Office of the Comptroller of the Currency February 12, 2021 – Federal Register Recent Federal Regulation Documents

Role of Supervisory Guidance
Document Number: 2021-01499
Type: Rule
Date: 2021-02-12
Agency: Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
The OCC is adopting a final rule that codifies the Interagency Statement Clarifying the Role of Supervisory Guidance, issued by the OCC, Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and Bureau of Consumer Financial Protection (Bureau) (collectively, the agencies) on September 11, 2018 (2018 Statement). By codifying the 2018 Statement, with amendments, the final rule confirms that the OCC 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 OCC. The final rule adopts the rule as proposed without substantive change.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.