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ABA: The American Bankers Association
Compliance News

ABA Publishes Analysis on Options for New Agency Heads to Rescind, Modify Rules

With the OCC and Consumer Financial Protection Bureau expected to have new leadership soon after Inauguration Day, ABA has published a members-only staff analysis that describes the procedural approaches that new agency leaders could take to rescind or modify existing final rules.

As described in the staff analysis, a new agency head cannot immediately rescind an existing final rule. Instead, the agency must initiate a new rulemaking, which includes providing a reasoned explanation for proposing to rescind or modify a rule. The new agency head may seek to extend the effective date or compliance date of a rule to provide the new agency with time to initiate a new rulemaking. For more information, contact Jonathan Thessin.