Maybe this is the time where it finally makes it. For the second time, Rep. Alex Mooney [R-W.V.] has introduced a bill that require the Consumer Financial Protection Bureau to conduct a cost-benefit analysis prior to issuing any regulation as a means of trying to limit the CFPB’s “regulatory overreach,” the Congressman said.
More information about H.R. 1313, the Transparency in Consumer Financial Protection Bureau (CFPB) Cost-Benefit Analysis Act, can be accessed by clicking here.
Rep. Mooney previously introduced a version of the same bill last year, but that bill never made it out of committee. The difference between now and then is that Republicans now control the House of Representatives, making it more likely that the bill will get some consideration. The bill has 19 co-sponsors — all Republicans — which is four more co-sponsors than the previous version of the proposed legislation had.
While the full text of the new bill is not available, if it’s anything like the statement used by Rep. Mooney in announcing the bill’s introduction, it will be exactly the same as the previous version.
“It is long past time for the Consumer Financial Protection Bureau to adhere to a rigorous and transparent cost-benefit analysis,” said Rep. Mooney, in a statement — the exact same statement he made last year when he introduced this legislation for the first time. “My bill will help stop regulatory overreach by the CFPB; and provide regulatory relief to small businesses, community banks, and credit unions across West Virginia.”
The bill is being endorsed by the Independent Community Bankers of America, the U.S. Chamber of Commerce, and the American Bankers Association, among other groups.