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CFPB Dual Mandate and Economic Analysis Act
To amend the Consumer Financial Protection Act of 2010 to update the purpose of the Bureau of Consumer Financial Protection, and for other purposes.
Summary
This act amends the Consumer Financial Protection Act of 2010 to modify the Bureau of Consumer Financial Protection's purpose and establish new procedural requirements. The bill creates an Office of Economic Analysis within the Bureau to review and assess the impact of the Bureau's proposed and existing guidance, orders, rules, and regulations on consumer choice, price, and access to credit products. The Director must consider the Office's reviews before issuing new regulations and explain any disagreements with the Office's findings. The bill also requires the Director to identify specific problems that proposed rules address and specify metrics to measure success, including measurements of changes to consumer access and costs.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Emmer, Tom [R-MN-6] (R-MN)
Actions (2)
- Mar 18, 2025 Referred to the House Committee on Financial Services. · house
- Mar 18, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
March 18, 2025
Mr. Emmer introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Consumer Financial Protection Act of 2010 to update the purpose of the Bureau of Consumer Financial Protection, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “CFPB Dual Mandate and Economic Analysis Act”.
SEC. 2. PURPOSE.
Section 1021(a) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5511(a)) is amended—
(1) by striking “fair, transparent, and competitive” and inserting: “fair and transparent”; and
(2) by adding at the end the following: “In addition, the Bureau shall seek to 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.”.
SEC. 3. OFFICE OF ECONOMIC ANALYSIS.
(a) In General.—Section 1013 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5493) is amended by adding at the end the following:
“(i) Office of Economic Analysis.—
“(1) Establishment.—The Director shall establish an Office of Economic Analysis.
“(2) Review and assessment of proposed guidance, orders, rules and regulations.—The Office of Economic Analysis shall—
“(A) review all proposed guidance, orders, rules and regulations of the Bureau;
“(B) assess the impact of such guidance, orders, rules and regulations on consumer choice, price, and access to credit products; and
“(C) publish a report on such reviews and assessments in the Federal Register.
“(3) Measuring existing rules, regulations, guidance, and orders.—The Office of Economic Analysis shall—
“(A) review each rule, regulation, guidance, and order issued by the Bureau after 1, 2, 5, and 10 years;
“(B) measure the rule, regulation, guidance, or order’s success in solving the problem that the rule, regulation, guidance, or order was intended to solve when issued; and
“(C) publish a report on such review and measurement in the Federal Register.”.
(b) Consideration of Review and Assessment; Rulemaking Requirements.—Section 1022(b) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(b)) is amended by adding at the end the following:
“(5) Consideration of review and assessment by the office of economic analysis.—
“(A) In general.—Before issuing any guidance, order, rule, or regulation, the Director shall consider the review and assessment of such guidance, order, rule, or regulation carried out by the Office of Economic Analysis.
“(B) Notice of disagreement.—If the Director disagrees with any part of a review and assessment described under subparagraph (A) with respect to any guidance, order, rule, or regulation, the Director shall accompany any such guidance, order, rule, or regulation with a statement explaining why the Director so disagrees.
“(6) Identification of problems and metrics for judging success.—
“(A) In general.—The Director shall, in each proposed rulemaking of the Bureau—
“(i) identify the problem that the particular rule or regulations is seeking to solve; and
“(ii) specify the metrics by which the Bureau will measure the success of the rule or regulation in solving such problem.
“(B) Required metrics.—The metrics specified under subparagraph (A)(ii) shall include a measurement of changes to consumer access to, and cost of, consumer financial products and services.”. <all>
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