Bureau Guidance Transparency Act

Bill: 113-hr-4811
Sponsor: full_name: Rep. Stutzman, Marlin A. [R-IN-3]
Introduced: 2014-06-09
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Consumer Financial Protection Bureau

Consumer affairs

Consumer credit

Financial services and investments

Government information and archives
Latest action: action_date: 2014-06-11
text: Ordered to be Reported by the Yeas and Nays: 35 - 24.

Summaries:
action_date: 2014-06-09
action_desc: Introduced in House
text: <p>Bureau Guidance Transparency Act - Amends the Consumer Financial Protection Act of 2010 to direct the Consumer Financial Protection Bureau (CFPB), when issuing guidance, to: (1) provide for a public notice and comment period before issuing the guidance in final form, (2) make publicly available all information relied on by the CFPB, and (3) redact any information that is exempt from disclosure under specified provisions of the Freedom of Information Act.</p> <p> Declares without force or effect CFPB Bulletin 2013-02 (Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act), published March 21, 2013.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4811 IN THE HOUSE OF REPRESENTATIVES June 9, 2014 Mr. Stutzman introduced the following bill; which was referred to the Committee on Financial Services A BILL To provide for a notice and comment period before the Bureau of Consumer Financial Protection issues guidance, and for other purposes.

1. Short title This Act may be cited as the Bureau Guidance Transparency Act . 2. Standards for issuing guidance 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) Standards for issuing guidance In issuing any guidance, the Bureau shall— (A) provide for a public notice and comment period before issuing the guidance in final form; (B) when issuing guidance in final form, make available to the public, including on the website of the Bureau, all studies, data, methodologies, analyses, and other information relied on by the Bureau in preparing and issuing such guidance; and (C) redact any information that is exempt from disclosure under paragraphs (3), (4), (6), (7), or (8) of section 552(b) of title 5, United States Code. . 3. Ensuring transparency and public participation for fair guidance (a) Bulletin 2013–02 Bulletin 2013–02 of the Bureau of Consumer Financial Protection (published March 21, 2013) shall have no force or effect. (b) Rule of construction This section shall not be construed as prohibiting the Bureau of Consumer Financial Protection from issuing guidance on the same topic as Bulletin 2013–02, so long as such guidance is issued in compliance with section 1022(b)(5) of the Consumer Financial Protection Act of 2010.