This article draws on a subset of data from an empirical study supported by the National Science Foundation. The study explored how institutional review boards (IRBs) fulfill their obligations to oversee research that involves human subjects. The subset of data is used to discuss two themes that shed light on how IRBs approach issues that may have a bearing on protection of human subjects but that are not well covered by federal regulatory guidance. The authors conducted 40 semistructured, key informant interviews, over a 1-year period, with members of various types of IRBs, including independent, academic/university, hospital, medical school, and community/tribal IRBs. Among the 40 participants, there were 16 chairs (president, administrator) and 24 members, and 17 males and 23 females; most had served as IRB members for more than 5 years. The data from this study indicate that fulfillment of the IRBs' oversight responsibilities may be undermined by a lack of regulatory guidance as to how much information should be disclosed to the IRB and to research participants about: (a) the purpose of a study including commercial purposes and (b) researcher/institutional compensation. The data suggest that without adequate regulatory guidance, IRBs may be meeting the letter but not the spirit of the federal regulations. The lack of regulatory guidance with respect to these two issues limits the extent to which IRBs can assess the adequacy of the consent process, the effectiveness of the IRB in performing oversight responsibilities, and optimal protection of human subjects.The issues discussed in this article emerged from a 2-year qualitative study that was approved by the University of Montana Institutional Review Board (IRB) and funded by the National Science Foundation. This empirical study explored the work of IRBs through three overarching research questions: (1) How do IRBs assess the adequacy of the consent process? (2) How do IRB members judge the adequacy and efficacy of their monitoring and oversight efforts? (3) Do IRB members believe that the current approach achieves the goals of protection and voluntarism of human subjects? (Cook and Hoas 2011). Rather than reporting the overall findings from the study, this article focuses on two issues that emerged from a subset of questions, derived from the primary research questions that specifically explored what information institutional review boards (IRBs) require, receive, and evaluate when reviewing issues that are not well specified by federal guidance. The data from this subset of questions show that fulfillment of the IRBs' oversight responsibilities may be undermined by a lack of regulatory guidance as to how much information should be disclosed to the IRB and to research participants about (a) the purpose of a study, including commercial purposes, and (b) researcher/institutional compensation. The data suggest that without adequate regulatory guidance, IRBs may be meeting the letter but not the spirit of the federal regulations. By discussing these two issues, t...