Representative Blaine Luetkemeyer (R-MO), seen as a possible successor as House Financial Services chair, is calling on federal financial regulators to clarify that agency guidance should not be treated as rules or the basis for enforcement actions. In a letter to Randal Quarles, the Fed's vice-chair for supervision, and a separate letter to other federal regulators, including the FDIC, OCC, SEC, CFPB and the NCUA, Luetkemeyer said he frequently hears from banks that guidance is treated as though it were a rule, a process known as "regulation by enforcement." "Agencies should not use guidance as the basis of enforcement actions or supervisory directives," Luetkemeyer wrote