Give Useful Information to Define Effective Compliance Act or the GUIDE Compliance Act

This bill sets forth procedures for the issuance of guidance from the Consumer Financial Protection Bureau. Guidance includes written interpretive rules, bulletins, statements of policy, and other generally applicable authoritative documents that are not regulatory actions. The bureau must publish

• the types of guidance it will provide,
• the criteria used for selecting the type of guidance,
• the process for requests for guidance,
• the process for amending or revoking guidance, and
• guidelines for determining civil monetary penalties for a violation of consumer financial law.