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NAFCU-backed bill requires cost-benefit analysis of CFPB regulations
Representative Alex Mooney, R-W. Va., Wednesday introduced H.R. 7412, the Transparency in Consumer Financial Protection Bureau (CFPB) Cost-Benefit Analysis Act, which would require the CFPB to employ a more rigorous cost-benefit analysis to better weigh the costs of implementation and compliance with the benefits of a regulation.
“It is long past time for the Consumer Financial Protection Bureau to adhere to a rigorous and transparent cost-benefit analysis,” stated Mooney, who also noted the legislation would put an end to the CFPB’s regulatory overreach and provide much needed relief for small businesses and credit unions.
“NAFCU applauds Representative Mooney’s leadership on ensuring transparent evaluation on regulations set forth by the CFPB,” said NAFCU President and CEO Dan Berger. “The Transparency in CFPB Cost-Benefit Analysis Act will ensure the Bureau is held to the same standard as other agencies when reviewing the cost-benefit analysis for its proposed rules. While credit unions understand the need for appropriate and balanced rulemaking, it’s important for regulators to understand the overall impact, whether, through compliance costs or the upshot on competition, these rules would have on financial institutions.”
NAFCU continues to work closely with Congressional leaders and the CFPB to ensure credit unions are not burdened by unnecessary regulations on the industry.