American Financial Services Association

AFSA Supports CFPB’s Advisory Opinion Program

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AFSA Supports CFPB’s Advisory Opinion Program

AFSA submitted a letter on Friday in support of the Consumer Financial Protection Bureau’s (CFPB) proposed advisory opinion program. The program would allow financial institutions to submit questions to the CFPB on areas where regulatory uncertainty exists. The CFPB’s goal is to better enable compliance in the face of regulatory and statutory uncertainty.

AFSA agrees with the CFPB that clear and useful guidance to regulated entities is an important aspect of facilitating markets. In its letter AFSA emphasized its support for allowing trade associations to submit requests for advisory opinions on behalf of one or more members, who would remain anonymous. In addition, AFSA responded to six aspects of the proposed advisory opinion program for which the CFPB sought comment.

August 24th, 2020 by