CUNA-League backed bill would require CFPB cost-benefit analysis

Rep. Alex Mooney, R-W.V. introduced the CUNA and League-supported Transparency in CFPB Cost-Benefit Analysis Act (H.R. 1313). The bill would require the Consumer Financial Protection Bureau (CFPB) to include a cost-benefit analysis in its rulemakings.

“This legislation would bring much needed transparency and accountability to the CFPB, which has a massive effect on businesses, consumers, and the economy at large,” said CUNA President/CEO Jim Nussle. “Credit unions have long championed a cost/benefit analysis requirement for bureau rulemakings, and we thank Rep. Mooney for his continued leadership in this space.”

“We welcome Congressman Mooney’s common-sense legislation which would require the CFPB to undergo a cost/benefit analysis before implementing new regulations’” said Rich Schaffer, president/CEO of the West Virginia Credit Union League. “It’s beneficial to consumers, small businesses, and our lawmakers to see the impact of new regulations before they are implemented.”

Specifically, the bill would require the CFPB to publish:

• Justification of the proposed rulemaking.
• Quantitative and qualitative assessment of all anticipated direct and indirect costs and benefits.
• Alternatives to the proposed rulemaking.
• Impacts on small businesses.
• Any assumptions, data, or studies used in preparing this information.