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CFPB Dual Mandate and Economic Analysis Act
4/3/2025, 12:05 PM
Summary of Bill HR 2183
The main goal of the bill is to ensure that the Bureau is able to effectively regulate and supervise financial institutions to prevent abusive practices and promote transparency. This includes providing consumers with clear information about financial products and services, as well as enforcing laws that protect consumers from unfair, deceptive, or abusive practices.
In addition to updating the purpose of the Bureau, the bill also includes provisions for other purposes related to consumer financial protection. These may include measures to improve oversight of financial institutions, enhance consumer education and awareness, and strengthen enforcement mechanisms to hold financial institutions accountable for their actions. Overall, Bill 119 hr 2183 aims to strengthen consumer protections in the financial marketplace and ensure that the Bureau of Consumer Financial Protection is equipped to fulfill its mission of safeguarding consumers from harmful practices.
Congressional Summary of HR 2183
CFPB Dual Mandate and Economic Analysis Act
This bill establishes the Office of Economic Analysis in the Consumer Financial Protection Bureau (CFPB). The office must review all proposed guidance, orders, rules, and regulations with respect to their impact on consumer choice, price, and access to credit products. The office must also continue to periodically review these materials and evaluate how well they address the problems that they were intended to address.
The CFPB must consider the office's evaluations and 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 bill revises the purpose of the CFPB to include strengthening private sector participation in markets, without government interference or subsidies, in order to increase competition and enhance consumer choice.
