Press Release

October 29, 2020 Agencies propose regulation on the role of supervisory guidance Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency For release at 11:00 a.m. EDT Share 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. In contrast to supervisory guidance, regulations do have the force and effect of law and enforcement actions can be taken if regulated institutions are in violation. Regulations are also generally required to go through the notice and comment process. Comments will be accepted for 60 days following publication in the Federal Register . Federal Register notice: Role of Supervisory Guidance (PDF) Board Memo: Interagency Proposed Rule on the Use of Supervisory Guidance (PDF) Media Contacts: Related Content Board Votes

Federal Reserve (2020, October 28). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20201029_agencies_propose_regulation_on_the_role_of

@misc{wtfs_press_release_20201029_agencies_propose_regulation_on_the_role_of,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2020},
  month = {Oct},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20201029_agencies_propose_regulation_on_the_role_of},
  note = {Retrieved via When the Fed Speaks corpus}
}