118th Congress Finance and Financial Sector
H.R. 6584: Encouraging Innovation and Protecting Consumers Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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).
Written by the Congressional Research Service, Library of Congress.
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Other bills by William Timmons
History
- Introduced in the House by William Timmons.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.