Informal guidance from the Consumer Financial Protection Bureau (also known as the Bureau of Consumer Financial Protection) should not be treated as rule from a compliance standpoint, according to a position held by the National Reverse Mortgage Lenders Association that was submitted in formal comments to the Bureau this week.
Responding to a Request for Information commenced by the CFPB, NRMLA stated its view that “If, and when, the BCFP issues non-rule related interpretations or guidance, it should not take the position that such guidance takes on the force of a rule, and that if industry members do not follow such guidance, they will be out of compliance with the rule that the guidance interprets.”
The Request for Information (RFI) was created in an effort to assess the effectiveness and accessibility of its guidance materials and activities, the CFPB noted, including implementation support. The Bureau may use the information gathered in response to the RFI to make changes to its guidance process, the agency said.
In its comments, NRMLA also recommended that the CFPB confirm receipt of and respond more quickly to requests around clarification and guidance. It also recommended the agency should publish its responses in writing to help clarify issues for other parties.
Written by Elizabeth Ecker
