ALEXANDRIA, Va. (Jan. 19, 2021) – The National Credit Union Administration Board unanimously approved today by notation vote a final rule that outlines and confirms the agency’s use of supervisory guidance.
The proposed rule was issued on November 5, 2020, as a joint interagency rulemaking among the NCUA, the Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. The final rule adopts the proposed rule without change.
This final rule codifies the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the agencies in September 2018. By codifying the 2018 statement, the final rule confirms that the NCUA will continue to follow and respect the limits of administrative law in carrying out their supervisory responsibilities.
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 such, supervisory guidance does not create binding legal obligations for the public. Because it is incorporated into the final rule, the 2018 statement, as amended, is binding on the NCUA.
This final rule is effective 30 days after publication in the Federal Register.