Making the CFPB Accountable to Small Businesses Act of 2023

Bill: 118-hr-1749
Sponsor: full_name: Rep. Fitzgerald, Scott [R-WI-5]
Introduced: 2023-03-23
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-23
text: 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.

Summaries:
action_date: 2023-03-23
action_desc: Introduced in House
text: <p><strong>Making the CFPB Accountable to Small Businesses Act of 2023 </strong></p> <p>This bill requires the Consumer Financial Protection Bureau (CFPB) to consider the impact of proposed rules on small entities. In addition, the CFPB must justify its decision to not adopt certain alternatives to regulations applicable to small entities.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 1749 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.

1. Short title This Act may be cited as the Making the CFPB Accountable to Small Businesses Act of 2023 . 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; . 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. .