NCUA headquarters. (Source: NCUA)
It appears that an interagency proposed rule on the difference between guidance and regulations was released this week without the proper … well, guidance.
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The financial regulators, including the CFPB and the NCUA, on Tuesday issued a proposed rule making it clear that agency guidance does not have the force of law.
However, the rule never has been approved by the NCUA board — a normal step in the rule-making process.
On Thursday, two days after the proposed rule appeared on the FDIC web page with the NCUA included, the NCUA board scheduled a special meeting for Oct. 28 at 2 p.m., to consider it.
One source familiar with the situation said the problem developed as a result of poor interagency communication. The source said NCUA officials had been told that the FDIC had planned to adopt the proposed rule. FDIC officials then decided to delay the rule, so the plan did not appear on the October NCUA board agenda.
FDIC reversed itself again in deciding to adopt the proposal rule.
As a result, the NCUA board scheduled the emergency meeting.
NCUA officials did not respond to CU Times' request for comment.
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