The Federal Reserve Urges Loan Holders to Avoid Defaults

The AP reports:

The Federal Reserve and other banking regulators issued special guidance Tuesday urging loan service companies to work with borrowers in danger of defaulting on their home mortgages.

The new guidelines are not mandatory, but the regulators expressed the hope that companies that collect payments on mortgages would heed the advice.

The new guidelines aren't supposed to be "mandatory".Since when is it the Federal Reserve's business to give advice to institutions who don't have an account at the Fed,like mortgage companies? Here's the joint statement from the Fed and other regulatory agencies.