Bureau Guidance Transparency Act

Bureau Guidance Transparency Act - Amends the Consumer Financial Protection Act of 2010 to direct the Consumer Financial Protection Bureau (CFPB), when issuing guidance, to: (1) provide for a public notice and comment period before issuing the guidance in final form, (2) make publicly available all information relied on by the CFPB, and (3) redact any information that is exempt from disclosure under specified provisions of the Freedom of Information Act.

Declares without force or effect CFPB Bulletin 2013-02 (Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act), published March 21, 2013.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4811 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4811

    To provide for a notice and comment period before the Bureau of 
 Consumer Financial Protection issues guidance, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 9, 2014

 Mr. Stutzman introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To provide for a notice and comment period before the Bureau of 
 Consumer Financial Protection issues guidance, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bureau Guidance Transparency Act''.

SEC. 2. STANDARDS FOR ISSUING GUIDANCE.

    Section 1022(b) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5512(b)) is amended by adding at the end the following:
            ``(5) Standards for issuing guidance.--In issuing any 
        guidance, the Bureau shall--
                    ``(A) provide for a public notice and comment 
                period before issuing the guidance in final form;
                    ``(B) when issuing guidance in final form, make 
                available to the public, including on the website of 
                the Bureau, all studies, data, methodologies, analyses, 
                and other information relied on by the Bureau in 
                preparing and issuing such guidance; and
                    ``(C) redact any information that is exempt from 
                disclosure under paragraphs (3), (4), (6), (7), or (8) 
                of section 552(b) of title 5, United States Code.''.

SEC. 3. ENSURING TRANSPARENCY AND PUBLIC PARTICIPATION FOR FAIR 
              GUIDANCE.

    (a) Bulletin 2013-02.--Bulletin 2013-02 of the Bureau of Consumer 
Financial Protection (published March 21, 2013) shall have no force or 
effect.
    (b) Rule of Construction.--This section shall not be construed as 
prohibiting the Bureau of Consumer Financial Protection from issuing 
guidance on the same topic as Bulletin 2013-02, so long as such 
guidance is issued in compliance with section 1022(b)(5) of the 
Consumer Financial Protection Act of 2010.
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