Making the CFPB Accountable to Small Businesses Act of 2025
About This Bill
Committee
Latest Action · February 26, 2025
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.
H.R. 1606, the "Making the CFPB Accountable to Small Businesses Act of 2025," requires the Consumer Financial Protection Bureau (CFPB) and other federal agencies to give greater consideration to how their rules affect small businesses. The bill modifies the Dodd-Frank Act and federal regulatory procedures to mandate that agencies explicitly analyze the impact of new rules on small entities and provide detailed justifications if they choose not to adopt alternatives that would reduce costs for small businesses. Specifically, when agencies issue final rules that increase costs for small businesses, they must explain their reasoning with factual, policy, and legal support for why the size and resources of small businesses should not influence the rule's design. The legislation has no specified funding or implementation timeline but applies to regulatory processes going forward. The bill affects small business owners and the CFPB's rulemaking authority, potentially giving small enterprises more input into how financial regulations are structured.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.