HR2183-119

What This Bill Does

The CFPB Dual Mandate and Economic Analysis Act adds an internal economic-review office to the Consumer Financial Protection Bureau. The new Office of Economic Analysis must review all proposed CFPB guidance, orders, rules, and regulations, assess impacts on consumer choice, price, and access to credit products, and publish reports in the Federal Register. It must also review each existing CFPB rule, regulation, guidance, and order after 1, 2, 5, and 10 years, measure whether the action solved the problem it was intended to address, and publish those reviews. Before issuing a covered action, the CFPB Director must consider the Office's assessment and, if disagreeing with any part, publish a statement explaining why. Proposed rules must identify the problem being solved and the metrics for judging success, including changes to consumer access and cost.

Who Benefits and How

Consumer credit users benefit because CFPB rules would have to measure effects on access, price, and choice. CFPB regulated companies benefit from published economic assessments that can reveal costs or access tradeoffs before rules take effect. Consumer lenders benefit from recurring reviews after 1, 2, 5, and 10 years that test whether CFPB actions solved their stated problems. Congressional oversight committees benefit from Federal Register reports that document CFPB economic reasoning and performance metrics.

Who Bears the Burden and How

The CFPB Director must consider economic reviews, explain disagreements, and identify problem statements and success metrics in proposed rules. CFPB Office of Economic Analysis staff must review proposed and existing Bureau actions and publish Federal Register reports. Federal Register staff must process additional CFPB review publications. Consumer advocates may bear delay or dilution of CFPB protections if economic-review requirements slow rulemaking.

Key Provisions

• Creates a CFPB Office of Economic Analysis.
• Requires review of proposed CFPB guidance, orders, rules, and regulations for choice, price, and credit-access effects.
• Requires reviews of existing CFPB actions after 1, 2, 5, and 10 years.
• Directs the CFPB Director to consider Office reviews or publish disagreement statements.
• Requires proposed rules to identify the problem being solved and metrics for measuring success.