CFPB launches pilot program to address regulatory uncertainty
The Consumer Financial Protection Bureau (CFPB) Thursday announced the launch of a pilot advisory opinion (AO) program to publicly address regulatory uncertainty. According to the CFPB, the pilot AO program will allow entities seeking to comply with regulatory requirements to submit a request where uncertainty exists.
CUNA strongly supports CFPB initiatives to provide clarity on compliance obligations and recommended the CFPB bolster their guidance and rule implementation resources – including calling on the CFPB to accept inquiries from regulated entities and issue public responses – in its 2018 white paper on CFPB reform and during subsequent conversations.
The pilot program will focus on four key priorities:
- Consumers are provided with timely and understandable information to make responsible decisions;
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