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COMMENTS of the CENTER FOR RESPONSIBLE LENDING and CONSUMER FEDERATION OF AMERICA CONSUMERS UNION NATIONAL CONSUMER LAW CENTER on Proposed Rule to amend Regulation DD 12 CFR Part 230 pursuant to The
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A proposed rule to amend is a formal suggestion for changes or additions to existing regulations, typically submitted to a regulatory body for consideration.
Any individual or organization seeking to change current regulations or rules is required to file a proposed rule to amend, often including stakeholders, industry representatives, or officials.
To fill out a proposed rule to amend, one must provide a clear and detailed description of the current rule, the proposed changes, rationale for the changes, and any supporting data or evidence.
The purpose of a proposed rule to amend is to update, clarify, or improve existing regulations in order to achieve better compliance, address new issues, or align with current practices.
The information that must be reported includes the current rule, the specific proposed amendments, the rationale for these amendments, and any relevant impact assessments.
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