Bureau Advisory Opinion Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bureau Advisory Opinion Act''.

SEC. 2. ADVISORY OPINIONS.

    Section 1022(b) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5512(b)) is amended by adding 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 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                        on an inquiry that has been withdrawn shall 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 of 
                title 5, United States Code (commonly referred to as 
                the Freedom of Information 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 
                covered person withdraws such inquiry before receiving 
                an opinion.
                    ``(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' has the meaning given the term `small 
                        business concern' under section 3 of the Small 
                        Business Act (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.