We have a principles-based regulatory system. It's important to understand that B-15 is not a set of rules whereby there's a penalty—a speeding ticket, if you will—if they don't comply. There is an articulated level of interactions with boards and senior managers. When we as a regulator deem an institution to be out of line with the principles set forth in our guidelines—for example, if they're underwriting mortgages in a way that contravenes our guideline B-20—we don't hit them with a penalty. We sometimes have extended conversation about that.
I suspect that if a board member or a senior executive were before this committee and were asked what would happen in non-compliance, they would say that the regulator would start off those conversations and would require or ultimately oblige—“oblige” is better than “require” in a principles-based system—institutions to come into conformance.