Bill > HR7412

This bill, the Transparency in CFPB Cost-Benefit Analysis Act, aims to enhance the rulemaking requirements for the Bureau of Consumer Financial Protection (CFPB). It requires the CFPB to include more detailed information in its notices of proposed rulemaking, such as a statement of need for the regulation, an examination of why the CFPB must undertake the regulation and why the private market or other authorities cannot address the issue, an assessment of potential duplicative or inconsistent federal regulations, a quantitative and qualitative analysis of the anticipated costs and benefits of the proposed regulation, and an identification and analysis of reasonable alternatives. The bill also requires the CFPB to consult the Small Business Administration's Office of Advocacy if the proposed regulation would increase costs for small businesses, and to provide justification if the quantified net benefits of the proposed regulation do not outweigh those of the alternatives or if the quantified benefits do not outweigh the quantified costs.