Advisory opinions

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)

Advisory opinions

(A)

Establishing procedures

(i)

In general

The Director shall establish a procedure to provide responses to specific inquiries by a covered person concerning conformance of prospective conduct with the Federal consumer financial law. In establishing the procedures the Director shall consult with the prudential regulators and such other Federal departments and agencies as the Director determines appropriate, and obtain the views of all interested persons through a public notice and comment period. (ii)

Hypothetical inquiries prohibited

An inquiry may only be made by a covered person under this paragraph with respect to conduct that the person intends to engage in. (iii)

Right to withdraw inquiry

Any covered person making an inquiry under this paragraph may withdraw such inquiry at any time prior to the Director issuing an opinion in response to such inquiry, and any opinion based on an inquiry that has been withdrawn shall have no force or effect. (B)

Issuance of opinions

(i)

In general

The Director shall, within 90 days after receiving an inquiry under this paragraph, issue an opinion in response to that inquiry. Such opinion shall state whether or not the specified prospective conduct would, for purposes of Bureau’s present enforcement policy, violate Federal consumer financial law. (ii)

Extension permitted

If the Director determines that the Bureau requires additional time to issue an opinion on an inquiry, the Director may make a single extension of the deadline described under clause (i) of 45 days or less. (C)

Rebuttable presumption

In any action brought under the Federal consumer financial law, there shall be a rebuttable presumption that any conduct for which the Director has issued an opinion that such conduct is in conformity with the Bureau’s interpretation of Federal consumer financial law, is in compliance with Federal consumer financial law. Such a presumption may be rebutted by a preponderance of the evidence. In considering such presumption, a court shall weigh all relevant factors, including whether the information submitted to the Director was accurate and complete and whether the conduct at issue in the action was within the scope of the conduct addressed in the opinion of the Director. (D)

Confidentiality

Any document or other material that is received by or prepared by the Bureau or any other Federal department or agency in connection with an inquiry under this paragraph, including any opinion issued by the Director under this paragraph, shall be exempt from disclosure under section 552 of title 5, United States Code (commonly referred to as the Freedom of Information Act) and may not, except with the consent of the covered person making such inquiry, be made publicly available, regardless of whether the Director responds to such inquiry or the covered person withdraws such inquiry before receiving an opinion. (E)

Assistance for small businesses

(i)

In general

The Bureau shall assist, to the maximum extent practicable, small businesses in preparing inquiries under this paragraph. (ii)

Small business defined

For purposes of this clause, the term small business has the meaning given the term small business concern under section 3 of the Small Business Act (15 U.S.C. 632).