The Consumer Financial Protection Bureau (CFPB) recently published a policy statement announcing a new category of Bureau guidance, known as “Compliance Aids,” aimed at improving clarity on requirements of existing rules and statutes. As advocated for by NAR, helpful compliance resources like this that can be reasonably relied upon are needed by the industry to achieve statutory and regulatory objectives for the broader benefit of consumers.
While there is no requirement to follow a Compliance Aid, these resources will include “practical suggestions for how entities might choose to go about complying” with specific rules and statutes. Alternative ways to fulfill statutory and regulatory obligations are still permissible, as the Aid may not be exhaustive of all compliance methods. Notably, when exercising its enforcement and supervisory discretion, the Bureau does not intend to sanction, or ask a court to sanction, entities that reasonably rely on Compliance Aids.
The Bureau’s announcement is welcomed as there is always a need for additional support and clarity on methods for compliance. NAR will continue to engage with the CFPB in their development of the Compliance Aids, which includes potential reissuing of existing materials.