Surprisingly, CFPB is not required to and in fact does not provide much guidance to the industry and they are widely known for refusing to answer questions for the industry.  CFPB's primary way of communicating with the indstries they regulate is through penalties and law suits.  This bill would require CFPB to provide guidance and answer questions for the industry.

Following is the Summary on the Congress.gov website:

(Congressional Summary not published as of 5/5/2018)