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House Bill 1411
118th Congress(2023-2024)
CFPB–IG Reform Act of 2023
Introduced
Introduced
Introduced in House on Mar 7, 2023
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Introduced in House 
Mar 7, 2023
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Introduced in House(Mar 7, 2023)
Mar 7, 2023
No Linkage Found
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
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H. R. 1411 (Introduced-in-House)


118th CONGRESS
1st Session
H. R. 1411


To require Senate confirmation of Inspector General of the Bureau of Consumer Financial Protection, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

March 7, 2023

Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Oversight and Accountability, 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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Bureau of Consumer Financial Protection-Inspector General Reform Act of 2023” or the “CFPB–IG Reform Act of 2023”.

SEC. 2. Appointment of Inspector General.

Chapter 4 of title 5, United States Code, is amended—

(1) in section 401—

(A) in paragraph (1), by inserting “the Bureau of Consumer Financial Protection,” after “the Export-Import Bank of the United States,”; and

(B) in paragraph (3), by inserting “the Director of the Bureau of Consumer Financial Protection;” after “the President of the Export-Import Bank of the United States;”; and

(2) in section 415—

(A) in subsection (a)(1), by striking “and the Bureau of Consumer Financial Protection”;

(B) in subsection (c), by striking “For purposes of implementing this section, the Chairman of the Board of Governors of the Federal Reserve System shall appoint the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection. The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall have all of the authorities and responsibilities provided by this Act with respect to the Bureau of Consumer Financial Protection, as if the Bureau were part of the Board of Governors of the Federal Reserve System.”; and

(C) in subsection (g)(3), by striking “and the Bureau of Consumer Financial Protection”.

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 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 405 of title 5, United States Code.”.

(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 403 of title 5, United States Code.

SEC. 4. Effective date.

(a) In general.—The amendments made by this Act shall take effect on the date on which the first Inspector General of the Bureau of Consumer Financial Protection is confirmed by the Senate.

(b) Appointment.—The President may appoint, and the Senate may confirm, an Inspector General of the Bureau of Consumer Financial Protection before the amendments made by this Act take effect.

(c) Transition.—The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall, upon the date on which the first Inspector General of the Bureau of Consumer Financial Protection is confirmed by the Senate, become the Inspector General of the Board of Governors of the Federal Reserve System.