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Union Calendar No. 847 

115TH CONGRESS 

2D SESSION H. R. 5534 

[Report No. 115–1095] 

To amend the Consumer Financial Protection Act of 2010 to provide procedures for guidance issued by the Bureau of Consumer Financial Protection, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 17, 2018 

Mr. DUFFY (for himself and Mr. PERLMUTTER) introduced the following bill; 

which was referred to the Committee on Financial Services 

DECEMBER 21, 2018 

Additional sponsors: Mr. RATCLIFFE, Mr. ROYCE of California, Mr. MARCHANT, Ms. SINEMA, Mr. YOUNG of Iowa, Mr. BROOKS of Alabama, Mr. 

TIPTON, Mr. BARR, Mr. COFFMAN, and Mr. DAVID SCOTT of Georgia 

DECEMBER 21, 2018 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on April 17, 2018] 


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•HR 5534 RH

A BILL 

To amend the Consumer Financial Protection Act of 2010 

to provide procedures for guidance issued by the Bureau 

of Consumer Financial Protection, and for other purposes. 


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•HR 5534 RH

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 ‘‘Give Useful Information 

5 to Define Effective Compliance Act’’ or the ‘‘GUIDE Com6 pliance Act’’. 

7 SEC. 2. PROCEDURES FOR BUREAU GUIDANCE. 

8 Section 1022(b) of the Consumer Financial Protection 

9 Act of 2010 (12 U.S.C. 5512(b)) is amended by adding at 

10 the end the following: 

11 ‘‘(5) PROCEDURES FOR BUREAU GUIDANCE.— 

12 ‘‘(A) DEFINITIONS.—In this paragraph— 

13 ‘‘(i) the term ‘Bureau’ means— 

14 ‘‘(I) the Director of the Bureau; 

15 ‘‘(II) the Deputy Director of the 

16 Bureau; and 

17 ‘‘(III) any employee of the Bureau 

18 described in section 1013(a)(1)(B); and 

19 ‘‘(ii) the term ‘guidance’— 

20 ‘‘(I) means— 

21 ‘‘(aa) an agency statement of 

22 general applicability and future 

23 effect, other than a regulatory ac24 tion, that sets forth a policy on a 

25 statutory, regulatory, or technical 


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1 issue or an interpretation of a 

2 statutory or regulatory issue; and 

3 ‘‘(bb) any written interpre4 tive rule, bulletin, statement of 

5 policy, letter, examination man6 ual, frequently asked question, no7 tice, directive, news release, blog 

8 post, small entity compliance 

9 guide, or other authoritative docu10 ment issued by the Bureau re11 garding compliance with a Fed12 eral consumer financial law; and 

13 ‘‘(II) does not include— 

14 ‘‘(aa) a purely internal Bu15 reau policy; 

16 ‘‘(bb) a law enforcement com17 munication such as a complaint, 

18 consent order, judgment, legal 

19 opinion, warning letter, investiga20 tory letter, notice of hearing, civil 

21 investigative demand, subpoena, 

22 no-action letter, advisory opinion, 

23 or any request in lieu of the fore24 going; 


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1 ‘‘(cc) an individualized su2 pervisory communication such as 

3 a supervisory letter, report of ex4 amination, memorandum of un5 derstanding, board resolution, 

6 matter requiring attention, or in7 dividualized communication or 

8 agreement pursuant to the super9 visory authority of the Bureau; or 

10 ‘‘(dd) a decision issued under 

11 subtitle E. 

12 ‘‘(B) GUIDANCE REQUIREMENTS.—The Di13 rector shall issue guidance that is necessary or 

14 appropriate to enable the Bureau to carry out 

15 Federal consumer financial law, including facili16 tating compliance with such law. 

17 ‘‘(C) RULEMAKING.— 

18 ‘‘(i) PROPOSED RULE.—Not later than 

19 18 months after the date of enactment of 

20 this paragraph, the Bureau shall publish in 

21 the Federal Register and on the website of 

22 the Bureau a proposed rule defining— 

23 ‘‘(I) each type of guidance the Bu24 reau shall provide; 


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1 ‘‘(II) the criteria the Bureau shall 

2 use for selecting each type of guidance; 

3 ‘‘(III) the process and timelines 

4 for requests for guidance; 

5 ‘‘(IV) the time periods for the re6 sponse of the Bureau to a request for 

7 each type of guidance; and 

8 ‘‘(V) a process for amending or re9 voking guidance issued under the rule, 

10 including a process for public input on 

11 any proposal to amend or revoke guid12 ance, unless the Bureau determines 

13 public input is not required due to 

14 public exigency. 

15 ‘‘(ii) FINAL RULE.—Not later than 1 

16 year after the date on which the proposed 

17 rule described in clause (i) is published, the 

18 Bureau shall publish a final rule based on 

19 the proposed rule. 

20 ‘‘(D) RELIANCE ON BUREAU GUIDANCE.— 

21 No person shall be held liable for any act done 

22 or omitted in good faith in conformity with any 

23 applicable guidance from the Bureau or any 

24 predecessor agency that was in effect at the time 

25 of the act or omission, even if the guidance is 


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1 later revoked, amended, or rendered inconsistent 

2 by guidance or action by the Bureau or a deter3 mination by a court of competent jurisdiction. 

4 ‘‘(E) DEVELOPMENT OF A PENALTY MA5 TRIX.— 

6 ‘‘(i) PROPOSED RULE.—Not later than 

7 18 months after the date of the enactment of 

8 this subparagraph, the Bureau shall publish 

9 in the Federal Register and on the website 

10 of the Bureau a proposed rule establishing 

11 guidelines for determining the size of any 

12 civil monetary penalties issued by the Bu13 reau based on the severity of the actionable 

14 conduct in violation of a Federal consumer 

15 financial law and the level of culpability. 

16 The regulations prescribed under this para17 graph shall, to the extent possible, align 

18 with any chart, matrix, rule, or guideline 

19 published by the Office of the Comptroller of 

20 the Currency, the Corporation, or the Board 

21 of Governors. 

22 ‘‘(ii) FINAL RULE.—Not later than 1 

23 year after the date on which the proposed 

24 rule described in clause (i) is published, the 


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1 Bureau shall publish a final rule based on 

2 the proposed rule.’’. 


pamtmann on DSKBFK8HB2PROD with BILLS

pamtmann on DSKBFK8HB2PROD with BILLS
Union Calendar No. 847 

115TH CONGRESS 

2D SESSION H. R. 5534 

[Report No. 115–1095] 

A BILL 

To amend the Consumer Financial Protection Act 

Protection, and for other purposes. issued by the Bureau of Consumer Financial of 2010 to provide procedures for guidance 

DECEMBER 21, 2018 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


pamtmann on DSKBFK8HB2PROD with BILLS