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Enhanced Transparency in Consumer Financial Protection Bureau Rulemaking

This act aims to increase transparency in the Consumer Financial Protection Bureau's (CFPB) rulemaking process. It requires the CFPB to conduct more thorough analyses and disclose the costs and benefits of proposed regulations, potentially influencing how new rules affect businesses and consumers.
Key points
The agency must justify the need for new regulations and explain why private markets or local authorities cannot address the issue.
It will be required to assess if new rules duplicate or conflict with existing regulations and how to reduce associated burdens.
The CFPB must provide a quantitative and qualitative assessment of all anticipated costs and benefits, including for small businesses and the economy.
If costs for small businesses increase, the agency must consult with the Office of Advocacy within the Small Business Administration to minimize negative impacts.
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Expired
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Additional Information
Print number: 117_S_4522
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2022-07-13
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Transparency in CFPB Cost-Benefit Analysis Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4522.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-07-13.

What are the main provisions?

Key points include:

  • The agency must justify the need for new regulations and explain why private markets or local authorities cannot address the issue.
  • It will be required to assess if new rules duplicate or conflict with existing regulations and how to reduce associated burdens.
  • The CFPB must provide a quantitative and qualitative assessment of all anticipated costs and benefits, including for small businesses and the economy.
  • If costs for small businesses increase, the agency must consult with the Office of Advocacy within the Small Business Administration to minimize negative impacts.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Courts and Law