,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #dffb  ,,in ,,the ,,house ,,of  
,,representatives  ,may #ae1 #bjad ,mr4 
,posey introduced the following bill2   
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
amend the ,consumer ,financial          
,protection ,act of #bjaj to establish  
an advisory opinion process for the     
,bureau of ,consumer ,financial         
,protection1 and for other purposes4    
#a4 ,short title ,this ,act may be cited
 as the ,bureau ,advisory ,opinion ,act4
  #b4 ,advisory opinions ,section       
#ajbb7;b7 of the ,consumer ,financial   
,protection ,act of #bjaj 7#ab ,u4,s4,c4
 #eeab7;b77 is amended by adding at the 
end the following3  7#e7 ,advisory      
opinions  7,a7 ,establishing procedures 
7i7 ,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 law4 ,in establishing

 the procedures the ,director shall     
consult with the prudential regulators  
and such other ,federal departments and 
agencies as the ,director determines    
appropriate1 and obtain the views of all
 interested persons through a public    
notice and comment period4  7ii7        
,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 in4  7iii7 ,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 inquiry1 and any       
opinion based on an inquiry that has    
been withdrawn shall have no force or   
effect4  7,b7 ,issuance of opinions  7i7
 ,in general ,the ,director shall1      
within #ij days after receiving an      
inquiry under this paragraph1 issue an  
opinion in response to that inquiry4    
,such opinion shall state whether or not

 the specified prospective conduct      
would1 for purposes of ,bureau's present
 enforcement policy1 violate ,federal   
consumer financial law4  7ii7 ,extension
 permitted ,if the ,director determines 
that the ,bureau requires additional    
time to issue an opinion on an inquiry1 
the ,director may make a single         
extension of the deadline described     
under clause 7i7 of #de days or less4   
7,c7 ,rebuttable presumption ,in any    
action brought under the ,federal       
consumer financial law1 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 law1 is in compliance with    
,federal consumer financial law4 ,such a
 presumption may be rebutted by a       
preponderance of the evidence4 ,in      
considering such presumption1 a court   
shall weigh all relevant factors1       
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 ,director4  7,d7                
,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 paragraph1        
including any opinion issued by the     
,director under this paragraph1 shall be
 exempt from disclosure under section   
#eeb of title #e1 ,united ,states ,code 
7commonly referred to as the ,freedom of
 ,information ,act7 and may not1 except 
with the consent of the covered person  
making such inquiry1 be made publicly   
available1 regardless of whether the    
,director responds to such inquiry or   
the covered person withdraws such       
inquiry before receiving an opinion4    
7,e7 ,assistance for small businesses   
7i7 ,in general ,the ,bureau shall      
assist1 to the maximum extent           

practicable1 small businesses in        
preparing inquiries under this          
paragraph4  7ii7 ,small business defined
 ,for purposes of this clause1 the term 
small business has the meaning given the
 term small business concern under      
section #c of the ,small ,business ,act 
7#ae ,u4,s4,c4 #fcb74  4