H.R. 10184

Consumer Financial Protection Accountability and Reform Act of 2026

Sponsor: Andy Barr

30 cosponsors
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I Reforming Bureau Governance

II Restoring Legal Clarity and Procedural Fairness

III Promoting Innovation in Consumer Financial Markets

IV Promoting Effective, Predictable Supervision

Sec. 404. Reforms to nonbank supervision

Section 1024 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5514) is amended—

(1) by striking risks to consumers each place such term appears and inserting substantial injury to consumers;

(2) in subsection (a)—

(A) in paragraph (1)(C), by inserting of at least 90 days after reasonable opportunity;

(B) in paragraph (2), by adding at the end the following: With respect to a rule issued by the Bureau after the date of enactment of the Consumer Financial Protection Accountability and Reform Act of 2026 to define covered persons subject to this section, the Bureau shall provide a public notice and comment period of at least 90 days with respect to the rulemaking.; and

(C) in paragraph (3)(A), by inserting before the period the following: or to a small business concern (as defined in section 3 of the Small Business Act);

(3) in subsection (b)(2), by striking risks posed to consumers and inserting risk of substantial injury to consumers; and

(4) by adding at the end the following:

Text this section adds to the law

(f) Limitation on supervisory authority. With respect to a covered person that is described in subsection (a)(1), or a service provider thereto, the Bureau's authority under this section to require reports from, conduct examinations of, obtain information from, or otherwise supervise such covered person or service provider shall be limited to activities, operations, records, personnel, systems, and matters directly related to the offering or provision of the applicable consumer financial product or service described in subparagraph (A), (B), (C), (D), or (E) of subsection (a)(1) with respect to such covered person.

(g) Market defined. In this section, and other than in the context of a geographic market, the term market means consumer financial products or services that—

(1) share the same primary consumer purpose; and

(2) are reasonably interchangeable by consumers.

V Preventing Regulation by Enforcement