US Bank Regulators Seek To Codify That Guidance Isn't Law

Law360 (October 20, 2020, 8:40 PM EDT) -- Federal banking authorities issued a proposed rule Tuesday that would formally establish that supervisory guidance is not binding or enforceable as law, drawing praise from industry groups that pushed for clarity on the subject back in 2018.

The new rule would codify a Sept. 11, 2018, interagency statement that sought to clarify the limited role of guidance, which was followed by a Nov. 5, 2018, petition from industry advocacy groups the Bank Policy Institute and the American Bankers Association that requested a formal rulemaking. 

"By codifying the 2018 statement, the proposed rule is intended to confirm that the agencies will continue to...

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