,,ii  #aafth ,,congress  #b;d ,session  
,s4 #dfib  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #bd1
 #bjbj,mr4 ,lankford 7for himself1 ,mr4 
,tillis1 and ,mr4 ,scott of ,south      
,carolina7 introduced the following     
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,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 ,definitions ,in this   
paragraph-- 7i7 the term ,bureau means--

 7,i7 the ,director of the ,bureau2     
7,,ii7 the ,deputy ,director of the     
,bureau2 and  7,,iii7 any employee of   
the ,bureau described in section        
#ajac7;a77#a77;,b72 and  7ii7 the term  
guidance-- 7,i7 means-- 7aa7 an agency  
statement of general applicability and  
future effect1 other than a regulatory  
action1 that sets forth a policy on a   
statutory1 regulatory1 or technical     
issue or an interpretation of a         
statutory or regulatory issue2 and  7bb7
 any written interpretive rule1         
bulletin1 statement of policy1 letter1  
examination manual1 frequently asked    
question1 notice1 directive1 news       
release1 blog post1 small entity        
compliance guide1 or other authoritative
 document issued by the ,bureau         
regarding compliance with a ,federal    
consumer financial law2 and  7,,ii7 does
 not include-- 7aa7 a purely internal   
,bureau policy2  7bb7 a law enforcement 
communication such as a complaint1      
consent order1 judgment1 legal opinion1 

warning letter1 investigatory letter1   
notice of hearing1 civil investigative  
demand1 subpoena1 no-action letter1     
advisory opinion1 or any request in lieu
 of the foregoing2  7cc7 an             
individualized supervisory communication
 such as a supervisory letter1 report of
 examination1 memorandum of             
understanding1 board resolution1 matter 
requiring attention1 or individualized  
communication or agreement pursuant to  
the supervisory authority of the        
,bureau2 or  7dd7 a decision issued     
under subtitle ,e4  7,b7 ,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,c7 ,rulemaking  7i7   
,proposed rule ,not later than #ah      
months after the date of enactment of   
this paragraph1 the ,bureau shall       
publish in the ,federal ,register and on
 the website of the ,bureau a proposed  

rule defining-- 7,i7 each type of       
guidance the ,bureau shall provide2     
7,,ii7 the criteria the ,bureau shall   
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 
and  7,v7 a process for amending or     
revoking guidance issued under the rule1
 including a process for public input on
 any proposal to amend or revoke        
guidance1 unless the ,bureau determines 
public input is not required due to     
public exigency4  7ii7 ,final rule ,not 
later than #a year after the date on    
which the proposed rule described in    
clause 7i7 is published1 the ,bureau    
shall publish a final rule based on the 
proposed rule4  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 the act or        
omission1 even if the 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  7i7   
,proposed rule ,not later than #ah      
months after the date of the enactment  
of this subparagraph1 the ,bureau shall 
publish in the ,federal ,register and on
 the website of the ,bureau 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     
extent possible1 align with any chart1  
matrix1 rule1 or guideline published by 
the ,office of the ,comptroller of the  
,currency1 the ,corporation1 or the     
,board of ,governors4  7ii7 ,final rule 

,not later than #a year after the date  
on which the proposed rule described in 
clause 7i7 is published1 the ,bureau    
shall publish a final rule based on the 
proposed rule4  4