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. 1. Short title This Act may be cited as the CFPB Dual Mandate and Economic Analysis Act 2. Purpose Section 1021(a) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5511(a) (1) by striking fair, transparent, and competitive fair and transparent (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. 3. Office of Economic Analysis (a) In general Section 1013 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5493 (h) 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) (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. .

Summary: 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.