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Transparency in CFPB Cost-Benefit Analysis Act
4/4/2025, 4:35 PM
Summary of Bill HR 2331
Bill 119 HR 2331, also known as the "Enhanced Rulemaking Requirements for the Bureau of Consumer Financial Protection Act," aims to strengthen the rulemaking process for the Bureau of Consumer Financial Protection (BCFP). The bill proposes several key provisions to improve transparency and accountability within the BCFP.
One of the main components of the bill is the requirement for the BCFP to conduct thorough cost-benefit analyses for all proposed rules. This analysis would assess the potential impact of the rule on consumers, financial institutions, and the overall economy. Additionally, the bill mandates that the BCFP consider input from stakeholders, including industry experts, consumer advocates, and other interested parties, before finalizing any rule.
Furthermore, the bill seeks to increase transparency by requiring the BCFP to publish all proposed rules on its website and provide a detailed explanation of the rationale behind each rule. The BCFP would also be required to hold public hearings and solicit feedback from the public before implementing any new rule. Overall, Bill 119 HR 2331 aims to enhance the rulemaking process for the BCFP by promoting transparency, accountability, and stakeholder engagement. By requiring thorough cost-benefit analyses and public input, the bill seeks to ensure that BCFP rules are well-informed and in the best interest of consumers and the financial industry.
One of the main components of the bill is the requirement for the BCFP to conduct thorough cost-benefit analyses for all proposed rules. This analysis would assess the potential impact of the rule on consumers, financial institutions, and the overall economy. Additionally, the bill mandates that the BCFP consider input from stakeholders, including industry experts, consumer advocates, and other interested parties, before finalizing any rule.
Furthermore, the bill seeks to increase transparency by requiring the BCFP to publish all proposed rules on its website and provide a detailed explanation of the rationale behind each rule. The BCFP would also be required to hold public hearings and solicit feedback from the public before implementing any new rule. Overall, Bill 119 HR 2331 aims to enhance the rulemaking process for the BCFP by promoting transparency, accountability, and stakeholder engagement. By requiring thorough cost-benefit analyses and public input, the bill seeks to ensure that BCFP rules are well-informed and in the best interest of consumers and the financial industry.
Congressional Summary of HR 2331
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.
Read the Full Bill
Current Status of Bill HR 2331
Bill HR 2331 is currently in the status of Bill Introduced since March 25, 2025. Bill HR 2331 was introduced during Congress 119 and was introduced to the House on March 25, 2025. Bill HR 2331's most recent activity was Referred to the House Committee on Financial Services. as of March 25, 2025
Bipartisan Support of Bill HR 2331
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
0Republican Cosponsors
1Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 2331
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 2331
Transparency in CFPB Cost-Benefit Analysis Act
Transparency in CFPB Cost-Benefit Analysis Act
To enhance rulemaking requirements for the Bureau of Consumer Financial Protection, and for other purposes.
Comments
Sponsors and Cosponsors of HR 2331
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