CUNA backs GUIDE Compliance Act to aid compliance, consumers
CUNA wrote in support of the Give Useful Information to Define Effective (GUIDE) Compliance Act (H.R. 5534) Tuesday, a bill that is expected to be marked up by the House Financial Services Committee Thursday. H.R. 5534 was introduced by Reps. Sean Duffy (R-Wis.) and Ed Perlmutter (D-Colo.).
“The GUIDE Compliance Act would alleviate this uncertainty by requiring the Bureau of Consumer Financial Protection (BCFP) to standardize the process of providing guidance that can be relied upon by industry,” wrote CUNA President/CEO Jim Nussle. “Specifically, the legislation would clearly define guidance and implement clear and realistic time frames for providing answers in response to requests for guidance.”
Specifically, the bill:
- Requires the bureau to create a process for amending or revoking guidance, including a process for public notice and comment;
- Prohibits liability for reliance in good faith on guidance from the Bureau; and
- Requires the BCFP to develop and publish guidelines for determining the size of any civil money penalties.