WASHINGTON—Representative Alex Mooney (R-WV) has reintroduced the Transparency in Consumer Financial Protection Bureau Cost-Benefit Analysis Act, which would require the CFPB to employ a more rigorous cost-benefit analysis to better weigh the costs of implementation and compliance with the benefits of a regulation, NAFCU reported.
Mooney first introduced the bill last April.
“NAFCU applauds Rep. Mooney’s leadership on ensuring transparent evaluation on regulations set forth by the CFPB,” said NAFCU President and CEO Dan Berger. “The Transparency in CFPB Cost-Benefit Analysis Act will ensure the Bureau is held to the same standard as other agencies when reviewing the cost-benefit analysis for its proposed rules. The Bureau's recently proposed rule on credit card late fees and consequential lack of data on its impact, proves the critical need for this legislation. Regulators must understand the overall impact of their rulemaking, whether, through compliance costs or the upshot on competition, especially for smaller financial institutions like credit unions.”
NAFCU asserted that the bill is especially critical given the CFPB’s recent proposed rule on credit card late fees that would drastically reduce the current safe harbor to $8, which Berger said would cause “financial chaos.”
Meetings With NCUA
Separately, NAFCU Director of Regulatory Affairs Ann Petros said the trade group is meeting with NCUA this week over the Greenhouse Gas Reduction Fund. Petros said the trade group will be talking to NCUA board members about how the agency can support the credit union industry in its work on green lending and work with the EPA in setting up this “very important fund in reducing greenhouse gas emissions.”
“A lot of grant money is up for grabs and could have substantial impact on communities, members and institutions themselves as they establish new programs,” Petros said.
Hearings to Be Held
Separately, the House Financial Services Committee has announcedit will hold a pair of hearings on March 8.
The first hearing, being held at 10 a.m. ET, will be the first of two reports this year from Federal Reserve Chair Jerome Powell regarding the Fed’s monetary policy.
In addition, the House Financial Services Subcommittee on Oversight and Investigations will hold a hearing at 2 p.m. ET to discuss the spending and regulatory practices of the Biden Administration.
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