Encouraging Innovation and Protecting Consumers Act

Bill: 118-hr-6584
Sponsor: full_name: Rep. Timmons, William R. IV [R-SC-4]
Introduced: 2023-12-04
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-12-04
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-12-04
action_desc: Introduced in House
text: <p><strong>Encouraging Innovation and Protecting Consumers Act</strong></p><p>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.</p><p>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).</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 6584 IN THE HOUSE OF REPRESENTATIVES December 4, 2023 Mr. Timmons introduced the following bill; which was referred to the Committee on Financial Services A BILL To restore the functions of the Office of Innovation of the Bureau of Consumer Financial Protection, and for other purposes.

1. Short title This Act may be cited as the Encouraging Innovation and Protecting Consumers Act . 2. Restoring functions of the Office of Innovation On the date that is 180 days after the date of the enactment of this Act— (1) the Office of Competition and Innovation of the Bureau of Consumer Financial Protection (in this Act referred to as the Bureau ) shall terminate; and (2) the Office of Innovation of the Bureau and the functions of such Office are restored or revived as if the Office described in paragraph (1) had not been established. 3. Functions of the Office of Innovation (a) In general The Office of Innovation of the Bureau shall, not later than 180 days after the date of the enactment of this section reestablish— (1) the Compliance Assistance Sandbox Policy as established by the Bureau on September 10, 2019 in chapter X of title 12 of the Code of Federal Regulations; and (2) the No Action Letter Policy, as established by the Bureau on September 10, 2019 in chapter X of title 12 of the Code of Federal Regulations. (b) Trial Disclosure Policy The Office of Innovation of the Bureau shall continue implementing the Trial Disclosure Policy as established by the Bureau on September 10, 2019 in chapter X of title 12 of the Code of Federal Regulations.