Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the House Financial Services Committee on June 18 for a hearing titled “The Semi-Annual Report of the Consumer Financial Protection Bureau.” During the hearing, Rep. Ed Royce, R-Calif., noted that he has been hearing criticisms that the CFPB is conducting regulation of financial products and services through enforcement actions and guidance bulletins rather than through notice and comment rulemakings.
“I’ve been told that other federal agencies often enlist the use of advisory opinions to help businesses seeking clarifications on specific practices,” Royce said. “Would the CFPB consider issuing similar advisory opinions? Because then you might have them know on the front end exactly what was expected and what wasn’t.”
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