Section 1 Short title
This Act may be cited as the “Making the CFPB Accountable to Small Businesses Act of 2022”.
Making the CFPB Accountable to Small Businesses Act of 2022
A BILL
To impose additional requirements for covered agencies in regulatory flexibility analysis.
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—
in subparagraph (B), by striking “and” at the end;
in subparagraph (C), by striking the period and inserting “; and”; and
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.”