We want to make our blog readers aware (or remind those that already know) that the CFPB will provide informal staff guidance on its regulations in response to specific questions that are submitted through its website portal.

The Bureau indicates that a company that submits a question can expect to hear back from the Bureau in 10 to 15 business days and that, if the Bureau needs more time to answer a question or cannot answer a question, it will let the company know.  The Bureau also cautions that its responses are not official interpretations and are not a substitute for formal legal counsel or other compliance advice.