ICBA expressed support for newly reintroduced House legislation that would require a thorough cost-benefit analysis for proposed Consumer Financial Protection Bureau rules.
Details: Introduced by Rep. Alex Mooney (R-W.Va.), the Transparency in CFPB Cost-Benefit Analysis Act (H.R. 1313) is designed to stop regulatory overreach by the CFPB and provide regulatory relief to community banks and other institutions.
ICBA Support: In a letter and in a news release from Mooney’s office, ICBA President and CEO Rebeca Romero Rainey said the bill would help ensure new CFPB rules are not overly burdensome, costly, or counterproductive.