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 Protec-
tion, 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 pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Bureau Advisory Opin-
ion Act’’. 
VerDate Mar 15 2010 
19:31 May 19, 2014
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H4662.IH
H4662
mstockstill on DSK4VPTVN1PROD with BILLS
SEC. 2. ADVISORY OPINIONS. 
Section 1022(b) of the Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5512(b)) is amended by add-
ing at the end the following: 
‘‘(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 con-
duct with the Federal consumer financial 
law. In establishing the procedures the Di-
rector shall consult with the prudential 
regulators and such other Federal depart-
ments and agencies as the Director deter-
mines appropriate, and obtain the views of 
all interested persons through a public no-
tice and comment period. 
‘‘(ii) HYPOTHETICAL INQUIRIES PRO-
HIBITED.—An inquiry may only be made 
by a covered person under this paragraph 
with respect to conduct that the person in-
tends to engage in. 
‘‘(iii) 
RIGHT
TO
WITHDRAW
IN-
QUIRY.—Any covered person making an in-
quiry under this paragraph may withdraw 
VerDate Mar 15 2010 
19:31 May 19, 2014
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H4662.IH
H4662
mstockstill on DSK4VPTVN1PROD with BILLS
such inquiry at any time prior to the Di-
rector 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inquiry that has been withdrawn shall have 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 in-
quiry under this paragraph, issue an opin-
ion in response to that inquiry. Such opin-
ion shall state whether or not the specified 
prospective conduct would, for purposes of 
Bureau’s present enforcement policy, vio-
late Federal consumer financial law. 
‘‘(ii) EXTENSION PERMITTED.—If the 
Director determines that the Bureau re-
quires 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 fi-
nancial law, there shall be a rebuttable pre-
sumption that any conduct for which the Direc-
tor has issued an opinion that such conduct is 
VerDate Mar 15 2010 
19:31 May 19, 2014
Jkt 039200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H4662.IH
H4662
mstockstill on DSK4VPTVN1PROD with BILLS
in conformity with the Bureau’s interpretation 
of Federal consumer financial law, is in compli-
ance with Federal consumer financial law. Such 
a presumption may be rebutted by a preponder-
ance of the evidence. In considering such pre-
sumption, a court shall weigh all relevant fac-
tors, including whether the information sub-
mitted to the Director was accurate and com-
plete and whether the conduct at issue in the 
action was within the scope of the conduct ad-
dressed in the opinion of the Director. 
‘‘(D) CONFIDENTIALITY.—Any document 
or other material that is received by or pre-
pared by the Bureau or any other Federal de-
partment or agency in connection with an in-
quiry under this paragraph, including any opin-
ion issued by the Director under this para-
graph, shall be exempt from disclosure under 
section 552 of title 5, United States Code (com-
monly referred to as the Freedom of Informa-
tion Act) and may not, except with the consent 
of the covered person making such inquiry, be 
made publicly available, regardless of whether 
the Director responds to such inquiry or the 
VerDate Mar 15 2010 
19:31 May 19, 2014
Jkt 039200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H4662.IH
H4662
mstockstill on DSK4VPTVN1PROD with BILLS
covered person withdraws such inquiry before 
receiving an opinion. 
‘‘(E) 
ASSISTANCE
FOR
SMALL
BUSI-
NESSES.— 
‘‘(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’ has the meaning given the 
term ‘small business concern’ under section 
3 of the Small Business Act (15 U.S.C. 
632).’’. 
Æ 
VerDate Mar 15 2010 
19:31 May 19, 2014
Jkt 039200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6301
E:\BILLS\H4662.IH
H4662
mstockstill on DSK4VPTVN1PROD with BILLS