Comments due: CFPB, FDIC, Federal Reserve, NCUA, OCC (proposed rule; role of supervisory guidance)
January 4, 2021
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) are inviting comment on a proposed rule that would codify the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the agencies on Sept. 11, 2018. The statement reiterated “well-established law by stating that, unlike a law or regulation, supervisory guidance does not have the force and effect of law”; the proposal would clarify that the 2018 statement, as amended, is binding on the agencies.
Reg lookup: Role of supervisory guidance