Bill > HR2331

This bill enhances the rulemaking requirements for the Bureau of Consumer Financial Protection (CFPB), mandating significantly more detailed and transparent cost-benefit analyses for proposed regulations. Specifically, when the CFPB issues a new proposed rule, it must now provide a comprehensive analysis that includes a statement of need, an explanation of why the private market or other authorities cannot address the problem, and an examination of whether the proposed regulation conflicts with existing federal regulations. The bill requires a detailed quantitative and qualitative assessment of direct and indirect costs and benefits, including impacts on compliance, economic activity, competition, and small businesses. Additionally, the CFPB must identify reasonable alternatives to the proposed regulation, analyze their costs and benefits, and justify the regulation if its net benefits do not clearly outweigh alternatives. The bill also mandates that the CFPB disclose the underlying assumptions, data sources, and peer-review status of studies used in developing the proposed regulation. This legislation aims to increase transparency and accountability in the CFPB's rulemaking process by ensuring a more rigorous and comprehensive evaluation of potential regulatory impacts.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/2331/all-info