Role of Supervisory Guidance

Title:
Role of Supervisory Guidance
Subject: Supervisory guidance
Agency: CFPB, FDIC, Federal Reserve, NCUA, OCC
Status: Proposed rule
Summary:

The OCC, Board, FDIC, NCUA, and Bureau (collectively, the agencies) are inviting comment on a proposed rule that would codify the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the agencies on September 11, 2018 (2018 Statement). By codifying the 2018 Statement, the proposed rule is intended to confirm that the agencies will continue to follow and respect the limits of administrative law in carrying out their supervisory responsibilities. The 2018 Statement reiterated well-established law by stating that, unlike a law or regulation, supervisory guidance does not have the force and effect of law. As such, supervisory guidance does not create binding legal obligations for the public. The proposal would also clarify that the 2018 Statement, as amended, is binding on the agencies.

FR Doc: 2020-24484
Date proposed: Oct. 29, 2020
Comments due date: Jan. 4, 2021
Effective date:

Rule compliance date:
Agency release:

Related Reg Report item(s):

Federal financial regulators, separately but united, announce proposal codifying supervisory guidance

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