Bureau Advisory Opinion Act

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. Short title This Act may be cited as the Bureau Advisory Opinion Act 2. Advisory opinions Section 1022(b) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5512(b) (5) Advisory opinions (A) Establishing procedures (i) In general The Director shall establish a procedure to provide responses to specific inquiries by a covered person concerning conformance of prospective conduct with the Federal consumer financial law. In establishing the procedures the Director shall consult with the prudential regulators and such other Federal departments and agencies as the Director determines appropriate, and obtain the views of all interested persons through a public notice and comment period. (ii) Hypothetical inquiries prohibited An inquiry may only be made by a covered person under this paragraph with respect to conduct that the person intends to engage in. (iii) Right to withdraw inquiry Any covered person making an inquiry under this paragraph may withdraw such inquiry at any time prior to the Director issuing an opinion in response to such inquiry, and any opinion based on an inquiry that has been withdrawn shall have no force or effect. (B) Issuance of opinions (i) In general The Director shall, within 90 days after receiving an inquiry under this paragraph, issue an opinion in response to that inquiry. Such opinion shall state whether or not the specified prospective conduct would, for purposes of Bureau’s present enforcement policy, violate Federal consumer financial law. (ii) Extension permitted If the Director determines that the Bureau requires additional time to issue an opinion on an inquiry, the Director may make a single extension of the deadline described under clause (i) of 45 days or less. (C) Rebuttable presumption In any action brought under the Federal consumer financial law, there shall be a rebuttable presumption that any conduct for which the Director has issued an opinion that such conduct is in conformity with the Bureau’s interpretation of Federal consumer financial law, is in compliance with Federal consumer financial law. Such a presumption may be rebutted by a preponderance of the evidence. In considering such presumption, a court shall weigh all relevant factors, including whether the information submitted to the Director was accurate and complete and whether the conduct at issue in the action was within the scope of the conduct addressed in the opinion of the Director. (D) Confidentiality Any document or other material that is received by or prepared by the Bureau or any other Federal department or agency in connection with an inquiry under this paragraph, including any opinion issued by the Director under this paragraph, shall be exempt from disclosure under section 552 (E) Assistance for small businesses (i) In general The Bureau shall assist, to the maximum extent practicable, small businesses in preparing inquiries under this paragraph. (ii) Small business defined For purposes of this clause, the term small business small business concern 15 U.S.C. 632 .

Summary: Bureau Advisory Opinion Act - Amends the Consumer Financial Protection Act of 2010 to require the Director of the Consumer Financial Protection Bureau (CFPB) to: (1) establish a procedure to respond to specific inquiries by a covered person concerning conformance of prospective conduct with federal consumer financial law, and (2) issue an opinion in response to the inquiry within 90 days (with a single allowable extension of another 45 days). (A "covered person" under the Act is: (1) any person that engages in offering or providing a consumer financial product or service, and (2) any affiliate of that person if the affiliate acts as a service provider to the person.) Creates a rebuttable presumption in any action brought under federal consumer financial law that any conduct for which the Director has issued an opinion that it is in conformity with the opinion is indeed in compliance with federal consumer financial law. Exempts such inquiries and advisory opinions from disclosure under the Freedom of Information Act.