Bill > HR2183

This bill aims to modify the Consumer Financial Protection Act of 2010 by updating the purpose and oversight of the Consumer Financial Protection Bureau (CFPB). Specifically, the bill modifies the CFPB's mission to remove the term "competitive" and adds language requiring the bureau to strengthen private sector market participation without government interference or subsidies. The bill establishes a new Office of Economic Analysis within the CFPB, which will be responsible for reviewing and assessing all proposed and existing bureau guidance, orders, rules, and regulations. This office must evaluate the impact of these actions on consumer choice, credit access, and pricing, and publish reports on its findings in the Federal Register. Additionally, the bill requires the CFPB Director to identify specific problems that rules are intended to solve, specify metrics for measuring the success of those rules, and provide explanations if the Director disagrees with the Office of Economic Analysis's assessments. The key goal appears to be increasing transparency, reducing government intervention, and ensuring that CFPB regulations have measurable, positive impacts on consumers and financial markets.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/2183/all-info