Making the CFPB Accountable to Small Businesses Act of 2022

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.