H.R. 2183 — CFPB Dual Mandate and Economic Analysis Act

This section revises the purpose of the Consumer Financial Protection Bureau (CFPB) under the Consumer Financial Protection Act of 2010 by striking "and competitive" from the description of markets for consumer financial products and services as "fair, transparent, and competitive" (now "fair and transparent"). It further requires the CFPB to seek to implement and enforce federal consumer financial law to strengthen private sector participation in markets, without government interference or subsidies, to increase competition and enhance consumer choice.

This section establishes an Office of Economic Analysis within the Consumer Financial Protection Bureau (CFPB). (As background, the CFPB regulates providers of consumer financial products and services to protect consumers from unfair, deceptive, or abusive acts or practices.) The office must (1) review all proposed CFPB guidance, orders, rules, and regulations; assess their impact on consumer choice, price, and access to credit products; and publish a report in the Federal Register; and (2) review each existing CFPB rule, regulation, guidance, or order after 1, 2, 5, and 10 years, measure its success in solving the intended problem, and publish a report in the Federal Register. This section further requires the CFPB Director, before issuing any guidance, order, rule, or regulation, to consider the office's review and assessment—and, if disagreeing, to explain the disagreement—and, in each proposed rulemaking, to identify the problem sought to be solved and specify metrics for measuring success, including changes in consumer access to and cost of financial products and services.