[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4662 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 4662
To amend the Consumer Financial Protection Act of 2010 to establish an
advisory opinion process for the Bureau of Consumer Financial
Protection, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 15, 2014
Mr. Posey introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Consumer Financial Protection Act of 2010 to establish an
advisory opinion process for the Bureau of Consumer Financial
Protection, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Bureau Advisory Opinion Act''.
SEC. 2. ADVISORY OPINIONS.
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) Advisory opinions.--
``(A) Establishing procedures.--
``(i) In general.--The Director shall
establish a procedure to provide responses to
specific inquiries by a covered person
concerning conformance of prospective conduct
with the Federal consumer financial law. In
establishing the procedures the Director shall
consult with the prudential regulators and such
other Federal departments and agencies as the
Director determines appropriate, and obtain the
views of all interested persons through a
public notice and comment period.
``(ii) Hypothetical inquiries prohibited.--
An inquiry may only be made by a covered person
under this paragraph with respect to conduct
that the person intends to engage in.
``(iii) Right to withdraw inquiry.--Any
covered person making an inquiry under this
paragraph may withdraw such inquiry at any time
prior to the Director issuing an opinion in
response to such inquiry, and any opinion based
on an inquiry that has been withdrawn shall
have no force or effect.
``(B) Issuance of opinions.--
``(i) In general.--The Director shall,
within 90 days after receiving an inquiry under
this paragraph, issue an opinion in response to
that inquiry. Such opinion shall state whether
or not the specified prospective conduct would,
for purposes of Bureau's present enforcement
policy, violate Federal consumer financial law.
``(ii) Extension permitted.--If the
Director determines that the Bureau requires
additional time to issue an opinion on an
inquiry, the Director may make a single
extension of the deadline described under
clause (i) of 45 days or less.
``(C) Rebuttable presumption.--In any action
brought under the Federal consumer financial law, there
shall be a rebuttable presumption that any conduct for
which the Director has issued an opinion that such
conduct is in conformity with the Bureau's
interpretation of Federal consumer financial law, is in
compliance with Federal consumer financial law. Such a
presumption may be rebutted by a preponderance of the
evidence. In considering such presumption, a court
shall weigh all relevant factors, including whether the
information submitted to the Director was accurate and
complete and whether the conduct at issue in the action
was within the scope of the conduct addressed in the
opinion of the Director.
``(D) Confidentiality.--Any document or other
material that is received by or prepared by the Bureau
or any other Federal department or agency in connection
with an inquiry under this paragraph, including any
opinion issued by the Director under this paragraph,
shall be exempt from disclosure under section 552 of
title 5, United States Code (commonly referred to as
the Freedom of Information Act) and may not, except
with the consent of the covered person making such
inquiry, be made publicly available, regardless of
whether the Director responds to such inquiry or the
covered person withdraws such inquiry before receiving
an opinion.
``(E) Assistance for small businesses.--
``(i) In general.--The Bureau shall assist,
to the maximum extent practicable, small
businesses in preparing inquiries under this
paragraph.
``(ii) Small business defined.--For
purposes of this clause, the term `small
business' has the meaning given the term `small
business concern' under section 3 of the Small
Business Act (15 U.S.C. 632).''.
<all>