Skip Navigation LinksDOBS > Businesses > Banking > Banks > Interpretive Letters - DoBS Code


The Department of Banking and Securities uses interpretive letters to provide guidance and clarification of its position on an issue at the time. You should contact your attorney for legal advice regarding the Department of Banking and Securities Code - Title 10 (Banks and Banking).

Section 733-506 - Implementation of the Consumer FInancial Protection Act of 2010
Letter states that it is the position of the Department that Chapter 63 of the Consumer Credit Code operates as an alternative lending authority available to Pennsylvania state-chartered banks and savings banks pursuant to the “most-favored-lender” provision of Section 303(b) of the Banking Code and does not in any way alter or restrict the specific lending authority granted to such banks and savings banks by Section 303 of the Banking Code.  Letter also confirms that, consistent with Section 506 of the Department of Banking and Securities Code, federally-chartered banks and banks chartered in states other than Pennsylvania may originate closed-end and open-end direct loans, including by means of credit cards, for the purchase of goods and services under their respective lending authorities without regard to Chapter 63 of the Consumer Credit Code.