Report Ordered on House Bill Requiring BCFP to Provide Guidance on Compliance with Consumer Financial Protection Laws

On September 13, 2018, a House of Representatives committee ordered a report to the full chamber regarding H.R. 5334, also known as the Give Useful Information to Define Effective Compliance Act (GUIDE Compliance Act or Act). The bill was introduced to the house on April 17, 2018, by Rep. Sean Duffy (R-WI) and Rep. Ed Perlmutter (D-CO) and referred to the Committee on Financial Services.

The proposed Act would require the Director of the Bureau of Consumer Financial Protection (BCFP or Bureau) to “issue guidance” in order to facilitate compliance with federal consumer financial protection laws. The proposed Act would also provide safe harbor to those who follow the guidance from the Bureau in good faith.

The new bill has a 12% chance of being enacted according to govtrack.us.

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