1. Short title
This Act may be cited as the “Bureau Guidance Transparency Act”.
Bureau Guidance Transparency Act
A BILL
To provide for a notice and comment period before the Bureau of Consumer Financial Protection issues guidance, and for other purposes.
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.”
3. Ensuring transparency and public participation for fair guidance
Bulletin 2013–02— Bulletin 2013–02 of the Bureau of Consumer Financial Protection (published March 21, 2013) shall have no force or effect.
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.