Public comments on a proposed rule codifying a 2018 statement on the role of supervisory guidance – binding regulators to that guidance and stating that such guidance does not have the force and effect of law – are due Jan. 4, according to a Federal Register notice published Thursday.
The proposal was issued jointly by the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp. (FDIC), Federal Reserve, National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC).
The proposed rule would codify the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the agencies in September 2018. The intent is to confirm that the agencies will continue to follow and respect the limits of administrative law in carrying out their supervisory responsibilities, the notice states.
“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,” it states.
Reg lookup: Role of Supervisory Guidance