Bill > S1362

This bill amends the Consumer Financial Protection Act of 2010 to enhance the rulemaking requirements for the Bureau of Consumer Financial Protection (CFPB). The key provisions include: 1) Requiring the CFPB to publish the full text of each proposed rule in the Federal Register, including a statement of need, an examination of why the CFPB must undertake the regulation, an assessment of potential duplication or incompatibility with other federal regulations, a quantitative and qualitative cost-benefit analysis, an identification of reasonable alternatives, and an analysis of the costs and benefits of those alternatives. 2) Requiring the CFPB to consult the Small Business Administration's Office of Advocacy to minimize the effect of any proposed regulation on small businesses. 3) Requiring the CFPB to provide a justification if the quantified net benefits of the proposed regulation do not outweigh the quantified net benefits of the alternatives, or if the quantified benefits do not outweigh the quantified costs. 4) Requiring the CFPB to assess how the burden of the regulation will be distributed, including whether consumers or small businesses will be disproportionately affected. 5) Requiring the CFPB to provide underlying assumptions and a description of any studies or data used in preparing the required information. Overall, the bill aims to increase transparency and scrutiny of the CFPB's rulemaking process, particularly with respect to the consideration of costs, benefits, and alternatives.

Housing and Urban Affairs

https://www.congress.gov/bill/118th-congress/senate-bill/1362/all-info