Joint Release/Agencies Propose Regulation on the Role of Supervisory Guidance — 2020-10-29

Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Joint Release Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Agencies Propose Regulation on the Role of Supervisory Guidance Five federal financial regulatory agencies today invited comment on a proposal 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. Unlike a law or regulation, supervisory guidance does not have the force and effect of law and the agencies do not take enforcement actions or issue supervisory criticisms based on non-compliance with supervisory guidance. Rather, supervisory guidance outlines supervisory expectations and priorities, or articulates views regarding appropriate practices for a given subject area.