No CRS summary available for this bill.
This section requires each notice of proposed rulemaking issued by the Consumer Financial Protection Bureau to be published in full in the Federal Register and to include a statement of need, an examination of why private markets or State, local, or tribal authorities cannot address the problem, an assessment of duplication or inconsistency with other Federal regulations, quantitative and qualitative analyses of all direct and indirect costs and benefits (including compliance costs for small businesses and effects on economic activity), identification and analysis of reasonable alternatives, consultation with the Small Business Administration Office of Advocacy when small businesses face increased costs, justifications when quantified benefits do not exceed costs or alternatives, an assessment of how regulatory burdens are distributed, and a probability distribution of outcomes when feasible, along with underlying assumptions and studies used.