CFPB Dual Mandate and Economic Analysis Act

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.