®: CRE Regulatory Action of the Week
Outlines Its Role in Overseeing Implementation of the Data Quality Act
to read the OMB Memorandum
OMB has issued a memorandum outlining its role in the implementation of
the Data Quality Act. The memorandum requires that copies of certain categories
of complaints be forwarded to OMB prior to agency action. The OMB memorandum
also emphasizes the importance of the agency annual reports to OMB on
their respective implementation of the Act. OMB has removed most reporting
requirements when agencies present such information on their website.
As set forth in the Reg Week article of last week, CRE plans to issue
periodically CRE Interpretive Bulletins for consideration by OMB and the
agencies. The Bulletins consist of CRE interpretations of agency guidelines,
which if adopted, will increase the effectiveness of the implementation
of the Data Quality Act.