CFPB Dual Mandate and Economic Analysis Act
Bill: H.R.527 | Sponsor: Rep. Emmer, Tom (R-MN)
Policy area: Finance and Financial Sector

Summary:
CFPB Dual Mandate and Economic Analysis Act
This bill establishes the Office of Economic Analysis in the Consumer Financial Protection Bureau (CFPB) to review all proposed and existing guidance, orders, rules, and regulations. The CFPB must also identify in each proposed rulemaking the problem to be solved by the rule or regulation and the metrics the CFPB will use to measure the success of the rule or regulation. These metrics must include a measurement of changes regarding consumer access to, and the cost of, consumer financial products and services.
Additionally, the purpose of the CFPB is revised to include strengthening private sector participation in markets, without government interference or subsidies, to increase competition and enhance consumer choice.

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.''.
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