Representative Blaine Luetkemeyer, a Republican from Missouri and Chairman of the House Financial Institutions and Consumer Credit Subcommittee, speaks during a House Financial Services Committee hearing. Photographer: Zach Gibson/Bloomberg

The chairman of a key House subcommittee on Wednesday warned federal financial regulators, including the NCUA and the CFPB, to stop treating guidance issued by agencies as rules that must be followed.

“Many of my colleagues and I hear frequently from financial institutions that guidance promulgated by your agencies is treated as though it was a rule, a process that has been referred to as ‘regulation by enforcement,’” Rep. Blaine Luetkemeyer (R-Mo.), chairman of the House Financial Institutions and Consumer Credit Subcommittee, said in his letter.

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