Consumer finance agency would publish reasons and costs for proposed rules

The Consumer Financial Protection Bureau would publish each full rule proposal and its analysis in the Federal Register, the government's official notice journal. Each proposal would explain its need, alternatives, costs, benefits, and who would bear the burden. The agency would explain conflicts or overlap with other federal rules and justify proposals when the required cost or alternatives comparisons are unfavorable.

The agency would consult the Small Business Administration's Office of Advocacy about ways to reduce costs for small businesses. Consultation would be required when the agency determines that a proposed rule would increase small businesses' costs. Consultation would cover direct and indirect costs, without guaranteeing a cost reduction.

The agency would explain its assumptions and describe the studies and data behind its analysis. It would state whether studies had been reviewed by other experts. When feasible, it would use appropriate statistical methods to estimate the likelihood of possible outcomes.