Transparency in CFPB Cost-Benefit Analysis Act

Transparency in CFPB Cost-Benefit Analysis Act

This bill sets forth information required to be included in a rulemaking made by the Consumer Financial Protection Bureau (CFPB). Specifically, the CFPB must publish a justification of the proposed rulemaking; a quantitative and qualitative assessment of all anticipated direct and indirect costs and benefits; alternatives to the proposed rulemaking; impacts on small businesses; and any assumptions, data, or studies used in preparing this information.

Bill 117 HR 7412, also known as the Transparency in CFPB Cost-Benefit Analysis Act, aims to increase transparency and accountability within the Consumer Financial Protection Bureau (CFPB). The bill requires the CFPB to conduct a cost-benefit analysis for any proposed rule or regulation that is estimated to have an economic impact of $100 million or more.

The CFPB must publish this analysis on its website and provide a detailed explanation of the potential benefits and costs of the proposed rule. Additionally, the bill requires the CFPB to consult with other federal agencies, industry stakeholders, and consumer advocacy groups when conducting these analyses.

The goal of this legislation is to ensure that the CFPB is making informed decisions that take into account the potential economic impact of its regulations. By requiring the CFPB to conduct cost-benefit analyses and make this information publicly available, the bill aims to increase transparency and accountability within the agency. Overall, the Transparency in CFPB Cost-Benefit Analysis Act seeks to promote good governance and ensure that the CFPB is acting in the best interest of consumers and the economy.