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INTERAGENCY STATEMENT CLARIFYING THE ROLE OF SUPERVISORY GUIDANCE
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively the “agencies”) issued an Interagency Statement Clarifying the Role of Supervisory Guidance on September 11, 2018 to explain the role of supervisory guidance and to describe the agencies’ approach to supervisory guidance.
The statement explained the difference between a law or regulation and supervisory guidance by stressing that a law or regulation has the force and effect of law while supervisory guidance does not. The agencies do not take enforcement action based on supervisory guidance but provide such guidance to outline the agencies’ supervisory expectations or priorities and articulate the agencies’ general views regarding appropriate practices for a given subject area. Supervisory guidance often provides examples of practices that the agencies generally consider consistent with safety-and-soundness standards or other applicable laws and regulations, including those designed to protect consumers.
The agencies provided the following clarifications to policies and practices related to supervisory guidance:
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