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Restoring Office of Innovation for consumer protection and financial innovation.

This act aims to restore the Office of Innovation within the Bureau of Consumer Financial Protection, which will support new financial solutions and protect consumers. This means citizens can expect better and safer financial products due to clear rules for companies. Companies will find it easier to develop innovations, which may lead to a greater choice of services for consumers.
Key points
Restoration of the Office of Innovation within the Bureau of Consumer Financial Protection (CFPB) within 180 days of enactment.
The Office of Innovation will re-establish policies like the Compliance Assistance Sandbox and No Action Letter, which help financial companies test new products in compliance with regulations.
Continuation of the Trial Disclosure Policy, aimed at improving transparency of financial product information for consumers.
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Additional Information
Print number: 118_HR_6584
Sponsor: Rep. Timmons, William R. IV [R-SC-4]
Process start date: 2023-12-04
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Encouraging Innovation and Protecting Consumers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_6584.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-12-04.

What are the main provisions?

Key points include:

  • Restoration of the Office of Innovation within the Bureau of Consumer Financial Protection (CFPB) within 180 days of enactment.
  • The Office of Innovation will re-establish policies like the Compliance Assistance Sandbox and No Action Letter, which help financial companies test new products in compliance with regulations.
  • Continuation of the Trial Disclosure Policy, aimed at improving transparency of financial product information for consumers.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Timmons, William R. IV [R-SC-4].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Courts and Law