Board Action Bulletin
ALEXANDRIA, Va. (Oct. 28, 2020) – The National Credit Union Administration Board unanimously approved today a proposed interagency rule that codifies an interagency statement on the role of supervisory guidance issued by five federal financial regulatory agencies in September 2018.
“I am pleased that the NCUA joins with the other financial regulatory agencies in providing the industry and supervisory staff, in a transparent manner, with guidance that enhances consistency in the supervisory approach,” NCUA Chairman Rodney E. Hood said.
The 2018 interagency statement reiterated well-established law by stating that, unlike a law or regulation, supervisory guidance does not have the force and effect of law. As a result, supervisory guidance does not create binding legal obligations for the public. The proposed rule is intended to confirm that agencies will continue to follow and respect the limits of administrative law in carrying out their supervisory responsibilities.
This proposed rule was approved for public comment earlier by the FDIC, the OCC, CFPB, and the Federal Reserve Board.
Comments on the proposed interagency rule are due 60 days following publication in the Federal Register.
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