Policy Statement on Interagency Notification of Formal Enforcement Actions

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SR 18-4 / CA 18-5: Policy Statement on Interagency Notification of Formal Enforcement Actions

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551

DIVISION OF SUPERVISION AND REGULATION

DIVISION OF CONSUMER AND COMMUNITY AFFAIRS

SR 18-4 / CA 18-5

June 29, 2018

TO THE OFFICER IN CHARGE OF SUPERVISION AT EACH FEDERAL RESERVE BANK

SUBJECT:

Policy Statement on Interagency Notification of Formal Enforcement Actions

Applicability: This guidance applies to all Federal Reserve supervised financial institutions, including those with $10 billion or less in consolidated assets.

The Federal Financial Institutions Examination Council (FFIEC) rescinded its revised policy statement on Interagency Coordination of Formal Corrective Action by the Federal Bank Regulatory Agencies , dated February 20, 1997. 1 The 1997 policy statement was created at a time when electronic communication was much less common and no longer reflects the current practices of the federal banking agencies in coordinating formal enforcement actions. For example, the formal enforcement actions taken by the federal banking agencies are published on the individual agencies' public websites, 2 making it no longer necessary for the agencies to provide written notice of all such actions to each other.

On June 12, 2018, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the federal banking agencies) issued a Policy Statement on Interagency Notification of Formal Enforcement Actions to replace the FFIEC's 1997 policy statement. 3 The federal banking agencies issued this policy statement, which is also attached to this letter, to promote notification of, and coordination on, formal enforcement actions among the federal banking agencies at the earliest practicable date.

In accordance with the policy statement, Board staff is responsible for notifying the appropriate federal banking agency(ies) of a formal enforcement action against a Federal Reserve supervised institution that involves the interests of another federal banking agency. Therefore, Reserve Bank staff should contact Board staff on any questions concerning the coordination of an enforcement action with another federal banking agency.

Reserve Banks are asked to distribute this letter to supervised institutions in their districts, as well as to appropriate supervisory and examination staff. Questions regarding this letter should be directed to Jason Gonzalez, Special Counsel, at (202) 452-3275 in the Board's Legal Division. In addition, questions may be sent via the Board's public website. 4

signed by Arthur Lindo Deputy Director Division of Supervision and Regulation

signed by Eric S. Belsky Director Division of Consumer and Community Affairs

Supersedes:

SR letter 97-5, "Policy Statement on Interagency Notification and Coordination of Enforcement Actions"

Attachments:

Statement on Interagency Notification of Formal Enforcement Actions

Federal Register Notice

Notes:

1. See 62 Fed. Reg. 7782 (February 20, 1997) and 83 Fed. Reg. 27329 (Jun. 12, 2018). Return to text

2. For enforcement actions against an entity supervised by the Federal Reserve, see https://www.federalreserve.gov/apps/enforcementactions/search.aspx . Return to text

3. 83 Fed. Reg. 27371 (Jun. 12, 2018). Return to text

4. See http://www.federalreserve.gov/apps/contactus/feedback.aspx .

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Last Update: July 02, 2018