Ever since the Consumer Financial Protection Bureau came into fruition, the industry spent countless hours trying to interpret how to properly stay in compliance with their regulations.
Plus, the CFPB is consistently pumping out new regulation.
But don’t worry, for those who are having trouble making sure they interpret the rules correctly, there’s good news.
The bureau released a new process to get clarification from them, creating an online submission form, found here, for financial institutions, service providers, and others to get informal staff guidance on specific questions about the bureau’s regulation.
However, the CFPB emphasized that the responses it provides are not official interpretations of the bureau and are not a substitute for formal legal counsel or other compliance advice.
For example, the bureau cannot provide guidance on state law or federal law that is not under its authority or moderate disputes between parties.
It’s not that the bureau was opposed to giving guidance before this, but it’s that the process was a little more difficult.
As noted in a blog post from law firm Ballard Spahr by Barbara Mishkin, “It is unclear whether the new form is intended to replace the email address and phone number previously given by the CFPB for regulatory questions since the website’s eRegulations page still invites questions at that email address and phone number.”
This new streamlined option, though, promises a response within 10-15 business days.
The bureau added, “If we need more time to answer your question or cannot answer your question, we will tell you. Response times and formats vary depending on the current volume of questions, the amount of time needed to research your question, and staff availability.”