The Diminishing Role Of Agency Guidance

Law360 (September 19, 2018, 1:37 PM EDT) -- On Sept. 11, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Bureau of Consumer Financial Protection (CFPB) issued an interagency statement that seeks to clarify the role of supervisory guidance, which, in sum, states that supervisory guidance, unlike statutes and regulations, does not have the "force and effect of law."

Although the U.S. Supreme Court, citing the Administrative Procedures Act, addressed this issue in its unanimous 2015 Perez v. Mortgage Bankers Association decision, the interagency statement reflects an important...

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