CFPB Rule Accountability Act of 2016

[AI summary unavailable — showing source text] CFPB Rule Accountability Act of 2016 This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB), before any federal agency rule may take effect, to publish in the Federal Register a list of information on which the rule is based, including data, scientific and economic studies, and cost-benefit analyses, identify how the public can access such information online, and report to Congress and to the Government Accountability Office a classification of the rule as a major or nonmajor rule. Congress must enact a joint resolution of approval of major rules before they may take effect. If a joint resolution of approval is not enacted by the end of 70 session days or legislative days, as applicable, after the CFPB reports on the rule to Congress, the major rule shall be deemed not to be approved and shall not take effect. A major rule may take effect, however, for one 90-calendar day period without such approval if the President determines it is necessary because of an imminent threat to health or safety or other emergency, for the enforcement of criminal laws, for national security, or to implement an international trade agree…