H.R. 6584 · 118th Congress
Encouraging Innovation and Protecting Consumers Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
TimmonsSponsorNo cosponsors.
This bill (1) ends the Office of Competition and Innovation within the Consumer Financial Protection Bureau (CFPB), and (2) restores the Office of Innovation at the CFPB. The Office of Competition and Innovation replaced the Office of Innovation in 2022. The original Office of Innovation was established in 2018.
What it does: CRS summary · Introduced in House · Dec 4, 2023
Encouraging Innovation and Protecting Consumers Act
This bill (1) ends the Office of Competition and Innovation within the Consumer Financial Protection Bureau (CFPB), and (2) restores the Office of Innovation at the CFPB. The Office of Competition and Innovation replaced the Office of Innovation in 2022. The original Office of Innovation was established in 2018.
The restored Office of Innovation must reestablish the compliance assistance sandbox policy (providing a safe harbor from certain liability laws while an approved financial product or service is in a testing phase) and the no action letter policy (ensuring no supervisory or enforcement action against an approved financial product or service in certain circumstances).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Encouraging Innovation and Protecting Consumers Act
Latest action (Dec 4, 2023): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Dec 4, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.