,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #dffb  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #ae1 #bjad ,mr4  
,posey introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d ! ,consum]
 ,f9ancial ,protection ,act ( #bjaj to  
e/abli% an advisory op9ion process = !  
,bureau ( ,consum] ,f9ancial            
,protection1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,bureau ,advisory ,op9ion ,act4  #b4    
,advisory op9ions ,section #ajbb7;b7 ( !
 ,consum] ,f9ancial ,protection ,act (  
#bjaj 7#ab ,u4,s4,c4 #eeab7;b77 is am5d$
 by add+ at ! end ! foll[+3  7#e7       
,advisory op9ions  7,a7 ,e/abli%+       
proc$ures  7i7 ,9 g5]al ,! ,director    
%all e/abli% a proc$ure to provide      
responses to specific inquiries by a    
cov]$ p]son conc]n+ con=mance (         
prospective conduct ) ! ,f$]al consum]  
f9ancial law4 ,9 e/abli%+ ! proc$ures ! 
,director %all consult ) ! prud5tial    
regulators & su* o!r ,f$]al dep>tm5ts & 

ag5cies z ! ,director det]m9es          
appropriate1 & obta9 ! views ( all      
int]e/$ p]sons ?r\gh a public notice &  
comm5t p]iod4  7ii7 ,hypo!tical         
inquiries prohibit$ ,an inquiry may only
 be made by a cov]$ p]son "u ?is        
p>agraph ) respect to conduct t ! p]son 
int5ds to engage 94  7iii7 ,"r to )draw 
inquiry ,any cov]$ p]son mak+ an inquiry
 "u ?is p>agraph may )draw su* inquiry  
at any "t prior to ! ,director issu+ an 
op9ion 9 response to su* inquiry1 & any 
op9ion bas$ on an inquiry t has be5     
)drawn %all h no =ce or effect4  7,b7   
,issuance ( op9ions  7i7 ,9 g5]al ,!    
,director %all1 )9 #ij days aft] receiv+
 an inquiry "u ?is p>agraph1 issue an   
op9ion 9 response to t inquiry4 ,su*    
op9ion %all /ate :e!r or n ! specifi$   
prospective conduct w\ld1 = purposes (  
,bureau's pres5t en=cem5t policy1       
violate ,f$]al consum] f9ancial law4    
7ii7 ,ext5sion p]mitt$ ,if ! ,director  
det]m9es t ! ,bureau requires additional
 "t to issue an op9ion on an inquiry1 ! 

,director may make a s+le ext5sion ( !  
deadl9e describ$ "u clause 7i7 ( #de    
days or less4  7,c7 ,rebuttable         
presumption ,9 any action br\ght "u !   
,f$]al consum] f9ancial law1 !re %all be
 a rebuttable presumption t any conduct 
= :i* ! ,director has issu$ an op9ion t 
su* conduct is 9 con=mity ) ! ,bureau's 
int]pretation ( ,f$]al consum] f9ancial 
law1 is 9 compliance ) ,f$]al consum]   
f9ancial law4 ,su* a presumption may be 
rebutt$ by a prepond]ance ( ! evid5ce4  
,9 consid]+ su* presumption1 a c\rt %all
 weigh all relevant factors1 includ+    
:e!r ! in=mation submitt$ to ! ,director
 0 accurate & complete & :e!r ! conduct 
at issue 9 ! action 0 )9 ! scope ( !    
conduct address$ 9 ! op9ion ( !         
,director4  7,d7 ,confid5tiality ,any   
docum5t or o!r mat]ial t is receiv$ by  
or prep>$ by ! ,bureau or any o!r ,f$]al
 dep>tm5t or ag5cy 9 connection ) an    
inquiry "u ?is p>agraph1 includ+ any    
op9ion issu$ by ! ,director "u ?is      
p>agraph1 %all be exempt f disclosure "u

 section #eeb ( title #e1 ,unit$ ,/ates 
,code 7commonly ref]r$ to z ! ,fre$om ( 
,in=mation ,act7 & may n1 except ) !    
cons5t ( ! cov]$ p]son mak+ su* inquiry1
 be made publicly available1 reg>dless (
 :e!r ! ,director responds to su*       
inquiry or ! cov]$ p]son )draws su*     
inquiry be=e receiv+ an op9ion4  7,e7   
,assi/ance = small bus9esses  7i7 ,9    
g5]al ,! ,bureau %all assi/1 to !       
maximum ext5t practicable1 small        
bus9esses 9 prep>+ inquiries "u ?is     
p>agraph4  7ii7 ,small bus9ess def9$ ,= 
purposes ( ?is clause1 ! t]m small      
bus9ess has ! mean+ giv5 ! t]m small    
bus9ess conc]n "u section #c ( ! ,small 
,bus9ess ,act 7#ae ,u4,s4,c4 #fcb74  4