In response to the Consumer Financial Protection Bureau’s (CFPB’s) proposed advisory opinion (AO) programpdf, NAR submitted a commentpdf providing feedback that would better help businesses seek clarity on regulatory compliance obligations. The pilot and proposed program details are intended to address regulatory uncertainty, where AOs will be made public to ensure broad benefit of the Bureau’s analysis. AO requests will also inform the Bureau of outdated, unnecessary, or unduly burdensome regulations. NAR’s comment focused on how the proposed program could be made more transparent and useful, especially to small businesses and sole proprietors.
Stay tuned to nar.realtor/respa for the latest updates.