Increased Transparency for Consumer Financial Protection Rulemaking.
This bill mandates that the Consumer Financial Protection Bureau (CFPB) must conduct a rigorous cost-benefit analysis before issuing any new financial regulation affecting loans, credit cards, or mortgages. The agency must publicly demonstrate that the benefits of a proposed rule outweigh its costs to businesses and the economy, including small businesses. This aims to ensure regulations are necessary, non-duplicative, and do not disproportionately burden consumers or the financial sector.
Key points
The CFPB must publicly justify new rules by proving that the benefits outweigh the costs imposed on businesses and the economy.
New regulations must be checked for duplication with existing federal rules, and their impact on small businesses must be minimized through consultation.
The agency must analyze whether consumers or small businesses will be unfairly burdened by the new financial rules.
Status:
Expired
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