Reliance on guidance issued by the Bureau of Consumer Financial Protection

Section 130 of the Truth in Lending Act (15 U.S.C. 1640) is amended by adding at the end the following: (m) Reliance on bureau guidance No creditor shall be liable for a violation arising from an act done or omitted in good-faith reliance on guidance issued by the Bureau. (n) Notice and opportunity To cure (1) First time violation No civil penalty may be imposed for a first time violation under this title unless the creditor fails to cure such violation within 60 days after receiving written notice from a Federal or State regulator. (2) Restitution and private remedies for consumer Nothing in this subsection affects a consumer’s right to restitution or private remedies. (3) First time violation defined In this subsection, the term first time violation means the first written notice from a Federal or State regulator that identifies a specific violation under this title, for which— (A) no prior notice of the same violation issued within the preceding 36-month period; and (B) a single pattern or practice affecting multiple loans constitutes one violation for purposes of this subsection if arising from the same underlying error..