Bill > HR2513

This bill establishes a separate Inspector General (IG) for the Bureau of Consumer Financial Protection (CFPB) who will be presidentially appointed and require Senate confirmation. Currently, the CFPB's IG is appointed by the Federal Reserve Board's Chairman, but this legislation changes that structure. The bill mandates that 2% of the Bureau's annual transferred funds will be dedicated to the Office of the Inspector General, and requires the IG to appear before congressional banking committees at semiannual hearings to discuss oversight reports. The legislation also adds the CFPB to the Council of Inspectors General on Financial Oversight and sets a 60-day deadline for the President to appoint an IG after the bill's enactment. The amendments will take effect when the first CFPB-specific Inspector General is confirmed by the Senate, and the existing Federal Reserve Board IG will transition to solely overseeing the Federal Reserve at that time. This reform aims to enhance independent oversight and accountability of the Consumer Financial Protection Bureau by creating a dedicated Inspector General position with clear reporting and funding mechanisms.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/2513/all-info