Encouraging Innovation and Protecting Consumers Act
This bill (1) ends the Office of Competition and Innovation within the Consumer Financial Protection Bureau (CFPB), and (2) restores the Office of Innovation at the CFPB. The Office of Competition and Innovation replaced the Office of Innovation in 2022. The original Office of Innovation was established in 2018.
The restored Office of Innovation must reestablish the compliance assistance sandbox policy (providing a safe harbor from certain liability laws while an approved financial product or service is in a testing phase) and the no action letter policy (ensuring no supervisory or enforcement action against an approved financial product or service in certain circumstances).
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6584 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 6584
To restore the functions of the Office of Innovation of the Bureau of
Consumer Financial Protection, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 4, 2023
Mr. Timmons introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To restore the functions of the Office of Innovation of the Bureau of
Consumer Financial Protection, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Encouraging Innovation and
Protecting Consumers Act''.
SEC. 2. RESTORING FUNCTIONS OF THE OFFICE OF INNOVATION.
On the date that is 180 days after the date of the enactment of
this Act--
(1) the Office of Competition and Innovation of the Bureau
of Consumer Financial Protection (in this Act referred to as
the ``Bureau'') shall terminate; and
(2) the Office of Innovation of the Bureau and the
functions of such Office are restored or revived as if the
Office described in paragraph (1) had not been established.
SEC. 3. FUNCTIONS OF THE OFFICE OF INNOVATION.
(a) In General.--The Office of Innovation of the Bureau shall, not
later than 180 days after the date of the enactment of this section
reestablish--
(1) the Compliance Assistance Sandbox Policy as established
by the Bureau on September 10, 2019 in chapter X of title 12 of
the Code of Federal Regulations; and
(2) the No Action Letter Policy, as established by the
Bureau on September 10, 2019 in chapter X of title 12 of the
Code of Federal Regulations.
(b) Trial Disclosure Policy.--The Office of Innovation of the
Bureau shall continue implementing the Trial Disclosure Policy as
established by the Bureau on September 10, 2019 in chapter X of title
12 of the Code of Federal Regulations.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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