The CFPB now offers an online form as a service to those seeking guidance about CFPB regulations. Check it out here.
The website still offers an email and phone number for regulatory questions (CFPB_reginquiries@cfpb.gov; (202) 435-7700), but a call to the number makes it clear that the new form is the preferred workflow for queries.
Some responses will take longer for Bureau staff to research, but the notice suggests that for the most part, some kind of response can be expected in 10-15 business days.
The Bureau warns,
“Please understand that the responses we provide are not official interpretations of the Bureau and are not a substitute for formal legal counsel or other compliance advice. For example, we cannot moderate disputes between parties, provide guidance on matters that are under examination or investigation by the Bureau or another state or federal agency, or answer questions about specific business plans.”
This new online form came to light with little fanfare. At first blush it seems to be a positive development, even if it is nothing more than a simpler and more convenient method to request assistance. insideARM would love to hear from anyone in the industry that utlizes the form in the future.