Bill > HR1313

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 requiring the CFPB to provide a detailed analysis in its notices of proposed rulemaking, including a statement of need, an examination of why the regulation is necessary and why the private market or other authorities cannot address the issue, an assessment of the proposed regulation's potential costs and benefits (both quantitative and qualitative), an identification and analysis of reasonable alternatives, and a justification if the quantified net benefits do not outweigh the costs or the alternative options. The bill also requires the CFPB to consult the Office of Advocacy within the Small Business Administration to minimize the effect of the proposed regulation on small businesses and to provide transparency on the underlying assumptions and data used in the analysis.

Business and Industry

https://www.congress.gov/bill/118th-congress/house-bill/1313/all-info