This week, the Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, and the Office of the Comptroller of the Currency issued final rules clarifying the role of supervisory guidance. Supervisory guidance is issued by agencies in the form of (but not limited to) interagency statements, advisories, bulletins, policy statements, questions and answers, and frequently asked questions.
The final rule adopts language from the proposed rulemaking which reiterates the agencies’ adherence to administrative law and their recognition that “unlike a law or regulation, supervisory guidance does not have the force and effect of law.”
Previously, the American Financial Services Association (AFSA) submitted comments in support of the proposed rule. Specifically, AFSA asked the agencies to include enforcement actions in the category of supervisory guidance. While the agencies did not broaden the definition of supervisory guidance, the final rule outlines the agencies intention to ”not issue an enforcement action on the basis of a ‘violation’ of or ‘non-compliance’ with supervisory guidance.”
However, the possibility exists that this recent rulemaking will be rescinded. The Biden Administration is expected to be more active in pursuing enforcement actions against financial institutions. President Biden has recently announced his nominees to head several regulatory agencies including the CFPB and is likely to soon name his choice to lead the OCC.
Join vehicle finance industry leaders as they provide their perspectives and takeaways from 2020, and share their insights on the challenges and opportunities coming down the road in 2021.
AFSA is pleased to share that the following senior… Read the rest
The Office of the Comptroller of the Currency (OCC) released its finalized rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank… Read the rest
Today, President-elect Joe Biden announced that Federal Trade Commissioner Rohit Chopra will be nominated to serve as Director of the Consumer Financial Protection Bureau. The following statement may be attributed to Bill Himpler, President… Read the rest
AFSA is pleased to announce that Dr. Mark Zandi, Chief Economist at Moody’s Analytics, and co-Founder of Economy.com will present at AFSA’s 2021 Virtual Vehicle Finance Conference.
Dr. Zandi, a trusted adviser to policymakers and… Read the rest
Join us on February 4 at 2:00 p.m. for The Impact of Address Confidentiality Programs on Extending and Servicing Credit, presented by Husch Blackwell.
Learn the where, what, and why of address confidentiality programs across the country—sometimes… Read the rest
According to Bankrate’s January 2020 Financial Security Index study, just 39 % of American households are able via savings to cover a $1,000 emergency expense, such as a car repair. The 2021 version of the survey found that just 41% could cover… Read the rest
AFSA’s State Government Affairs (SGA) team published its 2021 State Legislative Preview and 2020 Review white paper this week. The paper provides members with a comprehensive preview of state legislative and regulatory activity in 2021… Read the rest
The American Financial Services Association (AFSA) submitted comments in support of several federal banking agencies’ notice of proposed rulemaking on the role of supervisory guidance. Supervisory guidance is issued by agencies in… Read the rest
Earlier today (January 5, 2020), the Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law released a report with recommendations on how to improve consumer protection in the financial marketplace. You can… Read the rest
