Bureau’s OCBA consistent w/ CUNA recommendation
The Bureau of Consumer Financial Protection seeks an individual to lead a new Office of Cost Benefit Analysis, according to a notice posted Monday. CUNA has repeatedly called on the BCFP to conduct more cost-benefit research and analysis to inform its rulemakings and supervisory activities, including in its comprehensive white paper containing many recommendations for the bureau.
One of CUNA’s recommendations was that that the bureau apply a cost/benefit analysis to rules for credit unions, backed up by “relevant, timely and representative data.”
According to the bureau’s notice, its Office of Cost Benefit Analysis is responsible for “providing economic analysis, including cost-benefit analysis, and assisting in making decisions primarily in response to recommendations from Research, Markets and Regulations and Supervision, Enforcement and Fair Lending.”
CUNA’s white paper also cited a CUNA survey that found that 73% of respondents thought it was “very important” to change several aspects of rulemaking, including “more cost-benefit research and analysis to inform the rules.”