Removing Barriers Blog

CUNA Writes to Senator Hatch in Support of GUIDE Compliance Act
Posted September 20, 2018 by CUNA Advocacy

Earlier this week, CUNA wrote to Senator Hatch in support of his recently introduced legislation - the Give Useful Information to Define Effective (GUIDE) Compliance Act. A House version of the bill was introduced by Representatives. Duffy and Perlmutter.  The House version passed the House Financial Services Committee last week.

“Credit unions across the country continue to be frustrated with the sluggish issuance of guidance from the Bureau of Consumer Financial Protection (BCFP) which has created uncertainty and ambiguity not only for credit unions, but all industry stakeholders,” the letter reads. “The GUIDE Compliance Act would alleviate this uncertainty by requiring the BCFP to standardize the process of providing guidance that can be relied upon by industry.”

Specifically, the GUIDE Compliance Act would:

  • Clearly define guidance and implement clear and realistic time frames for providing answers in response to requests for guidance;
  • Requires the BCFP to create a process for amending or revoking guidance, including a process for public notice and comment;
  • Prohibits liability for reliance in good faith on guidance from the bureau; and
  • Requires the BCFP to develop and publish guidelines for determining the size of any civil money penalties.