Entrance to the CFPB headquarters. (Source: Shutterstock)
Two key Democratic senators are warning the CFPB against adopting a plan to issue advisory opinions for financial companies that request them.
"We have serious concerns that issuing advisory opinions tailored to companies' specific circumstances is not appropriate, especially if companies could use these opinions to circumvent consumer financial laws or as a defense in litigation by the Bureau or other parties," Senate Banking Committee ranking Democrat Sherrod Brown of Ohio and Sen. Elizabeth Warren (D-Mass.), wrote in a letter to agency Director Kathy Kraninger last week.
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