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Home » Financial regulators finalize statement on role of guidance
Policy & Issues

Financial regulators finalize statement on role of guidance

January 19, 2021
NCUA exam priorities: What to expect in 2020

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.”

KEYWORDS CFPB NCUA
Credit Union Magazine: Spring 2022

Spring 2022

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