Making the CFPB Accountable to Small Businesses Act of 2022

Bill: 117-hr-8443
Sponsor: full_name: Rep. Fitzgerald, Scott [R-WI-5]
Introduced: 2022-07-20
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-11-01
text: Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

Summaries:
action_date: 2022-07-20
action_desc: Introduced in House
text: <p><strong>Making the CFPB Accountable to Small Businesses Act of 2022 </strong></p> <p>This bill eliminates the requirement that financial institutions must collect data regarding loans made to women-owned, minority-owned, or small businesses. In addition, the Consumer Financial Protection Bureau must justify its decision to not adopt certain alternatives to regulations applicable to small entities.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 8443 IN THE HOUSE OF REPRESENTATIVES July 20, 2022 Mr. Fitzgerald (for himself, Ms. Salazar , Mr. Garbarino , Mrs. Fischbach , and Ms. Van Duyne ) 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.

1. Short title This Act may be cited as the Making the CFPB Accountable to Small Businesses Act of 2022 . 2. Repeal of small business loan data collection The Equal Credit Opportunity Act ( 15 U.S.C. 1691 et seq. ) is amended by striking section 704B. 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. . 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. .