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CFPB Exploring Advisory Opinions for Consumer Finance Companies

Nov. 8, 2019, 5:37 PM

The CFPB is considering creating a program to give companies more clarity on how the regulator would interpret consumer finance laws, Deputy Director Brian Johnson said.

The idea would be for the Consumer Financial Protection Bureau to issue a formal advisory opinion on how it would apply fair lending, disclosures, and other laws to a company’s specific facts and circumstances.

Part of the consideration includes whether to make opinions public and allow other companies to rely on them .

“I think there are always enhanced opportunities to provider greater guidance ex ante to industry, so that they can conform their...

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