Consumer Protection Changes: Enhanced Competition and Economic Analysis
This act modifies the consumer protection agency's role by adding the promotion of market competition to its duties. It also mandates economic analysis of new regulations' impact on consumer choice, prices, and credit access, aiming for better decisions and transparency for citizens.
Key points
The Consumer Financial Protection Bureau will now also focus on strengthening private sector competition in financial markets, potentially leading to more choices and better deals for consumers.
A new Office of Economic Analysis will be established to review and assess the impact of all proposed rules on consumer choice, price, and access to credit products, with reports published publicly.
The Bureau will be required to identify the problem each new rule aims to solve and specify metrics, including changes to consumer access and cost of financial products, to measure its success.
Expired
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