On 6/18/2020, the CFPB announced the establishment of a new pilot advisory opinion program. In their release, the CFPB explains that they are establishing this pilot program in response to feedback received from external stakeholders encouraging the Bureau to provide written guidance in cases of regulatory uncertainty. Specifically, the CFPB states they are establishing the advisory opinion pilot program to provide guidance with interpretive content that is:
focused on regulatory uncertainty identified by requestors;
reliable for the requestor and all similarly situated parties as the Bureau’s authoritative interpretation of the law; and
publicly released for the awareness of all affected persons.
The CFPB is seeking comment on the proposed advisory opinion program.
The full proposal can be found here.
