Recent CFPB Advisory Opinions

On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued its Advisory Opinions Policy, which sets forth procedures to facilitate the submission by interested parties of requests that the CFPB issue advisory opinions, in the form of interpretive rules, to resolve regulatory uncertainty, and the manner in which the Bureau will evaluate and respond to such requests.

The CFPB has already released Advisory Opinions that clarify:

  • The following Regulation Z issues:
    • Private Education Loans
    • Earned Wage Access Program
  • Special Purpose credit programs under Regulation B.

This 90 minute program explains the intent and purpose of CFPB Advisory Opinions and explains the content of the CFPB’s first three advisory opinions on Private Education Loans, Earned Wage Access Programs, and special purpose credit programs.

Participants receive a detailed manual that serves as a handbook long after the program is completed.

Covered Topics

  • The concept of a CFPB Advisory Opinion;
  • The advisory opinions that clarify:
    • That loan products that refinance or consolidate a consumer’s pre-existing Federal, or Federal and private, education loans meet the definition of “private education loan” in the Truth in Lending Act and Regulation Z and are subject to the disclosure and consumer protection requirements in subpart F of Regulation Z;
    • That resolves regulatory uncertainty regarding the applicability of the definition of credit under Regulation Z to certain earned wage access (EWA) programs that conform to certain material facts laid out in the Advisory Opinion; and
    • That resolves uncertainty in special purpose credit programs designed and implemented by for-profit organizations to meet special social needs.

Who Should Attend?

The program is designed for loan officers, compliance officers, loan support staff, marketing staff, auditors, and any others with responsibilities related to the origination of education loans, earned wage transactions, and special purpose credit programs.