117 HR 6038 IH: Bureau of Consumer Financial Protection-Inspector General Reform Act of 2021
U.S. House of Representatives
2021-11-18
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.
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.