In the November 5, 2020, issue of the Federal Register (85 FR 70512), the OCC, FRB, FDIC NCUA, and CFPB (collectively the “agencies”) published a proposed rule, with a request for public comment, that proposes to amend and codify the “Interagency Statement Clarifying the Role of Supervisory Guidance” issued by the agencies on September 11, 2018 (“2018 Statement”).

The methods for submitting comments to the agencies on the proposed rule are set out in the above hyperlinked section of the Federal Register. Comments must be received by January 4, 2021.

The proposed rule would codify the 2018 Statement, with clarifying changes, (“Proposed Interagency Statement”) as Appendix A to the proposed rule text in each agency’s regulations in the Code of Federal Regulations and the Proposed Interagency Statement would supersede the 2018 Statement. The proposed rule text would provide that the Proposed Interagency Statement is binding on each respective agency11-09-20 Proposed Rule to Amend and Codify Interagency Statement on Supervisory Guidance (85 FR 70512)