H.R. 6584

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6584 Introduced in House (IH)]

<DOC>

118th CONGRESS
1st Session
H. R. 6584

To restore the functions of the Office of Innovation of the Bureau of 
Consumer Financial Protection, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

December 4, 2023

Mr. Timmons introduced the following bill; which was referred to the 
Committee on Financial Services

_______________________________________________________________________

A BILL

To restore the functions of the Office of Innovation of the Bureau of 
Consumer Financial Protection, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Encouraging Innovation and 
Protecting Consumers Act''.

SEC. 2. RESTORING FUNCTIONS OF THE OFFICE OF INNOVATION.

On the date that is 180 days after the date of the enactment of 
this Act--
(1) the Office of Competition and Innovation of the Bureau 
of Consumer Financial Protection (in this Act referred to as 
the ``Bureau'') shall terminate; and
(2) the Office of Innovation of the Bureau and the 
functions of such Office are restored or revived as if the 
Office described in paragraph (1) had not been established.

SEC. 3. FUNCTIONS OF THE OFFICE OF INNOVATION.

(a) In General.--The Office of Innovation of the Bureau shall, not 
later than 180 days after the date of the enactment of this section 
reestablish--
(1) the Compliance Assistance Sandbox Policy as established 
by the Bureau on September 10, 2019 in chapter X of title 12 of 
the Code of Federal Regulations; and
(2) the No Action Letter Policy, as established by the 
Bureau on September 10, 2019 in chapter X of title 12 of the 
Code of Federal Regulations.
(b) Trial Disclosure Policy.--The Office of Innovation of the 
Bureau shall continue implementing the Trial Disclosure Policy as 
established by the Bureau on September 10, 2019 in chapter X of title 
12 of the Code of Federal Regulations.
<all>