Bill > HR2489

This bill, the CFPB Dual Mandate and Economic Analysis Act, aims to amend 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) It modifies the CFPB's purpose to focus on "fair and transparent" markets rather than "fair, transparent, and competitive" markets, and adds a requirement for the CFPB to implement and enforce federal consumer financial law consistently to strengthen private sector participation and increase competition. 2) It establishes an Office of Economic Analysis within the CFPB to review and assess the impact of proposed guidance, orders, rules, and regulations on consumer choice, price, and access to credit products, and to review and measure the success of existing rules, regulations, guidance, and orders. 3) It requires the CFPB Director to consider the review and assessment by the Office of Economic Analysis before issuing any guidance, order, rule, or regulation, and to identify the problem that a particular rule or regulation is seeking to solve and specify the metrics for measuring its success.

Business and Industry

https://www.congress.gov/bill/118th-congress/house-bill/2489/all-info