Federal financial regulators invited comment on a proposal outlining and confirming the agencies’ use of supervisory guidance for regulated institutions. The proposal would codify their September 2018 statement clarifying the differences between regulations and guidance.
The proposed language notes that supervisory guidance does not have the force and effect of law and that the agencies do not take enforcement actions or issue supervisory criticisms based on non-compliance with supervisory guidance.
Comments will be accepted for 60 days following publication in the Federal Register.