Legislation to require the Consumer Financial Protection Bureau (CFPB) to provide useful guidance in a timely fashion has gained a significant amount of industry supports as it awaits action by the House Financial Services Committee.
If enacted, H.R. 5534, known as the “Give Useful Information to Define Effective” (GUIDE) Compliance Act, would amend the Consumer Financial Protection Act to place certain guidance requirements on the bureau when it proposes a rule.
Find out more details about the measure, which has garnered a wealth of industry backing.