CFPB-IG Act of 2015

To require Senate confirmation of Inspector General of the Bureau of Consumer Financial Protection, and for other purposes. 1. Short title This Act may be cited as the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015 CFPB-IG Act of 2015 2. Appointment of Inspector General The Inspector General Act of 1978 (5 U.S.C. App.) is amended— (1) in section 8G— (A) in subsection (a)(2), by striking and the Bureau of Consumer Financial Protection (B) in subsection (c), by striking For purposes of implementing this section (C) in subsection (g)(3), by striking and the Bureau of Consumer Financial Protection (2) in section 12— (A) in paragraph (1), by inserting the Director of the Bureau of Consumer Financial Protection; the President of the Export-Import Bank; (B) in paragraph (2), by inserting the Bureau of Consumer Financial Protection, the Export-Import Bank, 3. 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 . (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 2 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 4. Effective date The amendments made by this Act shall take effect 60 days after the date of the enactment of this Act. 5. 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: Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015 or the CFPB-IG Act of 2015 (Sec. 2) This bill amends the Inspector General Act of 1978 to repeal the authority of the Chairman of the Board of Governors of the Federal Reserve System to appoint the Inspector General of the Consumer Financial Protection Bureau (CFPB). (Sec. 3) The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to create an Inspector General for the CFPB. Within 60 days after enactment of this bill, the President must appoint a CFPB Inspector General.