Congressman Blaine Luetkemeyer (R - MO) wrote on January 18, 2019 Federal Reserve Chair Jay Powell, FDIC Chair Jelena McWilliams, NCUA Chairman Mark McWatters, and Comptroller of the Currency Joseph Otting urging formal rulemaking on guidance issues.
In September 2018, the federal banking regulators released an Interagency Statement announcing an important distinction between guidance and rule.
Representative Luetkemeyer stated: "The Interagency Statement was an integral first step towards restoring sanity and clarity in the regulatory regime."
However, he stated the federal banking regulators need to adopt the stated principles of the Interagency Statement as a formal rule.
He further wrote that any enforcement action or matters requiring attention "must be based on violation of a statute, regulation or order" and not be based on guidance.
Read the letter NCUA Chairman McWatters.
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