U.S. House Representatives Reintroduce Bill to Create Independent IG Position at CFPB

CFPB U.S. House

On February 12, Congressmen Steve Stivers (R-OH) and Tim Walz (D-MN) re-introduced the Bureau of Consumer Financial Protection-Inspector General Act of 2015, legislation that would create an independent IG position at the CFPB. The IG position would be appointed by the President and confirmed by the Senate. Currently, the CFPB and the Federal Reserve share an IG. The proposed legislation is intended to increase congressional oversight over the CFPB, which has been given “broad authority” to fulfill its mission to protect consumers.