UPDATED: Credit union regulator sets unusual late-month meeting to consider proposal codifying limits to ‘supervisory guidance’; new date for December meeting

A proposed rule to “codify” in regulation a statement that supervisory guidance issued by federal regulators does not have the force of law will be considered by the board for the federal credit union regulator Oct. 28.

The agency also announced a date change for its open and closed December board meetings.

In late-day filings Thursday with the Federal Register, the National Credit Union Administration (NCUA) indicated it would consider a similar proposal issued for comment earlier this week by the Federal Deposit Insurance Corp. (FDIC). That proposal, according to its summary, would codify an interagency statement issued by all of the agencies in September 2018. The statement was intended to make clear that unlike a statute or regulation, supervisory guidance does not have the force and effect of law. “Supervisory guidance does not have the force and effect of law, and the agencies do not take enforcement actions based on supervisory guidance,” the 2018 statement read.

The NCUA Board apparently attempted to take up the proposal as a “request for information” during its Oct. 15 meeting. However, Chairman Rodney Hood opened the board’s meeting last week by announcing the members had agreed to remove from the agenda a proposed “request for information” regarding supervisory guidance review and “improvements in communications.” No reason was given for the removal of the agenda item.

In the meantime, the federal banking regulators, and the Consumer Financial Protection Bureau (CFPB), moved forward in issuing the proposal.

Typically, the NCUA Board meets once a month in public sessions; meetings other than those are rare.

Also at the Oct. 28 meeting (set to start at 2 p.m. ET), the NCUA Board will consider two personnel matters in closed session, according to filings with the Register.

In a later development Friday, the agency announced a new date for its December meeting. In a release, NCUA said its Dec. 10 open and closed meetings have been rescheduled to Dec. 17. The open meeting will begin at 10 a.m. ET, and will be livestreamed on the agency’s website. The closed meeting will immediately follow, the agency said.

NCUA Board Sunshine Act Meeting