Section 1 Short title
This Act may be cited as the “Encouraging Innovation and Protecting Consumers Act”.
Encouraging Innovation and Protecting Consumers Act
A BILL
To restore the functions of the Office of Innovation of the Bureau of Consumer Financial Protection, and for other purposes.
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—
the Office of Competition and Innovation of the Bureau of Consumer Financial Protection (in this Act referred to as the “Bureau”) shall terminate; and
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
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—
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
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.
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.