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 118 s 1362, also known as the Transparency in CFPB Cost-Benefit Analysis Act, is a piece of legislation introduced in the US Congress. The bill aims to increase transparency and accountability within the Consumer Financial Protection Bureau (CFPB) by requiring the agency to conduct cost-benefit analyses for its regulations.

Under the provisions of the bill, the CFPB would be required to publish a detailed cost-benefit analysis for each major rule it proposes. This analysis would include an assessment of the potential costs and benefits of the regulation, as well as an evaluation of any potential alternatives that were considered.

The bill also requires the CFPB to consult with other federal agencies, industry stakeholders, and consumer advocates when conducting these analyses. This is intended to ensure that the agency takes into account a wide range of perspectives when developing its regulations. Overall, the Transparency in CFPB Cost-Benefit Analysis Act seeks to promote greater transparency and accountability within the CFPB by requiring the agency to carefully consider the costs and benefits of its regulations before implementing them. This is seen as a way to ensure that the agency's regulations are effective and do not impose unnecessary burdens on consumers or businesses.