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ARTICLE · 26 OCTOBER 2020

US Regulators Propose A Rule To Distinguish Guidance From Regulation

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Wading into the "vexing conundrum of administrative law"1 and responding to a November 5, 2018, petition (Petition)2 for them to do so, on October 20, 2020...

United StatesGovernment, Public Sector
J. Paul Forrester
J. Paul Forrester
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Wading into the “vexing conundrum of administrative law”1 and responding to a November 5, 2018, petition (Petition)2 for them to do so, on October 20, 2020, the Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (FRB); Federal Deposit Insurance Corporation (FDIC); National Credit Union Administration (NCUA); and Bureau of Consumer Financial Protection (“CFPB” and, together with the OCC, FRB, FDIC and NCUA, the “Agencies”) issued a notice of proposed rulemaking (NPR) to codify the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the Agencies on September 11, 2018 (2018 Statement).

According to the Agencies, the NPR would codify the 2018 Statement in a proposed interagency statement (Statement), the text of which is set forth in the NPR's Appendix A and restates existing law and reaffirms the Agencies' understanding that supervisory guidance does not create binding, enforceable

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