WASHINGTON, D.C. — Five federal
agencies today issued a joint statement explaining the role of supervisory
guidance for regulated institutions.
The statement from the
agencies—the Federal Reserve Board, the Bureau of Consumer Financial
Protection, the Federal Deposit Insurance Corporation, the National Credit
Union Administration, and the Office of the Comptroller of the
Currency—confirms that supervisory guidance does not have the force and effect
of law, and the agencies do not take enforcement actions based on supervisory
guidance. The joint statement explains that supervisory guidance can
outline the agencies’
supervisory expectations or priorities and articulate the agencies’ general views regarding
appropriate practices for a given subject area.
Official news published at https://www.consumerfinance.gov/about-us/newsroom/agencies-issue-statement-reaffirming-role-supervisory-guidance/
