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119-s-5628119th CongressWALLET

Transparency in CFPB Cost-Benefit Analysis Act

Sponsored By: Senator Kennedy, John [R-LA]

Introduced

Summary

This bill would force the Consumer Financial Protection Bureau (CFPB) to use far more rigorous cost‑benefit analysis and public transparency in every proposed rule.

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  • Consumers: Proposed rules must include an assessment of how burdens and benefits are distributed, including any disproportionate effects on consumers.
  • Small businesses: If a rule increases costs for small businesses the CFPB must consult the Small Business Administration's Office of Advocacy and try to minimize those burdens.
  • State, local, and tribal governments: The Bureau must quantify costs on State, local, and tribal entities so those governments' administrative and compliance costs are explicitly evaluated.
  • Regulated firms and markets: Companies would face detailed requirements to quantify compliance costs and impacts on competition, efficiency, and capital formation before rules advance.
  • Rulemaking transparency: Every notice of proposed rulemaking must be published in full in the Federal Register and include the underlying assumptions, studies used, and whether those studies were peer reviewed.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

More transparency for CFPB rules

If enacted, the bill would require the Consumer Financial Protection Bureau to publish each proposed rule in full. Notices would explain the need for the rule, why private or state action cannot fix the problem, and any overlap with other Federal rules or orders. The Bureau would provide quantitative and qualitative costs and benefits, including compliance costs for all regulated entities, effects on competition and capital formation, and how burdens are distributed. If a proposal raised small-business costs, the Bureau would consult the Small Business Administration Office of Advocacy. The notice would list reasonable alternatives, compare their costs and benefits, justify actions when benefits or net benefits do not exceed alternatives, and, where feasible, show a probability distribution of likely outcomes and the assumptions and studies used.

Sponsors & CoSponsors

Sponsor

Kennedy, John [R-LA]

LA • R

Cosponsors

  • Sen. Lummis, Cynthia M. [R-WY]

    WY • R

    Sponsored 9/30/2026

Roll Call Votes

No roll call votes available for this bill.

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