Encouraging Innovation and Protecting Consumers Act
118-HR-6584118th CongressIntroduced Dec 4, 2023Finance and Financial Sector
Market Probability
No market
Status
Introduced
Committee
Floor Vote
Other Chamber
Signed
Referred to the House Committee on Financial Services.
Sponsor
Rep. Timmons, William R. IV [R-SC-4](R-SC-4)Summary
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).
Actions (3)
Referred to the House Committee on Financial Services.
Dec 4, 2023House floor actions
Introduced in House
Dec 4, 2023Library of Congress
Introduced in House
Dec 4, 2023Library of Congress