CFPB Announces the Establishment of a New Pilot Advisory Opinion Program
The Consumer Financial Protection Bureau (“Bureau”) announced the establishment of a new Pilot Advisory Opinion (AO) Program. The primary purpose of the Pilot AO Program is to provide a mechanism through which the Bureau may more effectively carry out its statutory purposes and objectives by better enabling compliance in the face of regulatory uncertainty. Under the program, parties will be able to request interpretive guidance, in the form of an AO, to resolve such regulatory uncertainty.
More information regarding CFPB’s new Pilot AO Program is available at: https://files.consumerfinance.gov/f/documents/cfpb_advisory-opinions-pilot_fr-notice.pdf