,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #eecd  ,,in ,,the ,,house ,,of  
,,representatives  ,april #ag1 #bjah    
,mr4 ,duffy 7for himself and ,mr4       
,perlmutter7 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 
provide procedures for guidance issued  
by the ,bureau of ,consumer ,financial  
,protection1 and for other purposes4    
#a4 ,short title ,this ,act may be cited
 as the ,give ,useful ,information to   
,define ,effective ,compliance ,act or  
the ,,guide ,compliance ,act4  #b4      
,procedures for ,bureau guidance        
,section #ajbb7;b7 of the ,consumer     
,financial ,protection ,act of #bjaj is 
amended by adding at the end the        
following3  7#e7 ,procedures for ,bureau
 guidance  7,a7 ,guidance requirements  
,the ,director shall issue guidance that
 is necessary or appropriate to enable  
the ,bureau to carry out ,federal       

consumer financial law1 including       
facilitating compliance with such law4  
7,b7 ,guidance defined ,for purposes of 
this paragraph1 the term guidance--  7i7
 means any written interpretive or      
legislative rule1 interim final rule1   
bulletin1 statement of policy1 letter1  
examination manual1 frequently asked    
question1 or other document issued by   
the ,bureau regarding compliance with a 
,federal consumer financial law that is 
exempt from notice and comment          
rulemaking requirements under section   
#eec7;b7 of title #e1 ,united ,states   
,code2 and  7ii7 does not include a     
complaint1 consent order1 judgment1 or  
decision issued under subtitle ,e4  7,c7
 ,rulemaking  7i7 ,proposed rule ,the   
,bureau shall publish in the ,federal   
,register and on its website within #a  
year after the date of the enactment of 
this paragraph a proposed rule          
defining-- 7,i7 each type of guidance it
 shall provide2  7,,ii7 the criteria the
 ,bureau will use for selecting each    

type of guidance2  7,,iii7 the process  
and timelines for requests for guidance2
  7,,iv7 the time periods for the       
response of the ,bureau to a request for
 each type of guidance2  7,v7 a process 
for amending or revoking guidance issued
 under the rule1 including a process for
 public notice and comment on any       
proposal to amend or revoke guidance1   
unless the ,bureau determines public    
notice and comment is not required due  
to public exigency4  7ii7 ,final rule   
,the ,bureau shall publish a final rule 
based on the proposed rule described in 
clause 7i7 within #ah months after the  
date of the enactment of this paragraph4
  7,d7 ,reliance on ,bureau guidance ,no
 person shall be held liable for any act
 done or omitted in good faith in       
conformity with any applicable guidance 
from the ,bureau or any predecessor     
agency that was in effect at the time of
 such act or omission1 even if such     
guidance is later revoked1 amended1 or  
rendered inconsistent by guidance or    

action by the ,bureau or a determination
 by a court of competent jurisdiction4  
7,e7 ,development of a penalty matrix   
,not later than #ah months after the    
date of the enactment of this           
subparagraph1 the ,bureau shall publish 
in the ,federal ,register and on its    
website a proposed rule establishing    
guidelines for determining the size of  
any civil monetary penalties issued by  
the ,bureau based on the severity of the
 actionable conduct in violation of a   
,federal consumer financial law and the 
level of culpability4 ,the regulations  
prescribed under this paragraph shall1  
to the fullest extent possible1 align   
with any chart1 matrix1 rule1 or        
guideline published by the ,office of   
the ,comptroller of the ,currency1 the  
,federal ,deposit ,insurance            
,corporation1 or the ,board of          
,governors of the ,federal ,reserve     
,system4  4