Credit union trade groups endorse CFPB advisory opinion plan; consumer groups oppose it

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » A Consumer Financial Protection Bureau proposal to allow financial services providers and trade groups to apply for advisory opinions would help bring more certainty to the regulatory process, credit union trade groups said last week.A coalition of consumer groups warned that the proposal would circumvent the regulatory process that is designed to protect consumers.In announcing the proposal in June, the CFPB said that the proposal, if adopted, would focus primarily on clarifying agency rules. “Under the program, parties will be able to request interpretive guidance, in the form of an [advisory opinion] to resolve such regulatory uncertainty,” the agency said.The proposal also would allow trade groups or outside counsel to submit a request on behalf of a group of clients or members without those entities being named.last_img

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