CFPB’s Cost-Benefit Analysis Office to Be Modeled After FTC’s Bureau of Economics - ABI

Consumer Financial Protection Bureau Acting Director Mick Mulvaney this week addressed a common Republican critique of the agency by establishing an office to conduct cost-benefit analyses of the CFPB’s activities, but supporters of the bureau say the move is both political and unnecessary, reported. In a Wednesday memo to CFPB staff, Mulvaney said the Office of Cost Benefit Analysis will be housed in the director’s office. An agency spokesman said yesterday that the office will review the economic impacts of regulatory issues, as well as CFPB enforcement and supervision activities. The new office is modeled after the Federal Trade Commission’s Bureau of Economics, according to a CFPB spokesman. That FTC unit is charged with providing commissioners with economic analysis regarding how rulemaking and enforcement actions would affect consumers and businesses.

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