The Give Useful Information to Define Effective Compliance Act, for short the GUIDE Compliance Act,  passed the House Financial Services Committee on September 13, 2018.  A companion bill was introduced in the Senate on September 17, 2018.  The goal of this legislation is to make industry compliance more straightforward by establishing a framework requiring the Bureau of Consumer Financial Protection (the “Bureau”) to issue regular interpretative rules and guidance. The Act also requires the Bureau to establish and publish a matrix  showing how it determines civil monetary penalties.

H.R. 5534 is available here:

S.3443 history is available here: