WASHINGTON, D.C. - U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC) Executive Vice President Thomas Quaadman issued the following statement in response to today’s Consumer Financial Protection Bureau announcement on advisory opinions:
“We commend the Consumer Financial Protection Bureau and Director Kathy Kraninger on today’s announcement regarding an established advisory opinion process. The U.S. Chamber has long advocated for transparency and clear guidance for businesses so they can better serve consumers, which is what this new program will provide.
“Advisory opinions provide well considered, prospective guidance to an entire market in a transparent manner. Today’s action will create a meaningful process to eliminate confusion by providing interpretations of current law when there are questions. We look forward to working with the Consumer Financial Protection Bureau and Director Kraninger as they continue their efforts to provide certainty to consumers.”