119 HR 2513 IH: Bureau of Consumer Financial Protection-Inspector General Reform Act of 2025 U.S. House of Representatives 2025-03-31 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I119th CONGRESS1st SessionH. R. 2513IN THE HOUSE OF REPRESENTATIVESMarch 31, 2025Mr. Meuser (for himself, Mr. Huizenga, Mr. Barr, Mr. Williams of Texas, Mrs. Kim, Mr. Donalds, and Ms. Salazar) introduced the following bill; which was referred to the Committee on Oversight and Government 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 concernedA BILLTo 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 2025 or the CFPB–IG Reform Act of 2025.

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.

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.

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.