Role of Supervisory Guidance

November 4, 2020 CFPB, FDIC, NCUA, OCC, Regulation lookup, The Fed 0

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

The OCC, Board, FDIC, NCUA, and Bureau (collectively, the agencies) adopted a final rule that codifies the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the agencies on September 11, 2018 (2018 Statement). 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. The statement is binding on the agencies.
FR Doc: 2021-01867 (NCUA); 2021-01524 (CFPB); 2021-01499 (OCC); 2021-01537 (FDIC); 2021-07146 (Federal Reserve)
Date proposed: Oct. 29, 2020
Comments due date: Jan. 4, 2021
Effective date:

Ranging from Jan. 1, 2021, to May 10, 2021
Rule compliance date:
Agency release:

Related Reg Report item(s):

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