UPDATED: FDIC final rule on role of supervisory guidance in Register Tuesday

A Federal Deposit Insurance Corp. (FDIC) final rule that codifies an interagency statement on the role of supervisory guidance – stating also that such guidance does not create binding legal obligations for the public – is set to take effect April 1, according to a notice in the Federal Register.

The FDIC – along with the Consumer Financial Protection Bureau (CFPB), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC) – announced the final rule in January.

These agencies as well as the Federal Reserve proposed the rule in November; only the Fed has yet to announce a final rule.

RR: Three agencies’ final rules on role of supervisory guidance take effect in March (Feb. 16, 2021)