On April 17, H.R. 5534 was introduced to amend the Consumer Financial Protection Act of 2010. The purpose of the Give Useful Information to Define Effective Compliance Act, or GUIDE Compliance Act for short, is to establish procedures for issuance of written guidelines by the Director of the CFPB to enable the CFPB to carry out Federal consumer financial law. The Bill would require the CFPB to define the type of guidance it will provide, including the criteria used in selecting, and the processes and timelines for requesting such guidance. The Bill would also require the CFPB to publish their processes for amending or revoking any guidance issued, and provides a safe harbor for actions that, at the time, conformed to guidance issued by CFPB.
Click here for the full text of H.R. 5534 and to track its progress.