CFPB Transparency and Accountability Reform Act

This bill would restructure the Consumer Financial Protection Bureau (CFPB) from a single-director agency to a 5-member commission with staggered terms, requiring at least 2 members to have private sector experience in consumer financial services. It would require the CFPB to conduct detailed cost-benefit analyses for proposed rules, including impacts on small businesses, and establish an Office of Economic Analysis to assess regulatory impacts. The bill would also create a whistleblower program that would award up to 30% of monetary sanctions collected to individuals who provide original information leading to successful enforcement actions. These changes would directly affect the CFPB's internal operations, rulemaking process, and its engagement with small businesses and whistleblowers. The bill aims to increase transparency, accountability, and economic analysis in the CFPB's regulatory decisions.