This bill requires the head of each listed financial agency to put a short, clear statement on the first page of any guidance the agency issues after the bill becomes law. The statement must say: "This guidance does not have the force and effect of law and therefore does not establish any rights or obligations for any person and is not binding on the agency or the public. If this guidance suggests how regulated entities may comply with applicable statutes or regulations, noncompliance with this guidance does not conclusively establish a violation of applicable law."
The bill lists which agencies are covered, including the Bureau of Consumer Financial Protection, HUD, Treasury, FDIC, FHFA, the Federal Reserve Board, NCUA, OCC, and the SEC. It defines "guidance" as agency statements of general applicability that aim to affect future behavior of regulated parties, and it excludes items such as rules made with notice-and-comment, certain internal guidance, and adjudicative decisions.
No publicly available information.
Proponents, as reflected by the bill's title and text, aim to make clear that agency guidance is not the same as legally binding rules. The bill's requirement is meant to state publicly that guidance does not create legal obligations and that failing to follow guidance does not by itself prove a legal violation.
No publicly available information.