Amendments to Capital Planning and Stress Testing Requirements for Large Bank Holding Companies, Intermediate Holding Companies and Savings and Loan Holding Companies, 9261 [2021-02911]
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Federal Register / Vol. 86, No. 28 / Friday, February 12, 2021 / Rules and Regulations
documents on the same topic and will
generally limit such multiple issuances going
forward.
(vi) The OCC will continue efforts to make
the role of supervisory guidance clear in
communications to examiners and to
supervised financial institutions and
encourage supervised institutions with
questions about this statement or any
applicable supervisory guidance to discuss
the questions with their appropriate agency
contact.
occurrence of paragraph (c)(1)(v) as
paragraph (c)(1)(vii); and’’ is corrected
to read ‘‘Correctly designating the
second occurrence of paragraph (c)(1)(v)
as paragraph (c)(1)(vii) and revising it;
and’’
■ 3. In instruction 2.d., the text
‘‘Revising paragraph (c)(2).’’ is corrected
to read ‘‘Revising paragraph (c)(2)
heading, (c)(2)(i) and (c)(2)(ii)
introductory text’’.
Blake J. Paulson,
Acting Comptroller of the Currency.
Ann Misback,
Secretary of the Board.
[FR Doc. 2021–01499 Filed 2–11–21; 8:45 am]
[FR Doc. 2021–02911 Filed 2–11–21; 8:45 am]
BILLING CODE 4810–33–P
BILLING CODE P
FEDERAL RESERVE SYSTEM
BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Parts 217, 225, 238, and 252
12 CFR Part 1074
RIN 7100–AF95
Amendments to Capital Planning and
Stress Testing Requirements for Large
Bank Holding Companies, Intermediate
Holding Companies and Savings and
Loan Holding Companies
Board of Governors of the
Federal Reserve System (Board).
ACTION: Technical correction.
AGENCY:
Correction
In final rule FR Doc. 2021–02182,
published on February 3, 2021, on page
7938, in the third column, make the
following corrections to instruction 2,
amending § 217.11:
[Corrected]
1. In instruction 2.b., the text
‘‘Revising the paragraph (c) subject
heading and paragraphs (c)(1)(i) and (ii),
(c)(1)(iii) introductory text, and (c)(1)(iv)
introductory text, (c)(1)(v) introductory
text, and (c)(vi) introductory text; and’’
is corrected to read ‘‘Revising the
paragraph (c) heading and paragraphs
(c)(1)(i) and (ii), (c)(1)(iii) introductory
text, (c)(1)(iv) introductory text, (c)(1)(v)
introductory text, and (c)(1)(vi); and’’
■ 2. In instruction 2.c., the text
‘‘Correctly designating the second
■
VerDate Sep<11>2014
16:41 Feb 11, 2021
Jkt 253001
RIN 3710–AB02
Role of Supervisory Guidance
Bureau of Consumer Financial
Protection.
ACTION: Final rule.
AGENCY:
The Bureau of Consumer
Financial Protection (Bureau) is
adopting a final rule that codifies the
Interagency Statement Clarifying the
Role of Supervisory Guidance, issued by
the Office of the Comptroller of the
Currency (OCC), Board of Governors of
the Federal Reserve System (Board),
Federal Deposit Insurance Corporation
(FDIC), National Credit Union
Administration (NCUA), and the Bureau
(collectively, the agencies) on
September 11, 2018 (2018 Statement).
By codifying the 2018 Statement, with
amendments, the final rule confirms
that the Bureau will continue to follow
and respect the limits of administrative
law in carrying out its supervisory
responsibilities. The 2018 Statement
reiterated well-established law by
stating that, unlike a law or regulation,
supervisory guidance does not have the
force and effect of law. As such,
supervisory guidance does not create
binding legal obligations for the public.
Because it is incorporated into the final
rule, the 2018 Statement, as amended, is
binding on the Bureau. The final rule
adopts the rule as proposed without
substantive change.
DATES: This final rule is effective on
March 15, 2021.
FOR FURTHER INFORMATION CONTACT:
Bradley Lipton or Christopher Shelton,
Senior Counsels, Legal Division, (202)
435–7700. If you require this document
in an alternative electronic format,
SUMMARY:
This document corrects an
error in amendatory instruction 2
affecting Part 217 of the Board’s
Regulation Q published in the Federal
Register on February 3, 2021.
DATES: Effective April 5, 2021.
FOR FURTHER INFORMATION CONTACT:
Asad Kudiya, Senior Counsel, (202)
475–6358 or Jonah Kind, Counsel, (202)
452–2045. You may also contact any of
the named individuals in the final rule
document 86 FR 7927 (February 3,
2021).
SUPPLEMENTARY INFORMATION:
SUMMARY:
§ 217.11
[Docket No. CFPB–2020–0033]
PO 00000
Frm 00009
Fmt 4700
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9261
please contact CFPB_Accessibility@
cfpb.gov.
SUPPLEMENTARY INFORMATION:
I. Background
The Bureau recognizes the important
distinction between issuances that serve
to implement acts of Congress (known
as ‘‘regulations’’ or legislative rules’’)
and non-binding supervisory guidance
documents.1 Regulations create binding
legal obligations. Supervisory guidance
is issued by an agency to ‘‘advise the
public prospectively of the manner in
which the agency proposes to exercise
a discretionary power’’ and does not
create binding legal obligations.2
In recognition of the important
distinction between rules and guidance,
on September 11, 2018, the agencies
issued the Interagency Statement
Clarifying the Role of Supervisory
Guidance (2018 Statement) to explain
the role of supervisory guidance and
describe the agencies’ approach to
supervisory guidance.3 As noted in the
2018 Statement, the agencies issue
various types of supervisory guidance to
their respective supervised institutions,
including, but not limited to,
interagency statements, advisories,
bulletins, policy statements, questions
and answers, and frequently asked
questions. Supervisory guidance
outlines the agencies’ supervisory
expectations or priorities and articulates
the agencies’ general views regarding
practices for a given subject area.
Supervisory guidance often provides
examples of practices that mitigate risks,
or that the agencies generally consider
to be consistent with safety-andsoundness standards or other applicable
laws and regulations, including those
designed to protect consumers.4 The
agencies noted in the 2018 Statement
that supervised institutions at times
request supervisory guidance and that
guidance is important to provide clarity
1 Regulations are commonly referred to as
legislative rules because regulations have the ‘‘force
and effect of law.’’ Perez v. Mortgage Bankers
Association, 575 U.S. 92, 96 (2015).
2 See Chrysler v. Brown, 441 U.S. 281, 302 (1979)
(quoting the Attorney General’s Manual on the
Administrative Procedure Act at 30 n.3 (1947)
(Attorney General’s Manual) and discussing the
distinctions between regulations and general
statements of policy, of which supervisory guidance
is one form).
3 See https://www.consumerfinance.gov/about-us/
newsroom/agencies-issue-statement-reaffirmingrole-supervisory-guidance/.
4 While supervisory guidance offers guidance to
the public on the agencies’ approach to supervision
under statutes and regulations and safe and sound
practices, the issuance of guidance is discretionary
and is not a prerequisite to an agency’s exercise of
its statutory and regulatory authorities. This point
reflects the fact that statutes and legislative rules,
not statements of policy, set legal requirements.
E:\FR\FM\12FER1.SGM
12FER1
]]>Agencies
[Federal Register Volume 86, Number 28 (Friday, February 12, 2021)]
[Rules and Regulations]
[Page 9261]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-02911]
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FEDERAL RESERVE SYSTEM
12 CFR Parts 217, 225, 238, and 252
RIN 7100-AF95
Amendments to Capital Planning and Stress Testing Requirements
for Large Bank Holding Companies, Intermediate Holding Companies and
Savings and Loan Holding Companies
AGENCY: Board of Governors of the Federal Reserve System (Board).
ACTION: Technical correction.
-----------------------------------------------------------------------
SUMMARY: This document corrects an error in amendatory instruction 2
affecting Part 217 of the Board's Regulation Q published in the Federal
Register on February 3, 2021.
DATES: Effective April 5, 2021.
FOR FURTHER INFORMATION CONTACT: Asad Kudiya, Senior Counsel, (202)
475-6358 or Jonah Kind, Counsel, (202) 452-2045. You may also contact
any of the named individuals in the final rule document 86 FR 7927
(February 3, 2021).
SUPPLEMENTARY INFORMATION:
Correction
In final rule FR Doc. 2021-02182, published on February 3, 2021, on
page 7938, in the third column, make the following corrections to
instruction 2, amending Sec. 217.11:
Sec. 217.11 [Corrected]
0
1. In instruction 2.b., the text ``Revising the paragraph (c) subject
heading and paragraphs (c)(1)(i) and (ii), (c)(1)(iii) introductory
text, and (c)(1)(iv) introductory text, (c)(1)(v) introductory text,
and (c)(vi) introductory text; and'' is corrected to read ``Revising
the paragraph (c) heading and paragraphs (c)(1)(i) and (ii),
(c)(1)(iii) introductory text, (c)(1)(iv) introductory text, (c)(1)(v)
introductory text, and (c)(1)(vi); and''
0
2. In instruction 2.c., the text ``Correctly designating the second
occurrence of paragraph (c)(1)(v) as paragraph (c)(1)(vii); and'' is
corrected to read ``Correctly designating the second occurrence of
paragraph (c)(1)(v) as paragraph (c)(1)(vii) and revising it; and''
0
3. In instruction 2.d., the text ``Revising paragraph (c)(2).'' is
corrected to read ``Revising paragraph (c)(2) heading, (c)(2)(i) and
(c)(2)(ii) introductory text''.
Ann Misback,
Secretary of the Board.
[FR Doc. 2021-02911 Filed 2-11-21; 8:45 am]
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