Making the CFPB Accountable to Small Businesses Act of 2022

12/29/2022, 6:18 PM

Making the CFPB Accountable to Small Businesses Act of 2022

This bill eliminates the requirement that financial institutions must collect data regarding loans made to women-owned, minority-owned, or small businesses. In addition, the Consumer Financial Protection Bureau must justify its decision to not adopt certain alternatives to regulations applicable to small entities.

Bill 117 HR 8443, also known as the Making the CFPB Accountable to Small Businesses Act of 2022, aims to increase accountability and transparency within the Consumer Financial Protection Bureau (CFPB) specifically in relation to its impact on small businesses. The bill was introduced in the House of Representatives in 2022.

The main provisions of the bill include requiring the CFPB to conduct a small business impact analysis before issuing any new regulations or guidance. This analysis would assess the potential impact of the proposed regulations on small businesses, including the costs and benefits. The CFPB would also be required to consider input from small businesses and small business advocacy organizations during the rulemaking process.

Additionally, the bill would establish a Small Business Advisory Board within the CFPB to provide input and feedback on regulations and policies that affect small businesses. The board would be composed of representatives from small businesses across various industries. Overall, the goal of the Making the CFPB Accountable to Small Businesses Act of 2022 is to ensure that the CFPB takes into account the unique needs and challenges faced by small businesses when developing regulations and policies. By increasing transparency and accountability, the bill aims to create a more fair and balanced regulatory environment for small businesses in the financial services industry.
Congress
117

Number
HR - 8443

Introduced on
2022-07-20

# Amendments
0

Sponsors
+5

Cosponsors
+5

Variations and Revisions

7/20/2022

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Making the CFPB Accountable to Small Businesses Act of 2022

This bill eliminates the requirement that financial institutions must collect data regarding loans made to women-owned, minority-owned, or small businesses. In addition, the Consumer Financial Protection Bureau must justify its decision to not adopt certain alternatives to regulations applicable to small entities.

Bill 117 HR 8443, also known as the Making the CFPB Accountable to Small Businesses Act of 2022, aims to increase accountability and transparency within the Consumer Financial Protection Bureau (CFPB) specifically in relation to its impact on small businesses. The bill was introduced in the House of Representatives in 2022.

The main provisions of the bill include requiring the CFPB to conduct a small business impact analysis before issuing any new regulations or guidance. This analysis would assess the potential impact of the proposed regulations on small businesses, including the costs and benefits. The CFPB would also be required to consider input from small businesses and small business advocacy organizations during the rulemaking process.

Additionally, the bill would establish a Small Business Advisory Board within the CFPB to provide input and feedback on regulations and policies that affect small businesses. The board would be composed of representatives from small businesses across various industries. Overall, the goal of the Making the CFPB Accountable to Small Businesses Act of 2022 is to ensure that the CFPB takes into account the unique needs and challenges faced by small businesses when developing regulations and policies. By increasing transparency and accountability, the bill aims to create a more fair and balanced regulatory environment for small businesses in the financial services industry.
Alternative Names
Official Title as IntroducedTo impose additional requirements for covered agencies in regulatory flexibility analysis.

Policy Areas
Finance and Financial Sector

Comments

Recent Activity

Latest Summary10/18/2022

Making the CFPB Accountable to Small Businesses Act of 2022

This bill eliminates the requirement that financial institutions must collect data regarding loans made to women-owned, minority-owned, or small businesses. In a...


Latest Action11/1/2022
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.