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Wednesday, April 4, 2012

Details Requested on CFPB’s Cost-Benefit Obligations

Two House Financial Services subcommittee Chairmen wrote to CFBP Director Richard Cordray seeking his “assurance that the CFPB will conduct rigorous, transparent cost-benefit analysis whenever it drafts a new rule.”

The letter asks Cordray to respond to several questions regarding whether the CFPB has a “statutory obligation” to determine the economic implications of its proposals, whether the CFPB is considered an “independent regulatory agency” under a specific executive order, whether the CFPB will commit to solicit public comment on the data it uses to make its determinations, and whether it will adopt a rule only if the rule’s benefits outweigh its costs, among others.

The letter was signed by Chairman Randy Neugebauer (R-TX) from the Oversight and Investigations Subcommittee and Financial Institutions Subcommittee Chairman Shelley Moore Capito (R-WV).

Read the full letter.

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