CUNA wrote in support of a Senate bill designed to standardize regulatory guidance Tuesday, thanking Sen. Orrin Hatch (R-Utah) for introducing the Give Useful Information to Define Effective (GUIDE) Compliance Act. A House version of the bill has been introduced by Reps. Sean Duffy (R-Wis.) and Ed Perlmutter (D-Colo.), and it passed the House Financial Services Committee last week.
“Credit unions across the country continue to be frustrated with the sluggish issuance of guidance from the Bureau of Consumer Financial Protection (BCFP) which has created uncertainty and ambiguity not only for credit unions, but all industry stakeholders,” the letter reads. “The GUIDE Compliance Act would alleviate this uncertainty by requiring the BCFP to standardize the process of providing guidance that can be relied upon by industry.”
Specifically, the GUIDE Compliance Act would: