CFPB Dual Mandate and Economic Analysis Act

Bill 118 hr 2489, also known as the CFPB Dual Mandate and Economic Analysis Act, is a piece of legislation introduced in the US Congress. The bill aims to amend the Consumer Financial Protection Act of 2010 to change the dual mandate of the Consumer Financial Protection Bureau (CFPB).

Currently, the CFPB is tasked with both protecting consumers from unfair, deceptive, or abusive practices in the financial marketplace and promoting transparency, competition, and access to financial services. The CFPB Dual Mandate and Economic Analysis Act seeks to remove the promotion of transparency, competition, and access to financial services from the CFPB's mandate.

Additionally, the bill requires the CFPB to conduct a cost-benefit analysis of any proposed rule or regulation before implementing it. This analysis would assess the potential benefits and costs of the rule, as well as any potential effects on competition, efficiency, and capital formation. Supporters of the bill argue that it will make the CFPB's regulatory process more transparent and accountable, ensuring that regulations are based on sound economic analysis. Critics, however, argue that removing the promotion of transparency, competition, and access to financial services from the CFPB's mandate could weaken consumer protections. Overall, the CFPB Dual Mandate and Economic Analysis Act is a controversial piece of legislation that seeks to change the focus and regulatory process of the Consumer Financial Protection Bureau.