Consumer Financial Protection Bureau (CFPB) (27)

Federal Deposit Insurance Corporation (FDIC) (3)

Federal Reserve (FRB) (5)

National Credit Union Administration (NCUA) (2)

Office of the Comptroller of the Currency (OCC) (4)

Topics and Issues

Supervisory Guidance (1)

In  January 2021, CDIA filed a comment in response to five federal financial regulatory agencies’ announcement of an Advance Notice of Proposed Rulemaking “outlining and confirming the agencies’ use of supervisory guidance for regulated institutions. The proposal would codify the statement, as amended, that was issued in September 2018 by the agencies that clarified the differences between regulations and guidance.”

Regulations.gov link: Role of Supervisory Guidance.

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.