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.
BCFP: Samuel Gilford — (202) 435-7673
FDIC: David Barr — (202) 898-6992
Federal Reserve: Darren Gersh — (202) 452-2955
NCUA: John Fairbanks — (703) 518-6336
OCC: Stephanie Collins — (202) 649-6870
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit www.consumerfinance.gov.
Official news published at https://www.consumerfinance.gov/about-us/newsroom/agencies-issue-statement-reaffirming-role-supervisory-guidance/
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