The CFPB, federal banking regulators and consumer groups have all voiced their opposition to Senate Bill 3468, the “Independent Agency Regulatory Analysis Act of 2012.” The bill would allow the President to require all independent agencies to undertake numerous additional steps and analyses as part of the rulemaking process.
In a letter sent to the chairman and ranking member of the Homeland Security and Governmental Affairs Committee (which would be charged with marking up the bill), the CFPB, Fed, SEC, OCC, FDIC and NCUA contend the bill would give the President unprecedented authority to influence rulemaking by independent agencies. The letter also asserts the bill would interfere with the ability of such agencies to promulgate rules because it would result in litigation challenging the additional analyses.
A letter sent to Senators by numerous consumer groups, including the National Consumer Law Center and the Center for Responsible Lending, as well as several academics, states similar concerns regarding the influence the bill would give the President over independent agencies and the new burdens it would place on independent agencies.
We will discuss S.B. 3468 during the webinar we will be conducting on Friday, November 2 on Ballard Spahr’s CFPB Election Scorecard. Information about the webinar and a link to register is available here.