Aggregated News From Investment Management Regulators

OCC Approves Final Rule on Supervisory Guidance

Report/Flag

Please complete the required fields.



The Office of the Comptroller of the Currency (OCC) today approved a final rule confirming the OCC’s use of supervisory guidance for banks.

The final rule codifies a statement, as amended, that was issued by the OCC, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Bureau of Consumer Financial Protection on September 11, 2018 (2018 Statement). The 2018 Statement clarified the differences between regulations and guidance. The OCC is adopting the rule proposed on November 5, 2020, without substantive change. Neither the final rule nor the 2018 Statement reflect a change from longstanding OCC policy.

Unlike a law or regulation, supervisory guidance does not have the force and effect of law, and the OCC does not take enforcement actions or issue supervisory criticisms based on non-compliance with supervisory guidance. Rather, supervisory guidance outlines supervisory expectations and priorities, or articulates views regarding appropriate practices for a given subject area.

In contrast to supervisory guidance, regulations do have the force and effect of law and enforcement actions can be taken if banks are in violation. Regulations are also generally required to go through the notice and comment process.

The final rule will become effective 30 days following publication in the Federal Register.

Related Link

Federal Register Notice (PDF)

This news item was originally published by the Office of the Comptroller of the Currency (OCC US). For more information, see the Source Link.

Regulator Information

Abbreviation: OCC
Jurisdiction: United States

Recent Articles

The SEC Levels Up: Statement on In re Activision Blizzard

Feb. 3, 2023 Today, the Commission announced a $35 million settlement with Activision Blizzard Inc. (“Activision Blizzard”).

Mr William Stephen Cairns (date of Birth 15 January 1949) of Key West, Doyle Road, St Peter Port Guernsey GY1 1RG — GFSC

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 July

Mr Du Preez Gert Vermeulen (Date of Birth 5 August 1987) of Doyle Court, Doyle Road, St Peter Port Guernsey GY1 1RD

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 Mar

Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty — GFSC

On 2 February 2023, the Commission imposed discretionary financial penalties as follows:  Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and  Mr Du Preez Gert Vermeulen (“M

Get the latest from Regulatory.News in your inbox!

×