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Luetkemeyer Urges Formal Rulemaking on Guidance Issue

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Washington, January 18, 2019 | comments

Congressman Blaine Luetkemeyer (MO-03) has been pleased with the willingness of prudential regulators to address the inappropriate application and enforcement of guidance in the financial sector. In September, the Federal Reserve, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA) and Office of the Comptroller of the Currency (OCC) released an Interagency Statement announcing an important distinction between guidance and rule, which Congressman Luetkemeyer called the “first step.”

Today, Congressman Luetkemeyer sent letters to Federal Reserve Chair Jay Powell, FDIC Chair Jelena McWilliams, NCUA Administrator Mark McWatters, and Comptroller of the Currency Joseph Otting urging formal action to effectuate true change. Congressman Luetkemeyer released the following statement:

“The Interagency Statement was an integral first step towards restoring sanity and clarity in the regulatory regime. I appreciate the regulators’ attentiveness and efforts to clarify the important distinction between guidance and rule, but there is more to be done. I encourage the regulators to begin a formal rulemaking process in order to adopt the stated principles of the Interagency Statement as formal regulation,” said Congressman Luetkemeyer. “This clarity will ensure banks and examiners clearly understand the grounds for enforcement actions and that regulations are enforced consistently across institutions. As institutions return their compliance focus to matters affecting safety and soundness, the financial system, as a whole, will benefit.”

Letter from Luetkemeyer to Federal Reserve Chair Jay Powell
Letter from Luetkemeyer to FDIC Chair Jelena McWilliams
Letter from Luetkemeyer to NCUA Administrator Mark McWatters
Letter from Luetkemeyer to Comptroller of the Currency Joseph Otting

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