Making the CFPB Accountable to Small Businesses Act of 2023

Subjects: Finance and Financial Sector


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1749 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 1749

 To impose additional requirements for covered agencies in regulatory 
                         flexibility analysis.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 2023

Mr. Fitzgerald (for himself, Mr. Norman, Mr. Fallon, and Mrs. Miller of 
  Illinois) introduced the following bill; which was referred to the 
Committee on the Judiciary, and in addition to the Committees on Small 
   Business, and Financial Services, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To impose additional requirements for covered agencies in regulatory 
                         flexibility analysis.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Making the CFPB Accountable to Small 
Businesses Act of 2023''.

SEC. 2. RULEMAKING UNDER DODD-FRANK WALL STREET REFORM AND CONSUMER 
              PROTECTION ACT.

    Section 1022(b)(2)(A) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5512(b)(2)(A)) is amended--
            (1) in clause (i), by striking ``and'' at the end;
            (2) in clause (ii), by striking the semicolon at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following:
                            ``(iii) the impact of proposed rules on 
                        small entities, in accordance with section 609 
                        of title 5, United States Code;''.

SEC. 3. INITIAL REGULATORY FLEXIBILITY ANALYSIS.

    Section 603(d)(1) of title 5, United States Code, is amended--
            (1) in subparagraph (B), by striking ``and'' at the end;
            (2) in subparagraph (C), by striking the period and 
        inserting ``; and''; and
            (3) by adding at the end the following:
                    ``(D) where the covered agency does not adopt any 
                alternatives described in paragraphs (1) through (4) of 
                subsection (c), a detailed justification of the covered 
                agency's determination that the relative size and 
                resources of small entities should have no bearing on 
                the rule, supported by factual, policy and legal 
                reasons.''.

SEC. 4. FINAL REGULATORY FLEXIBILITY ANALYSIS.

    Section 604(a) of title 5, United States Code, is amended in the 
second paragraph (6) to read as follows:
            ``(7) for a covered agency, as defined in section 
        609(d)(2), a description of the steps the agency has taken to 
        minimize any additional cost of credit for small entities and, 
        where no significant alternatives for small entities was 
        adopted, a detailed justification of the covered agency's 
        determination that the relative size and resources of small 
        entities should have no bearing on the rule, supported by 
        factual, policy and legal reasons.''.
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