Making the CFPB Accountable to Small Businesses Act of 2023

Making the CFPB Accountable to Small Businesses Act of 2023

This bill requires the Consumer Financial Protection Bureau (CFPB) to consider the impact of proposed rules on small entities. In addition, the CFPB must justify its decision to not adopt certain alternatives to regulations applicable to small entities.

Bill 118 hr 1749, also known as the Making the CFPB Accountable to Small Businesses Act of 2023, aims to increase transparency and accountability within the Consumer Financial Protection Bureau (CFPB) specifically in relation to its impact on small businesses. The bill seeks to ensure that the CFPB considers the potential effects of its regulations on small businesses, including the costs and benefits, before implementing any new rules.

The bill requires the CFPB to conduct a thorough analysis of the impact of its regulations on small businesses, including the potential costs and benefits. This analysis must be made publicly available and accessible to small businesses, allowing them to better understand how new regulations may affect their operations.

Additionally, the bill requires the CFPB to establish a Small Business Advisory Board, composed of representatives from small businesses, to provide input and feedback on proposed regulations. This board will help ensure that the concerns and perspectives of small businesses are taken into account during the rulemaking process. Overall, the Making the CFPB Accountable to Small Businesses Act of 2023 aims to promote greater transparency and accountability within the CFPB, particularly in relation to its impact on small businesses. By requiring the CFPB to consider the effects of its regulations on small businesses and establishing a Small Business Advisory Board, the bill seeks to ensure that small businesses are not unduly burdened by unnecessary regulations.