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GUIDE Act targets CFPB’s rulemaking transparency

Joe Mont | April 25, 2018

Yet another legislative redress for concerns about the Consumer Financial Protection Bureau is now making its way through the House of Representatives.

The Give Useful Information to Define Effective Compliance Act (or, for short, GUIDE Act), seeks to “bring predictability and transparency” to CFPB’s process of promulgating rules and guidance.

The bipartisan bill is sponsored by Rep. Sean Duffy (R-Wisc.), chairman of the Financial Services Subcommittee on Housing and Insurance, and Rep. Ed Perlmutter (D-Colo.).

Specifically, the GUIDE Act:

  • Mandates that the CFPB’s director issue “guidance” that is necessary or appropriate to carry out the purpose of the laws it is responsible for, including facilitating compliance;
  • Defines “guidance” to include a range of written issuances from interpretative and legislative rules, to bulletins, and frequently asked questions;
  • Requires the Bureau to publish in the...
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