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Congress·In Committee·H.R. 2183

Congress Moves to Require CFPB Economic Reviews Before New Rules, Focusing on Choice, Prices, and Credit Access

CFPB Dual Mandate and Economic Analysis Act

about 1 year ago·View on Congress.gov
⏸

Stalled

No legislative action in over 90 days.

Legislative Progress

House
Senate
President
Law

Key Points

  • Congress would change the consumer bureau’s mission to also promote more private-sector competition and consumer choice, with less government interference or subsidies.
  • The bill would create a new Office of Economic Analysis inside the consumer bureau to review every proposed guidance, order, and rule before it is issued.
  • That office would study how proposed actions could affect consumer choice, prices, and people’s access to credit products, and it would publish its findings publicly.
  • The bureau’s director would have to consider those findings and publicly explain any disagreements before issuing a guidance, order, or rule.
  • The office would also re-check each bureau rule or order after 1, 2, 5, and 10 years to see if it solved the problem it was meant to fix and how it affected access and cost.
Consumer ProtectionEconomyData Privacy

Impact Analysis

Personal Impact

How this policy affects specific groups of people

Negative Impacts(1)
Housing Assistance
Hurts
Mixed Impacts(3)
Homeowner
Neutral
Renter
Neutral
Federal Employee
Neutral

Milestones

2 milestones2 actions
Mar 18, 2025House

Referred to the House Committee on Financial Services.

Mar 18, 2025

Introduced in House

What Happens Next

Projected impacts based on AI analysis

Soon after the law takes effect

CFPB sets up an Office of Economic Analysis

The agency may hire economists/analysts and create new review steps, which can slow how fast new consumer-protection rules or guidance come out.

With the next proposed CFPB guidance/order/rule after the law takes effect

Economic reviews and public reports become part of new CFPB rulemaking

Before a new rule affecting things like credit cards, mortgages, or payday-style loans is issued, the CFPB would publish analysis on effects to choice, prices, and access to credit—giving the public and companies more time and material to respond.

With the next proposed CFPB rulemaking after the law takes effect

CFPB starts adding “problem statements” and success metrics to proposed rules

Proposed rules should more clearly say what they’re trying to fix and how success will be measured (including effects on access to and cost of financial products), which can make it easier for regular people to understand what a rule is supposed to do.

Starting 1 year after each CFPB rule/guidance/order issued after the law takes effect

Reviews of CFPB rules begin on a 1-, 2-, 5-, and 10-year schedule

Some CFPB rules could be revisited and publicly graded over time. If a rule is shown to not work or to reduce credit access too much, pressure may build to change or repeal it; if it works, it gains support to keep it.

Source Information

Document Type

Congressional Bill

Official Title

CFPB Dual Mandate and Economic Analysis Act

Bill NumberHR 2183
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the House Committee on Financial Services.

Sponsor

Analysis generated by AI. Always verify with official sources.