NCUA, along with the Consumer Financial Protection Bureau (CFPB) and other federal financial regulators, issued a final rule Tuesday confirming the difference between regulations and guidance. Per the statement, unlike laws or regulations, supervisory guidance does not have the full force and effect of law.

CUNA submitted comments on the rule to both NCUA and the CFPB, noting its appreciation for the rule which, “not only ensures credit unions understand where an examiner is basing its decisions, but also ensures the basis for such decisions is well-founded, given statutes must go through the legislative process and regulations through the rulemaking process under the Administrative Procedure Act.”