I 

114TH CONGRESS 

1ST SESSION H. R. 957 

To require Senate confirmation of Inspector General of the Bureau of 

Consumer Financial Protection, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 12, 2015 

Mr. STIVERS (for himself, Mr. WALZ, Mr. ROYCE, and Mr. LUETKEMEYER) 

introduced the following bill; which was referred to the Committee on 

Oversight and Government Reform, and in addition to the Committee on 

Financial Services, for a period to be subsequently determined by the 

Speaker, in each case for consideration of such provisions as fall within 

the jurisdiction of the committee concerned 

A BILL 

To require Senate confirmation of Inspector General of the 

Bureau of Consumer Financial Protection, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Bureau of Consumer 

5 Financial Protection-Inspector General Reform Act of 

6 2015’’, or the ‘‘CFPB-IG Act of 2015’’. 


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1 SEC. 2. APPOINTMENT OF INSPECTOR GENERAL. 

2 The Inspector General Act of 1978 (5 U.S.C. App.) 

3 is amended— 

4 (1) in section 8G— 

5 (A) in subsection (a)(2), by striking ‘‘and 

6 the Bureau of Consumer Financial Protection’’; 

7 (B) in subsection (c), by striking ‘‘For 

8 purposes of implementing this section’’ and all 

9 that follows through the end of the subsection; 

10 and 

11 (C) in subsection (g)(3), by striking ‘‘and 

12 the Bureau of Consumer Financial Protection’’; 

13 and 

14 (2) in section 12— 

15 (A) in paragraph (1), by inserting ‘‘the Di16 rector of the Bureau of Consumer Financial 

17 Protection;’’ after ‘‘the President of the Export18 Import Bank;’’; and 

19 (B) in paragraph (2), by inserting ‘‘the 

20 Bureau of Consumer Financial Protection,’’ 

21 after ‘‘the Export-Import Bank,’’. 


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1 SEC. 3. REQUIREMENTS FOR THE INSPECTOR GENERAL 

2 FOR THE BUREAU OF CONSUMER FINANCIAL 

3 PROTECTION. 

4 (a) ESTABLISHMENT.—Section 1011 of the Dodd5 Frank Wall Street Reform and Consumer Protection Act 

6 (12 U.S.C. 5491) is amended— 

7 (1) in subsection (b)— 

8 (A) in the subsection heading, by striking 

9 ‘‘AND DEPUTY DIRECTOR’’ and inserting ‘‘, 

10 DEPUTY DIRECTOR, AND INSPECTOR GEN11 ERAL’’; and 

12 (B) by inserting after paragraph (5) the 

13 following: 

14 ‘‘(6) INSPECTOR GENERAL.—There is estab15 lished the position of the Inspector General.’’; and 

16 (2) in subsection (d), by striking ‘‘or Deputy 

17 Director’’ each place it appears and inserting ‘‘, 

18 Deputy Director, or Inspector General’’. 

19 (b) HEARINGS.—Section 1016 of such Act is amend20 ed by inserting after subsection (c) the following: 

21 ‘‘(d) ADDITIONAL REQUIREMENT FOR INSPECTOR

22 GENERAL.—On a separate occasion from that described 

23 in subsection (a), the Inspector General of the Bureau 

24 shall appear, upon invitation, before the Committee on 

25 Banking, Housing, and Urban Affairs of the Senate and 

26 the Committee on Financial Services and the Committee 


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1 on Energy and Commerce of the House of Representatives 

2 at semi-annual hearings regarding the reports required 

3 under subsection (b) and the reports required under sec4 tion 5 of the Inspector General Act of 1978 (5 U.S.C. 

5 App.).’’. 

6 (c) FUNDING FOR OFFICE OF INSPECTOR GEN7 ERAL.—Section 1017(a)(2) of such Act is amended— 

8 (1) by redesignating subparagraph (C) as sub9 paragraph (D); and 

10 (2) by inserting after subparagraph (B) the fol11 lowing: 

12 ‘‘(C) FUNDING FOR OFFICE OF INSPECTOR

13 GENERAL.—Each fiscal year, the Bureau shall 

14 dedicate 2 percent of the funds transferred pur15 suant to paragraph (1) to the Office of the In16 spector General.’’. 

17 (d) PARTICIPATION IN THE COUNCIL OF INSPECTORS

18 GENERAL ON FINANCIAL OVERSIGHT.—Section 

19 989E(a)(1) of such Act is amended by adding at the end 

20 the following: 

21 ‘‘(J) The Bureau of Consumer Financial 

22 Protection.’’. 

23 (e) DEADLINE FOR APPOINTMENT.—Not later than 

24 60 days after the date of the enactment of this Act, the 

25 President shall appoint an Inspector General for the BuVerDate Sep 11 2014 04:03 Feb 21, 2015 Jkt 049200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H957.IH H957

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1 reau of Consumer Financial Protection in accordance with 

2 section 3 of the Inspector General Act of 1978 (5 U.S.C. 

3 App.). 

4 SEC. 4. EFFECTIVE DATE. 

5 The amendments made by this Act shall take effect 

6 60 days after the date of the enactment of this Act. 

7 SEC. 5. TRANSITION PERIOD. 

8 The Inspector General of the Board of Governors of 

9 the Federal Reserve System and the Bureau of Consumer 

10 Financial Protection shall serve in that position until the 

11 confirmation of an Inspector General for the Bureau of 

12 Consumer Financial Protection. At that time, the Inspec13 tor General of the Board of Governors of the Federal Re14 serve System and the Bureau of Consumer Financial Pro15 tection shall become the Inspector General of the Board 

16 of Governors of the Federal Reserve System. 

Æ 


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