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Monday, December 23, 2013

House Bill Would Create Independent IG for the CFPB

Congressman Steve Stivers (R-OH), along with Congressman Tim Walz (D-MN), introduced the bipartisan Bureau of Consumer Financial Protection-Inspector General Act of 2013 (H.R. 3770). This legislation would establish an independent Inspector General for the Consumer Financial Protection Bureau (CFPB). The position would be appointed by the President and confirmed with the advice and consent of the Senate. Currently, the CFPB shares an Inspector General with the Federal Reserve.

“Government accountability is important now, more than ever,” Stivers said.  “This legislation will allow for increased oversight of an agency that has been given broad authority.  It is important that we take the necessary steps to ensure the CFPB is accountable to the American people.”

The CFPB currently has very little Congressional oversight. The agency is not subject to the appropriations process, receiving funds for their budget from the Federal Reserve, and the CFPB does not have an independent, Senate-confirmed Inspector General (IG).

Read HR 3770.

Learn  more from Rep. Stivers.