SB5628: Transparency in CFPB Cost-Benefit Analysis Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend the Consumer Financial Protection Act of 2010 to enhance rule-making requirements for the Bureau of Consumer Financial Protection, and for other purposes.
Plain-language summary
This bill would require the Consumer Financial Protection Bureau (CFPB), a government agency that writes rules for banks and lenders, to perform detailed cost-benefit analyses before issuing new financial regulations. A cost-benefit analysis estimates how much a rule will cost businesses and consumers versus the benefits it provides. The bill would make these analyses more transparent and rigorous. The CFPB is the federal agency responsible for protecting consumers in financial transactions. The bill is currently in the introduced stage, meaning it has been formally submitted to Congress but not yet assigned to a for review.
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SB5628: Transparency in CFPB Cost-Benefit Analysis Act