Making the CFPB Accountable to Small Businesses Act of 2022

Making the CFPB Accountable to Small Businesses Act of 2022

This bill eliminates the requirement that financial institutions must collect data regarding loans made to women-owned, minority-owned, or small businesses. In addition, the Consumer Financial Protection Bureau must justify its decision to not adopt certain alternatives to regulations applicable to small entities.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8443 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 8443

 To impose additional requirements for covered agencies in regulatory 
                         flexibility analysis.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 20, 2022

     Mr. Fitzgerald (for himself, Ms. Salazar, Mr. Garbarino, Mrs. 
Fischbach, and Ms. Van Duyne) 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 2022''.

SEC. 2. REPEAL OF SMALL BUSINESS LOAN DATA COLLECTION.

    The Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.) is 
amended by striking section 704B.

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.''.
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