The Consumer Financial Protection Bureau launched a pilot advisory opinion (AO) program to publicly address regulatory uncertainty in the Bureau’s existing regulations.
The pilot AO program will allow entities seeking to comply with regulatory requirements to submit a request where uncertainty exists. The Bureau will then select topics based on the program’s priorities and make the responses available to the public.
The pilot program will focus on four key priorities:
- Consumers are provided with timely and understandable information to make responsible decisions;
- Identify outdated, unnecessary or unduly burdensome regulations in order to reduce regulatory burdens;
- Consistency in enforcement of Federal consumer financial law in order to promote fair competition; and
- Ensuring markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation.
To learn more about the pilot AO program click here: https://files.consumerfinance.gov/f/documents/cfpb_advisory-opinions-pilot_fr-notice.pdf