Transparency in CFPB Cost-Benefit Analysis Act

This bill would require the Consumer Financial Protection Bureau (CFPB) to include specific transparency measures when proposing new rules. Under the proposal, the CFPB would have to publish a formal justification for the rulemaking along with detailed assessments of anticipated costs, benefits, and impacts on small businesses. Additionally, the agency would be required to provide information on alternative regulatory options and disclose the data, studies, and assumptions used to develop the rule.

This bill primarily affects the Consumer Financial Protection Bureau (CFPB), which would be required to perform and publish detailed cost-benefit analyses for its rulemaking. The legislation also specifically identifies small businesses as a group whose impacts must be assessed during the bureau's regulatory process.

• Rulemaking justification and assessment. The Consumer Financial Protection Bureau (CFPB) must publish a formal justification for any proposed rulemaking alongside a quantitative and qualitative assessment of all anticipated direct and indirect costs and benefits.
• Analysis of alternatives and small business impacts. The bill requires the CFPB to identify and evaluate alternatives to the proposed rulemaking and specifically assess the potential impacts on small businesses.
• Disclosure of supporting data and assumptions. The CFPB must publish any assumptions, data, or specific studies utilized in the preparation of the required rulemaking assessments and justifications.

This bill modifies the rulemaking procedures of the Consumer Financial Protection Bureau (CFPB) by establishing new transparency and reporting requirements for the agency's cost-benefit analyses.

The bill aims to increase transparency in the Consumer Financial Protection Bureau’s (CFPB) rulemaking process by requiring the agency to provide detailed justifications, cost-benefit analyses, and assessments of impacts on small businesses for proposed regulations.