CFPB Launches Advisory Opinion Pilot Program to Provide Clarity Where There is Regulatory Uncertainty

The Consumer Financial Protection Bureau published a notice in the Federal Register announcing that it is launching a pilot Advisory Opinion (AO) Program. With this program, the CFPB would provide advisory opinions in areas of regulatory uncertainty. The CFPB created the pilot in response to feedback it received through its Request for Information  Regarding Bureau Guidance and Implementation Support—part of the series of RFIs released by the CFPB in early 2018 when Mick Mulvaney temporarily took over the directorship of the agency.

The goal of the pilot program is:

[T]o provide guidance with interpretive content that is: Focused on regulatory uncertainty identified by requestors; reliable for the requestor and all similarly situated parties as the Bureau's authoritative interpretation of the law; and publicly released for the awareness of all affected persons. 

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