15 U.S.C. § 57b-4 - U.S. Code - Unannotated Title 15. Commerce and Trade § 57b-4. Good faith reliance on actions of Board of Governors

(a)“Board of Governors” defined

For purposes of this section, the term “Board of Governors” means the Board of Governors of the Federal Reserve System.

(b)Use as defense

Notwithstanding any other provision of law, if--

then such good faith reliance shall constitute a defense in any administrative or judicial proceeding commenced against such person, partnership, or corporation by the Commission under this subchapter or in any administrative or judicial proceeding commenced against such person, partnership, or corporation by the Attorney General of the United States, upon request made by the Commission, under any provision of law.

(c)Applicability of subsection (b)

The provisions of subsection (b) shall apply regardless of whether any rule, regulation, statement of interpretation, or statement of approval prescribed or issued by the Board of Governors is amended, rescinded, or held to be invalid by judicial authority or any other authority after a person, partnership, or corporation has engaged in any conduct or practice in good faith reliance upon, and in conformity with, such rule, regulation, statement of interpretation, or statement of approval.

(d)Request for issuance of statement or interpretation concerning conduct or practice

If, in any case in which--

any person, partnership, or corporation submits a request to the Board of Governors for the issuance of any statement of interpretation or statement of approval relating to any conduct or practice of such person, partnership, or corporation which may be subject to the requirements of such Federal law, then the Board of Governors shall dispose of such request as soon as practicable after the receipt of such request.