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Enhanced Transparency in Financial Consumer Protection Bureau Rulemaking

New rules require the Consumer Financial Protection Bureau (CFPB) to conduct more thorough cost-benefit analyses before issuing new regulations. This aims to ensure that new rules are justified, do not duplicate existing ones, and minimize burdens on citizens and small businesses. Citizens can expect more carefully considered and less burdensome financial regulations as a result.
Key points
CFPB must justify the need for new regulations and explain why the private market or local authorities cannot address the problem.
An assessment is required to determine if new regulations duplicate existing ones and how to reduce associated burdens.
CFPB will need to evaluate all costs and benefits, including impacts on small businesses and the economy, and consider alternatives.
If new regulations increase costs for small businesses, CFPB must consult with the Office of Advocacy within the Small Business Administration to minimize these burdens.
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Additional Information
Print number: 118_HR_1313
Sponsor: Rep. Mooney, Alexander X. [R-WV-2]
Process start date: 2023-03-01
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Summarized by: gemini-2.5-flash-preview-05-20
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 118_HR_1313.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-03-01.

What are the main provisions?

Key points include:

  • CFPB must justify the need for new regulations and explain why the private market or local authorities cannot address the problem.
  • An assessment is required to determine if new regulations duplicate existing ones and how to reduce associated burdens.
  • CFPB will need to evaluate all costs and benefits, including impacts on small businesses and the economy, and consider alternatives.
  • If new regulations increase costs for small businesses, CFPB must consult with the Office of Advocacy within the Small Business Administration to minimize these burdens.
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 Rep. Mooney, Alexander X. [R-WV-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy Courts and Law