Bill > S4522

This bill, the Transparency in CFPB Cost-Benefit Analysis Act, aims to enhance the rulemaking requirements for the Bureau of Consumer Financial Protection (CFPB). The key provisions of the bill include: 1. Requiring the CFPB to publish in the Federal Register the full text of each notice of proposed rulemaking, which must include a statement of the need for the regulation, an examination of why the CFPB must undertake the regulation and why the private market or other authorities cannot adequately address the issue, an assessment of whether the proposed regulation is duplicative or inconsistent with other federal regulations, a quantitative and qualitative assessment of the anticipated direct and indirect costs and benefits of the proposed regulation (including compliance costs, effects on economic activity and competition, and regulatory and administrative costs), an identification and analysis of reasonable alternatives to the regulation, and a justification if the quantified net benefits of the proposed action do not outweigh the quantified net benefits of the alternatives or if the quantified benefits do not outweigh the quantified costs. 2. Requiring the CFPB to include in the published information a discussion of the underlying assumptions and a description of any studies or data used in preparing the information, and whether such studies were peer-reviewed.