The Federal Reserve Board, the Bureau of Consumer Financial Protection, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued a joint statement on September 11, 2018 stating that supervisory guidance does not have the force and effect of law, and the agencies do not take enforcement actions based on supervisory guidance. This pronouncement is a significant departure from the guidance of the agencies under the Obama administration, where both commentary and enforcement actions were deemed by certain of the agencies to be elevated to the force of law.
Please let us know if you have any questions regarding this information.
Full Memo: