CFPB Finalizes Advisory Opinion Policy, Unveils 2 Opinions

Law360 (November 30, 2020, 10:06 PM EST) -- The Consumer Financial Protection Bureau said Monday it has finalized the terms of a program allowing financial services providers to seek the agency's opinion on topics of legal uncertainty, issuing two such opinions addressing the regulatory status of wage-advance products and loans to consolidate or refinance student debt.

The CFPB released a final policy outlining how companies, individuals and others can apply for provisional "advisory opinions" answering interpretative questions about the agency's rules and laws. The policy, which builds off a proposal from June, also describes what factors the CFPB will consider when choosing which questions to address and what to...

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