H.R. 2489 – CFPB Dual Mandate and Economic Analysis Act

AI-Generated Summary

Updated January 20, 2026 at 6:06 AM UTC

The bill changes the mission of the Consumer Financial Protection Bureau (CFPB) to add a focus on encouraging private‑sector competition and limiting government interference. It creates a new Office of Economic Analysis within the CFPB to evaluate the impact of its rules, guidance, and orders on consumer choice, price, and credit access. Before the bureau issues any new regulation, the director must consider the office’s analysis and explain any disagreements. The bill also requires the bureau to set clear metrics for each rule, including how it affects consumer access and cost.

Key Provisions

Revise the CFPB’s purpose language, removing “competitive” and adding a mandate to strengthen private‑sector participation and increase competition without government subsidies or interference.
Establish an Office of Economic Analysis to review all proposed guidance, orders, rules, and regulations, assess their impact on consumer choice, price, and credit access, and publish reports in the Federal Register.
Require the Office to evaluate existing rules after 1, 2, 5, and 10 years, measuring whether they solved the problems they were intended to address, with findings published.
Mandate that the CFPB director consider the Office’s reviews before finalizing any guidance, order, rule, or regulation and provide a statement explaining any disagreement with the analysis.
Require each proposed rule to identify the problem it aims to solve and specify metrics—including changes to consumer access and cost of financial products—to judge its success.

Legislative Activity

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1 earlier action

HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

April 6, 2023

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HouseIntro Referral

Introduced in House

April 6, 2023

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

April 6, 2023

Bill Text

Latest available legislative text

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Introduced in HouseIssued April 6, 2023

I

118th CONGRESS

1st Session

H. R. 2489

IN THE HOUSE OF REPRESENTATIVES

April 6, 2023

Mr. Emmer (for himself, Mr. Donalds, Mr. Luetkemeyer, Mr. Meuser, Mr. Norman, Mr. Posey, and Mr. Williams of Texas) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Consumer Financial Protection Act of 2010 to update the purpose of the Bureau of Consumer Financial Protection, and for other purposes.

1.

Short title

This Act may be cited as the CFPB Dual Mandate and Economic Analysis Act.

2.

Purpose

Section 1021(a) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5511(a)) is amended—

(1)

by striking fair, transparent, and competitive and inserting: fair and transparent; and

(2)

by adding at the end the following: In addition, the Bureau shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of strengthening private sector participation in markets, without Government interference or subsidies, to increase competition and enhance consumer choice..

3.

Office of Economic Analysis

(a)

In general

Section 1013 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5493) is amended by adding at the end the following:

(i)

Office of Economic Analysis

(1)

Establishment

The Director shall establish an Office of Economic Analysis.

(2)

Review and assessment of proposed guidance, orders, rules and regulations

The Office of Economic Analysis shall—

(A)

review all proposed guidance, orders, rules and regulations of the Bureau;

(B)

assess the impact of such guidance, orders, rules and regulations on consumer choice, price, and access to credit products; and

(C)

publish a report on such reviews and assessments in the Federal Register.

(3)

Measuring existing rules, regulations, guidance, and orders

The Office of Economic Analysis shall—

(A)

review each rule, regulation, guidance, and order issued by the Bureau after 1, 2, 5, and 10 years;

(B)

measure the rule, regulation, guidance, or order’s success in solving the problem that the rule, regulation, guidance, or order was intended to solve when issued; and

(C)

publish a report on such review and measurement in the Federal Register.

.

(b)

Consideration of review and assessment; rulemaking requirements

Section 1022(b) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(b)) is amended by adding at the end the following:

(5)

Consideration of review and assessment by the Office of Economic Analysis

(A)

In general

Before issuing any guidance, order, rule, or regulation, the Director shall consider the review and assessment of such guidance, order, rule, or regulation carried out by the Office of Economic Analysis.

(B)

Notice of disagreement

If the Director disagrees with any part of a review and assessment described under subparagraph (A) with respect to any guidance, order, rule, or regulation, the Director shall accompany any such guidance, order, rule, or regulation with a statement explaining why the Director so disagrees.

(6)

Identification of problems and metrics for judging success

(A)

In general

The Director shall, in each proposed rulemaking of the Bureau—

(i)

identify the problem that the particular rule or regulations is seeking to solve; and

(ii)

specify the metrics by which the Bureau will measure the success of the rule or regulation in solving such problem.

(B)

Required metrics

The metrics specified under subparagraph (A)(ii) shall include a measurement of changes to consumer access to, and cost of, consumer financial products and services.

.