On March 22, the Federal Reserve Board issued a Notice of Proposed Rulemaking (“NPR”) which will be joined by the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency. Interagency NPR is proposing to amend the Uniform Rules of Practice and Procedure (“Uniform Rules”). The Uniform Rules are used by bank branches to govern the conduct of their administrative procedures.
Agencies are modifying the Uniform Rules (and their own local rules) to help modernize the rules to recognize that electronic filings, rather than paper filings, can be accepted. Agencies accept electronic filings, but these are generally ad hoc arrangements determined by the appropriate administrative judges (“ALJ”). Through this regulation, the agencies intend to update and modernize the Uniform Rules to effectively have a uniform approach rather than the ad hoc arrangement that exists today.
While the agencies do this necessary “cleaning up” of the rules, they are also proposing to change the rules in other ways. NPR proposes removing references to the Office of Thrift Supervision, which was eliminated by the Dodd-Frank Act in 2010. “must” or “will” to comply with Federal Register drafting style and allowing the use of the ALJ instead of the administrative law judge.
Comments on the proposal are due within 60 days of publication in the Federal Register.