Making the CFPB Accountable to Small Businesses Act of 2025

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1606 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 1606

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


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 26, 2025

 Mr. Fitzgerald (for himself and Mr. Fallon) 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 2025''.

SEC. 2. RULEMAKING UNDER DODD-FRANK WALL STREET REFORM AND CONSUMER 
              PROTECTION ACT.

    Section 1022(b)(2)(A) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5512(b)(2)(A)) is amended--
            (1) in clause (i), by striking ``and'' at the end;
            (2) in clause (ii), by striking the semicolon at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following:
                            ``(iii) the impact of proposed rules on 
                        small entities, in accordance with section 609 
                        of title 5, United States Code;''.

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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