12 USC 5513 - Review of Bureau regulations

U.S Code last checked for updates: May 06, 2024

§ 5513.

Review of Bureau regulations

(a)

Review of Bureau regulations

(b)

Petition

(1)

Procedure

(A)

has in good faith attempted to work with the Bureau to resolve concerns regarding the effect of the rule on the safety and soundness of the United States banking system or the stability of the financial system of the United States; and

(B)

files the petition with the Council not later than 10 days after the date on which the regulation has been published in the Federal Register.

(2)

Publication

(c)

Stays and set asides

(1)

Stay

(A)

In general

(B)

Expiration

A stay issued under this paragraph shall expire on the earlier of—

(i)

90 days after the date of filing of the petition under subsection (b); or

(ii)

the date on which the Council makes a decision under paragraph (3).

(2)

No adverse inference

(3)

Vote

(A)

In general

(B)

Authorization to vote

A member of the Council may vote to stay the effectiveness of, or set aside, a final regulation prescribed by the Bureau only if the agency or department represented by that member has—

(i)

considered any relevant information provided by the agency submitting the petition and by the Bureau; and

(ii)

made an official determination, at a public meeting where applicable, that the regulation which is the subject of the petition would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk.

(4)

Decisions to set aside

(A)

Effect of decision

(B)

Timely action required

The Council may not issue a decision to set aside a regulation, or provision thereof, which is the subject of a petition under this section after the expiration of the later of—

(i)

45 days following the date of filing of the petition, unless a stay is issued under paragraph (1); or

(ii)

the expiration of a stay issued by the Council under this section.

(C)

Separate authority

(5)

Dismissal due to inaction

(6)

Publication of decision

(7)

Rulemaking procedures inapplicable

(8)

Judicial review of decisions by the Council

(d)

Application of other law

(e)

Savings clause

(f)

Implementing rules

(Pub. L. 111–203, title X, § 1023, July 21, 2010, 124 Stat. 1985.)

cite as: 12 USC 5513