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Senate Finance Committee Chairman Orrin Hatch, R-Utah, and Sen. James Lankford, R-Okla., introduced companion legislation Monday that would require the Bureau of Consumer Financial Protection (previously the CFPB) to issue timely guidance on its rules in order to facilitate industry compliance and better protect consumers.

The bill – the Give Useful Information to Define Effective (GUIDE) Compliance Act (S. 3443) – mirrors the House version (H.R. 5534), which was advanced by the House Financial Services Committee last week.

"NAFCU thanks Chairman Hatch and Senator Lankford for introducing this important legislation that will help credit unions have the information they need to operate in a safe, sound and compliant manner," said NAFCU Vice President of Legislative Affairs Brad Thaler. "We are encouraged by the bicameral support to create a formal process for bureau guidance and clarification."

In June, NAFCU joined with more than a dozen trade groups to write in support of the legislation. The association continues to press for a formal avenue for individual credit unions to seek guidance and clarification from the bureau.