C. § 1983 , Goleta asks the Court for declaratory and injunctive relief, as well as fees and costs.”
Veronica Gutierrez v. Wells Fargo Bank, N.A., 704 F.3d 712 (9th Cir. 2012). “§ 484 (a); 12 C.F.R. § 7.4000 ; see also Cuomo, 557 U.”
Nat'l City Bank of Indiana v. Turnbaugh, 367 F. Supp. 2d 805 (D. Maryland 2005). · cites it 2× “Law § 12 — 105(b)(4), against the plaintiffs, and from exercising any visitorial powers as defined in 12 C.F.R. § 7.4000 in any manner over plaintiffs.”
Hood v. Santa Barbara Bank & Trust, 49 Cal. Rptr. 3d 369 (Cal. Ct. App. 2006). · cites it 2× “DISCUSSION The trial court concluded that appellants' claims were expressly preempted by provisions of the OCC's "visitorial powers" regulation ( 12 C.F.R. § 7.4000 (a)), [2] deposit-taking regulation (§ 7.”
Wachovia Bank, N.A. & Wachovia Mortg. Corp. v. Linda A. Watters, Comm'r of the Michigan Off. of Ins. & Fin. Servs., 431 F.3d 556 (6th Cir. 2005). “As Wachovia notes in its brief, additional regulations are relevant to this case. One such regulation is 12 C.F.”
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— 12 C.F.R. § 7.4000(a)(2) — 1 case
Capital One Bank (USA), N.A. v. McGraw, 563 F. Supp. 2d 613 (S.D.W. Va 2008). “1 12 C.F.R. § 7.4000 (a)(2). It is undisputed that Capital One is a national bank.”
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