The American Bankers Association (ABA) and a bank advocacy group have asked regulators to issue a formal rulemaking about the use of supervisory guidance.
Last September, federal regulators issued a joint statement explicitly stating that regulatory guidance does not have the force of law, and that bank examiners should not take enforcement actions based on supervisory guidance.
But the ABA says that isn’t enough. Read on for details on their petition to the Board of Governors of the Federal Reserve System.
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