In the April 8, 2021 issue of the Federal Register (86 FR 18173), the Board of Governors of the Federal Reserve System (Board) adopted a final rule that codifies the Interagency Statement Clarifying the Role of Supervisory Guidance, issued by the Office of the Comptroller of the Currency, National Credit Union Administration, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, and the Board (collectively, the agencies) on September 11, 2018 (2018 Statement). The 2018 Statement states that, unlike a law or regulation, supervisory guidance does not have the force and effect of law and, as such, does not create binding legal obligations.

The Board’s final rule is specifically addressed to the Board and Board-supervised institutions, rather than the joint version that the five agencies included in their joint 2018 Statement.

The Board’s final rule is effective on May 10, 2021 and is codified in new §262.7, Part 262 to 12 CFR, Chapter II, and Appendix A to Part 262— Statement Clarifying the Role of Supervisory Guidance (Statement). See §262.7(b), which states that the Statement is binding on the Board.

Full Memorandum