As part of Wednesday’s hearing regarding the future of the Consumer Financial Protection Bureau before the House Financial Services Subcommittee on Financial Institutions, a number of bills were reviewed, including two recently introduced measures that would impact rulemaking from the Bureau.
The Republican-sponsored bills — the CFPB Dual Mandate and Economic Analysis Act (H.R. 2183) introduced by Rep. Tom Emmer [R-Minn]and the Transparency in CFPB Cost-Benefit Analysis Act (H.R. 2331) introduced by Rep. Barry Loudermilk [R-Ga.] — aim to reshape how the CFPB evaluates and implements its rules. If passed, these bills could significantly influence how financial regulations are written, revised, and measured for effectiveness — changes that could benefit collectors, creditors, and the broader financial services industry.
🔍 What the bills propose:
H.R. 2183 – CFPB Dual Mandate and Economic Analysis Act
- Adds a market-driven purpose to the CFPB’s mission: promoting competition and consumer choice.
- Creates an Office of Economic Analysis, which must:
- Review all proposed rules, guidance, and orders.
- Assess impacts on consumer choice, pricing, and access to credit.
- Re-evaluate past rules at 1-, 2-, 5-, and 10-year marks.
- Requires metrics in each rule to measure its success—specifically around access to and cost of credit.
H.R. 2331 – Transparency in CFPB Cost-Benefit Analysis Act
- Mandates detailed economic analysis for every CFPB rulemaking.
- Requires publication of:
- The need for the regulation and why other entities can’t address the issue.
- All potential costs and benefits (quantitative and qualitative).
- Effects on small businesses and economic activity.
- For duplicative or conflicting rules, the Bureau must justify why the new rule is necessary and outline a plan to reduce regulatory burden.
Read H.R. 2183. Read H.R. 2331
