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The NCUA have issued substantially similar final rules on the role of supervisory guidance.  The final rules adopt the agencies’ proposals without substantive change. In September 2018, the agencies issued an “Interagency Statement Clarifying the Role of Supervisory Guidance.”  In response to the Statement, the agencies received a petition requesting a formal rulemaking on the subject.  The final rules codify the Statement, with clarifying changes, as an appendix to a new subpart added to the regulations of each agency.  Each of the new subparts states that the subpart “reiterate...

To embed, copy and paste the code into your website or blog: On January 19, 2021, the Consumer Financial Protection Bureau (CFPB) issued a new final rule implementing the Fair Debt Collection Practices Act (FDCPA).  According the CFPB’s press release, the purpose of the new final rule is to “clarif[y] the differences between regulations and supervisory guidance.”  Specifically, “supervisory guidance does not have the force and effect of law and the Bureau does not take enforcement actions or issue supervisory criticisms based on non-compliance with supervisory guidance.  Rather, su...

To embed, copy and paste the code into your website or blog: Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs, and webinars with more analysis in these areas. We understand that keeping on top of the rapidly evolving regulatory landscape is more important than ever for businesses seeki...