Sec. 901. Timeline for interpretive guidance issued by Federal financial agencies
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/bill/118/s/2281/is/section-901·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Title 31, United States Code, is amended by adding after chapter 98, as added by section 101(a) of this Act, the following: Sec. 9901. Timeline for interpretive guidance issues by Federal financial agencies. In this section: The term Federal financial regulator means— Board of Governors of the Federal Reserve System and the Federal Reserve banks; Commodity Futures Trading Commission; Department of the Treasury; Federal Deposit Insurance Corporation; Federal Housing Finance Agency;
National Credit Union Administration; Office of the Comptroller of the Currency; Consumer Financial Protection Bureau; and Securities and Exchange Commission. The term requesting person — means any entity that is required to be chartered, licensed, supervised or registered by that agency; and includes State agencies, a customer protection and market integrity authority, and any other entity delegated regulatory and disciplinary authority by a governmental agency. Not later than 180 days after filing a written request for individualized interpretive guidance with respect to the application of a statute, rule or policy under the jurisdiction of a Federal financial regulator, the agency shall provide a final, complete and written response to the requesting person.
This subsection shall not apply to requests for guidance that the Federal financial regulator determine lack substance. With respect to matters delegated or otherwise under the jurisdiction of a customer protection and market integrity authority or other entity delegated regulatory and disciplinary authority by a government agency, including national securities exchanges and boards of trade, the entity shall be subject to the same requirements as a Federal financial regulator under this section. .