Bill > HR527

This bill amends the Consumer Financial Protection Act of 2010 to update the purpose of the Bureau of Consumer Financial Protection (CFPB). The key provisions of the bill are: 1. The bill changes the purpose of the CFPB from ensuring "fair, transparent, and competitive" consumer financial markets to ensuring "fair and transparent" markets, and adds a requirement for the CFPB to implement and enforce federal consumer financial law consistently to strengthen private sector participation in markets, increase competition, and enhance consumer choice without government interference or subsidies. 2. The bill establishes an Office of Economic Analysis within the CFPB to review and assess the impact of proposed CFPB guidance, orders, rules, and regulations on consumer choice, price, and access to credit products, and to review and measure the success of existing CFPB rules, regulations, guidance, and orders over time. 3. The bill requires the CFPB Director to consider the reviews and assessments conducted by the Office of Economic Analysis before issuing any CFPB guidance, order, rule, or regulation, and to provide an explanation if the Director disagrees with any part of the review and assessment. 4. The bill requires the CFPB Director to identify the problem each proposed rule or regulation is seeking to solve and specify the metrics, including changes to consumer access to and cost of consumer financial products and services, by which the CFPB will measure the success of the rule or regulation in solving that problem.