CFPB Dual Mandate and Economic Analysis Act

# HR 2183: CFPB Dual Mandate and Economic Analysis Act - Summary **What the bill would do:** This bill would require the Consumer Financial Protection Bureau (CFPB) to create a new Office of Economic Analysis that reviews all CFPB rules, guidance, and regulations before and after they're implemented. This office would assess how these rules affect consumer choice, prices, and access to credit products. The bill also expands the CFPB's stated purpose to include promoting private sector participation in financial markets with minimal government interference. **Who it affects:** The bill primarily affects the CFPB (a federal agency that regulates consumer financial products), financial institutions and companies operating under CFPB rules, and consumers who use financial products like loans and credit cards.

It would require the CFPB to measure and report on whether its regulations actually improve consumer access to credit and reduce costs. **Key provisions:** The CFPB would need to identify the specific problems each rule addresses and set measurable goals for success before implementing it. The agency would also conduct ongoing reviews to evaluate whether rules achieved their intended outcomes. Additionally, the bill adds a new priority to the CFPB's mission: encouraging private market solutions over government-led regulation. **Current status:** The bill is currently in committee and has not yet been voted on by the full House of Representatives.