House Representatives Randy Neugeberger and Shelley Capito submitted a letter to the CFPB seeking assurance that the CFPB will conduct “rigorous, transparent cost-benefit analysis” when issuing new rules. The letter also requested that CFPB Director Richard Cordray respond to a series of questions posed in the letter. Among the questions asked by the Representatives include: whether the CFPB would commit to adopting a rule only if it determines that the rule’s economic benefits outweigh its costs; and how the CFPB defines “significant rule” for purposes of Section 1022(d) of the Dodd-Frank Act, which requires the CFPB to evaluate the effectiveness of a “significant rule” five years after the rule’s effective date. Rep. Neugeberger is the Chairman of the Subcommittee on Oversight and Investigations and Rep. Capito is the Chairman of the Subcommittee on Financial Institutions and Consumer Credit within the Committee on Financial Services. Click here for the letter.
Alert April 17, 2012