CFPB announces pilot program to help provide clearer guidance, improve compliance


The CFPB announced a pilot advisory opinion program last week in an effort to address “regulatory uncertainty” in the agency’s existing regulations.

The program will allow entities seeking to comply with regulatory requirements to submit requests where uncertainty exists, and the bureau will then select topics based on the program’s priorities and make the responses available, according to a June 18 CFPB press release.

According to the CFPB, the pilot program will focus on four key priorities:

  • provide consumers with timely and understandable information to make responsible decisions;
  • identify outdated, unnecessary or unduly burdensome regulations in order to reduce regulatory burdens;
  • maintain consistency in enforcement of federal consumer financial law in order to promote fair competition; and
  • ensure markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation.

In addition to clarification requests, the public can also comment on the pilot program. Once the pilot program has ended, the CFPB intends to review any comments before implementing the program.

The full press release can be accessed on the CFPB website.

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