113 HR 4811 IH: Bureau Guidance Transparency Act U.S. House of Representatives 2014-06-09 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 113th CONGRESS 2d Session H. R. 4811 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.

1.

Short title

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

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

(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.