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NAFCU: Interagency rule won't change supervisory practices
NAFCU sent a Final Regulation alert to member credit unions Wednesday detailing the recently finalized interagency rule related to supervisory guidance. While the rule impacts all federal-chartered credit unions (FCUs), NAFCU highlighted it "does not create any new requirements for FCUs, nor does it create any burdens, or change how supervision or examinations will be substantively conducted."
The final rule codifies the 2018 interagency statement that clarified the differences between regulations and supervisory guidance. It was approved by the federal banking regulators, including the NCUA and CFPB, last week.
NAFCU's alert specifically reviews the NCUA's version of the final rule. The association flagged that it:
- reiterates that supervisory guidance does not create binding, enforceable legal obligations;
- allows supervisory guidance to still be provided as an example of safe and sound practices, appropriate consumer protection practices, and addressing compliance with laws and regulations; and
- does not change any of the agencies' supervisory practices.
The rule will take effect 30 days after publication in the Federal Register.
Access the Final Regulation and signup to receive future alerts here.