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Making the CFPB Accountable to Small Businesses Act of 2025
To impose additional requirements for covered agencies in regulatory flexibility analysis.
Summary
This bill increases regulatory requirements for the Consumer Financial Protection Bureau (CFPB) and other covered agencies when they issue new rules. It requires these agencies to analyze and document the impact of proposed rules on small businesses in their regulatory flexibility analyses. If an agency does not adopt alternatives to minimize the burden on small entities, the bill requires the agency to provide detailed written justification explaining why the relative size and resources of small businesses should not affect the rule. Similar requirements are added to both initial and final regulatory flexibility analyses.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
3 cosponsors
- Rep. Barr, Andy [R-KY-6] (R-KY)
- Rep. Fallon, Pat [R-TX-4] (R-TX)
- Rep. Meuser, Daniel [R-PA-9] (R-PA)
Actions (2)
- Feb 26, 2025 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. · house
- Feb 26, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
February 26, 2025
Mr. Fitzgerald (for himself and Mr. Fallon) 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 2025”.
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.”. <all>
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