CFPB–IG Reform Act of 2021

Bill: 117-hr-6038
Sponsor: full_name: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2021-11-18
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-11-18
text: Referred to the Committee on Oversight and 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.

Summaries:
action_date: 2021-11-18
action_desc: Introduced in House
text: <p><b>Bureau of Consumer Financial Protection-Inspector General Reform Act of 2021 or the CFPB-IG Act of 2021</b></p> <p>This bill establishes a separate Office of Inspector General for the Consumer Financial Protection Bureau (CFPB). Currently, such oversight of the CFPB is combined with the Office of Inspector General for the Board of Governors of the Federal Reserve System.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 6038 IN THE HOUSE OF REPRESENTATIVES November 18, 2021 Mr. Luetkemeyer (for himself, Mrs. Wagner , Mr. Zeldin , Mr. Barr , Mr. Timmons , Mr. Williams of Texas , Mr. Budd , Mr. Emmer , Mr. Loudermilk , Mr. Davidson , Mr. Kustoff , Mr. Huizenga , Mr. Steil , Mr. Mooney , Mr. Gooden of Texas , Mr. Posey , and Mr. Sessions ) introduced the following bill; which was referred to the Committee on Oversight and 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. Short title This Act may be cited as the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2021 or the CFPB–IG Reform Act of 2021 . 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 and all that follows through the end of the subsection; and (C) in subsection (g)(3), by striking and the Bureau of Consumer Financial Protection ; and (2) in section 12— (A) in paragraph (1), by inserting the Director of the Bureau of Consumer Financial Protection; after the President of the Export-Import Bank; ; and (B) in paragraph (2), by inserting the Bureau of Consumer Financial Protection, after 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 ) is amended— (1) in subsection (b)— (A) in the subsection heading, by striking and Deputy Director and inserting , Deputy Director, and Inspector General ; and (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 each place it appears and inserting , 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 semiannual 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 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 of the Inspector General Act of 1978 (5 U.S.C. App.). 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.