CFPB Announces Policy Statement on “Compliance Aids”

The CFPB recently issued a policy statement to announce and explain use of a new category of guidance materials, to be designated as “Compliance Aids.” The policy statement became effective on February 1, 2020.

According to the policy statement, the Compliance Aids are not binding, regulated entities are not required to comply with the Compliance Aids themselves, and, as a reminder, regulated entities are only required to comply with the underlying rules and statutes.  Instead, the Compliance Aids are intended by the CFPB to assist compliance professionals, other industry holders, and the public, such as by summarizing and illustrating existing rules and statutes and including practical suggestions for compliance with rules and statutes.  Moreover, the CFPB clarified that it does not intend, in enforcement and supervisory situations, to sanction entities that have reasonably relied on the Compliance Aids.