This legislation, titled the "Transparency in CFPB Cost-Benefit Analysis Act," significantly enhances the rulemaking requirements for the Bureau of Consumer Financial Protection (CFPB). It mandates that every notice of proposed rulemaking issued by the Bureau must be published in its entirety in the Federal Register and include a comprehensive statement of need and justification for the proposed regulation. The bill requires a detailed examination of why the CFPB must undertake the regulation, considering whether private markets or other governmental authorities could adequately address the issue. It also demands an assessment of whether the proposed regulation is duplicative or inconsistent with existing federal regulations, and if so, requires a discussion of its justification, coexistence, and plans to reduce associated regulatory burdens. Furthermore, the CFPB must provide a quantitative and qualitative assessment of all anticipated direct and indirect costs and benefits, including compliance costs for regulated entities, effects on economic activity, and administrative costs. This analysis must also identify and analyze reasonable alternatives to the proposed regulation, including modifications to existing rules. If the proposed regulation would increase costs for small businesses, the Bureau is required to consult with the Office of Advocacy within the Small Business Administration to minimize these effects. Finally, the bill stipulates that the Bureau must justify the regulation if its quantified net benefits do not outweigh those of alternatives or if its benefits do not outweigh its costs, along with disclosing underlying assumptions and data used.