Bill > HR1606

This bill aims to increase accountability and transparency for the Consumer Financial Protection Bureau (CFPB) in its rulemaking process, particularly concerning small businesses. The bill requires the CFPB to more thoroughly analyze and justify the potential impacts of its proposed rules on small entities, in line with the Regulatory Flexibility Act. Specifically, when developing new rules, the CFPB must now include an assessment of how proposed regulations might affect small businesses, and if the agency chooses not to adopt alternatives that could reduce the burden on small entities, it must provide a detailed, fact-based justification explaining why the size and resources of small businesses were not considered significant. The bill modifies existing provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act and title 5 of the United States Code to mandate that the CFPB provide more comprehensive explanations of how its rules might impact small businesses, essentially requiring the agency to be more transparent and accountable in its regulatory decision-making process.

Justice

https://www.congress.gov/bill/119th-congress/house-bill/1606/all-info