Regulatory Alerts2020-11-05 | 2020-24484Role of Supervisory Guidance
The OCC, Board of Governors of the Federal Reserve System, FDIC, NCUA, and CFPB issued a joint notice of proposed rulemaking to codify the 2018 Interagency Statement Clarifying the Role of Supervisory Guidance. The proposal aims to confirm that supervisory guidance does not create binding legal obligations for the public, distinguishing it from regulations that have the force and effect of law. Additionally, the rule would clarify that the 2018 Statement, as amended, is binding on the agencies themselves in carrying out their supervisory responsibilities.
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