Senate Banking Committee ranking member Richard Shelby at a hearing yesterday on the CFPB's first six months raised concerns about the CFPB imposing costly new rules without seeking public input.
Shelby noted, for example, that the CFPB's own analysis shows that businesses will spend 7.7 million hours complying with a rule to improve the price transparency of foreign remittances. Rather than conduct a cost-benefit analysis, the bureau has indicated that it will impose the rule and examine its impact afterward, he said.
The CFPB is normally required to convene small-business panels before proposing a new rule, but it did not set up such a panel for the remittance regulation because it inherited the proposal from the Federal Reserve.
View a recording of the hearing.
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