To establish a separate Inspector General for the Bureau of Consumer Financial Protection.

To establish a separate Inspector General for the Bureau of Consumer Financial Protection. 1. Creating an Inspector General for the Bureau of Consumer Financial Protection (a) In general Section 12 of the Inspector General Act of 1978 (5 U.S.C. App.) is amended— (1) in paragraph (1), by inserting the Bureau of Consumer Financial Protection, Federal Emergency Management Agency, (2) in paragraph (2), by inserting the Bureau of Consumer Financial Protection, Export-Import Bank, (b) Technical and conforming amendments Section 8G of such Act is amended— (1) in subsection (a)(2), by striking and the Bureau of Consumer Financial Protection (2) in subsection (c), by striking the third and fourth sentences; and (3) in subsection (g)(3), by striking and the Bureau of Consumer Financial Protection 2. Requirements for the Inspector General for the Bureau of Consumer Financial Protection (a) Establishment Section 1011 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5491 (1) in subsection (b)— (A) in the subsection heading, by striking and Deputy Director , Deputy Director, and Inspector General (B) by inserting after paragraph (5) the following: (6) Inspector General There is established the position of the Inspector General. ; and (2) in subsection (d), by striking or Deputy Director , Deputy Director, or Inspector General (b) Hearings Section 1016 of such Act is amended by inserting after subsection (c) the following: (d) Additional Requirement for Inspector General On a separate occasion from that described in subsection (a), the Inspector General of the Bureau shall appear, upon invitation, before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services and the Committee on Energy and Commerce of the House of Representatives at semi-annual hearings regarding the reports required under subsection (b) and the reports required under section 5 of the Inspector General Act of 1978 (5 U.S.C. App.). . (c) Funding for Office of Inspector General Section 1017(a)(2) of such Act is amended— (1) by redesignating subparagraph (C) as subparagraph (D); and (2) by inserting after subparagraph (B) the following: (C) Funding for Office of Inspector General Each fiscal year, the Bureau shall dedicate 0.25 percent of the funds transferred pursuant to paragraph (1) to the Office of the Inspector General. . (d) Participation in the Council of Inspectors General on Financial Oversight Section 989E(a)(1) of such Act is amended by adding at the end the following: (J) The Bureau of Consumer Financial Protection. . (e) Deadline for appointment Not later than 60 days after the date of the enactment of this Act, the President shall appoint an Inspector General for the Bureau of Consumer Financial Protection in accordance with section 3 3. Effective date The amendments made by this Act shall take effect 60 days after the date of the enactment of this Act. 4. Transition period The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall serve in that position until the confirmation of an Inspector General for the Bureau of Consumer Financial Protection. At that time, the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall become the Inspector General of the Board of Governors of the Federal Reserve System.

Summary: Amends the Inspector General Act of 1978 and the Dodd-Frank Wall Street Reform and Consumer Protection Act to create an Inspector General for the Consumer Financial Protection Bureau (CFPB). Requires the President, within 60 days after enactment of this Act, to appoint a CFPB Inspector General.