Encouraging Innovation and Protecting Consumers Act
- Last Action
- 12/4/2023
Actions
- 2023-12-04Referred to the House Committee on Financial Services.
- 2023-12-04Introduced in House
- 2023-12-04Introduced in House
CRS Summary
As of 2023-12-04 (00)
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).
Sourced from Congress.gov (public domain).
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