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

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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.


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                    IN THE HOUSE OF REPRESENTATIVES

                            December 4, 2023

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

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                                 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.
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