H.R. 5211 · 114th Congress
CFPB Dual Mandate and Economic Analysis Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
EmmerSponsor4 cosponsors · 4 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Consumer Financial Protection Act of 2010 to revise the purpose of the Consumer Financial Protection Bureau (CFPB) regarding competition in markets for consumer financial products and services.
What it does: CRS summary · Introduced in House · May 12, 2016
CFPB Dual Mandate and Economic Analysis Act
This bill amends the Consumer Financial Protection Act of 2010 to revise the purpose of the Consumer Financial Protection Bureau (CFPB) regarding competition in markets for consumer financial products and services. The CFPB shall implement and, where applicable, enforce federal consumer financial law consistently for the purpose of strengthening private sector participation in markets, without government interference or subsidies, to increase competition and enhance consumer choice.
The CFPB shall establish an Office of Economic Analysis (OEA) to:
- review all CFPB proposed guidance, orders, rules and regulations;
- assess their impact on consumer choice, price, and access to credit products;
- assess them again after 1, 2, 5, and 10 years;
- measure the success of the rule, regulation, guidance, or order in solving the problem it was intended to solve when issued; and
- report on these reviews and assessments in the Federal Register.
Before issuing any guidance, order, rule, or regulation, the CFPB shall consider the OEA's review and assessment of it, giving notice and explanation if the CFPB disagrees with the OEA.
The CFPB shall also, in each proposed rulemaking, identify the problem the particular rule or regulations is seeking to solve, and specify the metrics by which success in solving the problem will be measured.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: CFPB Dual Mandate and Economic Analysis Act
Latest action (May 12, 2016): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 12, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.