Supervisory guidance does not have the force and effect of law, NCUA and other federal financial regulatory agencies said Tuesday in a joint statement. CUNA supports this unified approach from regulators.
The statement comes from the Bureau of Consumer Financial Protection, Federal Reserve Board, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency, in addition to NCUA.
“Unlike a law or regulation, supervisory guidance does not have the force and effect of law, and the agencies do not take enforcement actions based on supervisory guidance,” the statement reads. “Rather, supervisory guidance outlines the agencies’ supervisory expectations or priorities and articulates the agencies’ general views regarding appropriate practices for a given subject area.”
The statement also notes: