SEC. 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) is amended— 
(1) in subsection (b)— 
(A) in the subsection heading, by striking 
‘‘AND DEPUTY DIRECTOR’’ and inserting ‘‘, 
DEPUTY
DIRECTOR, AND
INSPECTOR
GEN-
ERAL’’; and 
(B) by inserting after paragraph (5) the 
following: 
‘‘(6) INSPECTOR
GENERAL.—There is estab-
lished the position of the Inspector General.’’; and 
(2) in subsection (d), by striking ‘‘or Deputy 
Director’’ each place it appears and inserting ‘‘, 
Deputy Director, or Inspector General’’. 
(b) HEARINGS.—Section 1016 of such Act is amend-
ed 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 
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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 sec-
tion 5 of the Inspector General Act of 1978 (5 U.S.C. 
App.).’’. 
(c) FUNDING
FOR OFFICE
OF INSPECTOR GEN-
ERAL.—Section 1017(a)(2) of such Act is amended— 
(1) by redesignating subparagraph (C) as sub-
paragraph (D); and 
(2) by inserting after subparagraph (B) the fol-
lowing: 
‘‘(C) FUNDING FOR OFFICE OF INSPECTOR 
GENERAL.—Each fiscal year, the Bureau shall 
dedicate 2 percent of the funds transferred pur-
suant to paragraph (1) to the Office of the In-
spector 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 Bu-
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reau of Consumer Financial Protection in accordance with 
section 3 of the Inspector General Act of 1978 (5 U.S.C. 
App.). 
SEC. 4. EFFECTIVE DATE. 
The amendments made by this Act shall take effect 
60 days after the date of the enactment of this Act. 
SEC. 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 Inspec-
tor General of the Board of Governors of the Federal Re-
serve System and the Bureau of Consumer Financial Pro-
tection shall become the Inspector General of the Board 
of Governors of the Federal Reserve System. 
Æ 
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