§5513 Review of Bureau Regulations

Summary

The Council can stop or cancel a final rule made by the Bureau if a member agency asks and the Council finds the rule would threaten the safety of the U.S. banking system or the stability of the U.S. financial system. An agency that wants the Council to act must first try in good faith to work the problem out with the Bureau and must file a written petition no later than 10 days after the rule appears in the Federal Register. Any petition will be published in the Federal Register and sent at the same time to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services. The Council Chairperson can temporarily pause a rule while the petition is considered. That pause ends either 90 days after the petition is filed or when the Council decides, whichever comes first. To pause or cancel a rule, two-thirds of the Council members then serving must vote yes. A member may vote only after their agency has reviewed relevant information from the petitioner and the Bureau and has made an official public finding that the rule poses the described risk. If the Council cancels a rule, that rule becomes unenforceable. The Council generally must act within 45 days after the petition is filed unless a pause extends the period; if it does not act in time, the petition is treated as dismissed. Decisions and reasons must be published. Court review is allowed under chapter 7 of title 5. The usual notice-and-comment rulemaking steps do not apply to these Council decisions. The process does not change other laws, and it does not stop the Bureau from making rules under the law. The Council must write rules to run this process.