Legislation that has advanced in the House of Representatives addresses sharp criticism the Bureau of Consumer Financial Protection kept lenders in the dark about complying with agency guidance.

On Thursday the House Financial Services Committee approved House Bill H.R. 5534, the Give Useful Information to Define Effective Compliance Act, by a vote of 34 to 17.

A committee statement said the bill was among "12 important pieces of legislation to improve the lives of Americans and protect our financial institutions."

Source: Mortgage Daily