CFPB Finalizes Advisory Opinions Policy And Issues Two Advisory Opinions

The CFPB has issued its final Advisory Opinions Policy, which allows stakeholders to request interpretive guidance "to resolve regulatory uncertainty." While advisory opinions (AO) may address uncertainty in both statutes and regulations, the Bureau states in the Policy that it "will focus primarily on clarifying ambiguities in its regulations." The Policy was accompanied by the release of two AOs, one dealing with earned wage access (EWA) products and the other dealing with certain education loan products that refinance or consolidate a borrower's pre-existing federal, or federal and private, education loans.

AO Policy. The final Policy, which as published in the Federal Register indicates that it was applicable beginning November 30, 2020, supersedes the Bureau's pilot AO program launched in June 2020. The final Policy adopts the Bureau's June 2020 proposal without any significant changes. It provides for the submission of requests for an AO to the Bureau by