The agencies comprising the Federal Financial Institutions Examination Council have replaced their 21-year-old revised policy statement on “Interagency Coordination of Formal Corrective Action by the Federal Bank Regulatory Agencies” with a new one designed to ensure ongoing coordination between the banking regulators.
Concurrently, the agencies announced that the revised policy statement covering interagency coordination dated Feb. 20, 1997 has been rescinded.
Read on to learn what this means for enforcement proceedings and more.