OMB Announces New Rule Review Process
On April 11, 2019, the Acting Director of the Office of Management and Budget (OMB) issued a memo requiring all agencies to provide new rules to it before they are issued. The OMB will then analyze the new rules and determine if it is major or minor. If it is deemed major, then Congress will perform a review and may decide to disapprove it. The Consumer Financial Protection Bureau (CFPB) would be impacted by this change as it would have to submit new rules and regulations to the OMB and await congressional action if the change was categorized as major. The memo indicates that this new process takes effect on May 11, 2019.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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