CFPB Establishes "Pilot Advisory Opinion Program" To Address Regulatory Ambiguity

The CFPB established a Pilot Advisory Opinion ("AO") Program to create a mechanism through which the agency may better enabl[e] compliance in the face of "regulatory uncertainty." Under the pilot program, parties can request an advisory opinion to clarify regulatory or statutory ambiguities.

The CFPB will focus on (i) providing timely and clear information to consumers, (ii) identifying regulations that are outdated, unnecessary, or unduly burdensome, (iii) maintaining consistent enforcement practices regarding Federal consumer financial law to "promote fair competition," and (iv) ensuring transparent and efficient functioning of consumer financial product and service markets.