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Public comment on the rule is open until May 31.
The industry and other parties have 90 days to comment on the rule.
NASD has invited public comment on the rule change until July 11.
Still, the lawsuit filed Friday accused the agency of writing an inadequate cost-benefit analysis and not allowing the industry to adequately comment on the rule proposal.
The resources board has scheduled months of hearings and public comment on the rule before it is to be finalized next October.
For example, if the Federal Aviation Administration were considering a new rule about air travel, members of the public would be able to comment on the rule by e-mail messages and to read comments from others.
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Banks have two months to comment on the rules.
Public comment on the rules has been encouraged.
The bureau is accepting public comment on the rules through Oct. 9; comments may be registered on its Web site.
The banks have two months to comment on the rules, during which they are almost certainly going to request changes.
The public will have 60 days to comment on the rules before they are finalized for the 2014-15 school year.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com