I 

113TH CONGRESS 

2D SESSION H. R. 4662 

To amend the Consumer Financial Protection Act of 2010 to establish an 

advisory opinion process for the Bureau of Consumer Financial Protection, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 15, 2014 

Mr. POSEY introduced the following bill; which was referred to the Committee 

on Financial Services 

A BILL 

To amend the Consumer Financial Protection Act of 2010 

to establish an advisory opinion process for the Bureau 

of Consumer Financial Protection, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Bureau Advisory Opin5 ion Act’’. 

mstockstill on DSK4VPTVN1PROD with BILLS

2 

•HR 4662 IH

1 SEC. 2. ADVISORY OPINIONS. 

2 Section 1022(b) of the Consumer Financial Protec3 tion Act of 2010 (12 U.S.C. 5512(b)) is amended by add4 ing at the end the following: 

5 ‘‘(5) ADVISORY OPINIONS.— 

6 ‘‘(A) ESTABLISHING PROCEDURES.— 

7 ‘‘(i) IN GENERAL.—The Director shall 

8 establish a procedure to provide responses 

9 to specific inquiries by a covered person 

10 concerning conformance of prospective con11 duct with the Federal consumer financial 

12 law. In establishing the procedures the Di13 rector shall consult with the prudential 

14 regulators and such other Federal depart15 ments and agencies as the Director deter16 mines appropriate, and obtain the views of 

17 all interested persons through a public no18 tice and comment period. 

19 ‘‘(ii) HYPOTHETICAL INQUIRIES PRO20 HIBITED.—An inquiry may only be made 

21 by a covered person under this paragraph 

22 with respect to conduct that the person in23 tends to engage in. 

24 ‘‘(iii) RIGHT TO WITHDRAW IN25 QUIRY.—Any covered person making an in26 quiry under this paragraph may withdraw 

mstockstill on DSK4VPTVN1PROD with BILLS

3 

•HR 4662 IH

1 such inquiry at any time prior to the Di2 rector issuing an opinion in response to 

3 such inquiry, and any opinion based on an 

4 inquiry that has been withdrawn shall have 

5 no force or effect. 

6 ‘‘(B) ISSUANCE OF OPINIONS.— 

7 ‘‘(i) IN GENERAL.—The Director 

8 shall, within 90 days after receiving an in9 quiry under this paragraph, issue an opin10 ion in response to that inquiry. Such opin11 ion shall state whether or not the specified 

12 prospective conduct would, for purposes of 

13 Bureau’s present enforcement policy, vio14 late Federal consumer financial law. 

15 ‘‘(ii) EXTENSION PERMITTED.—If the 

16 Director determines that the Bureau re17 quires additional time to issue an opinion 

18 on an inquiry, the Director may make a 

19 single extension of the deadline described 

20 under clause (i) of 45 days or less. 

21 ‘‘(C) REBUTTABLE PRESUMPTION.—In any 

22 action brought under the Federal consumer fi23 nancial law, there shall be a rebuttable pre24 sumption that any conduct for which the Direc25 tor has issued an opinion that such conduct is 

mstockstill on DSK4VPTVN1PROD with BILLS

4 

•HR 4662 IH

1 in conformity with the Bureau’s interpretation 

2 of Federal consumer financial law, is in compli3 ance with Federal consumer financial law. Such 

4 a presumption may be rebutted by a preponder5 ance of the evidence. In considering such pre6 sumption, a court shall weigh all relevant fac7 tors, including whether the information sub8 mitted to the Director was accurate and com9 plete and whether the conduct at issue in the 

10 action was within the scope of the conduct ad11 dressed in the opinion of the Director. 

12 ‘‘(D) CONFIDENTIALITY.—Any document 

13 or other material that is received by or pre14 pared by the Bureau or any other Federal de15 partment or agency in connection with an in16 quiry under this paragraph, including any opin17 ion issued by the Director under this para18 graph, shall be exempt from disclosure under 

19 section 552 of title 5, United States Code (com20 monly referred to as the Freedom of Informa21 tion Act) and may not, except with the consent 

22 of the covered person making such inquiry, be 

23 made publicly available, regardless of whether 

24 the Director responds to such inquiry or the 

mstockstill on DSK4VPTVN1PROD with BILLS

5 

•HR 4662 IH

1 covered person withdraws such inquiry before 

2 receiving an opinion. 

3 ‘‘(E) ASSISTANCE FOR SMALL BUSI4 NESSES.— 

5 ‘‘(i) IN GENERAL.—The Bureau shall 

6 assist, to the maximum extent practicable, 

7 small businesses in preparing inquiries 

8 under this paragraph. 

9 ‘‘(ii) SMALL BUSINESS DEFINED.— 

10 For purposes of this clause, the term 

11 ‘small business’ has the meaning given the 

12 term ‘small business concern’ under section 

13 3 of the Small Business Act (15 U.S.C. 

14 632).’’. 

Æ 

mstockstill on DSK4VPTVN1PROD with BILLS