BCFP’s Office of Cost Benefit Analysis Consistent with CUNA Recommendations

The Bureau of Consumer Financial Protection (BCFP) seeks an individual to lead a new Office of Cost Benefit Analysis, according to a notice posted Monday. CUNA and the state leagues have repeatedly called on the BCFP to conduct more comprehensive cost-benefit research and analysis in connection with its rule-makings and supervisory activities. It was among the numerous recommendations contained in the regulatory relief white paper CUNA submitted to the BCFP this past summer.

That recommendation was for the Bureau apply a cost/benefit analysis to rules for credit unions, backed up by “relevant, timely and representative data.”

According to the Bureau’s notice, its Office of Cost Benefit Analysis is responsible for “providing economic analysis, including cost-benefit analysis, and assisting in making decisions primarily in response to recommendations from Research, Markets and Regulations and Supervision, Enforcement and Fair Lending.”

The white paper also cited a CUNA survey that found that 73% of respondents thought it was “very important” to change several aspects of rule-making, including “more cost-benefit research and analysis to inform the rules.”