CFPB–IG Reform Act of 2023

1/8/2024, 11:56 PM
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.
Bill 118 hr 1411, also known as the CFPB–IG Reform Act of 2023, is a piece of legislation currently being considered by the US Congress. The bill aims to reform the Inspector General (IG) office within the Consumer Financial Protection Bureau (CFPB).

The main purpose of the bill is to strengthen the oversight and accountability of the CFPB by making changes to the way the IG office operates. This includes increasing the independence of the IG office by requiring the Inspector General to be appointed by the President and confirmed by the Senate, rather than being appointed by the CFPB Director.

Additionally, the bill seeks to enhance the IG office's ability to investigate and report on potential misconduct or inefficiencies within the CFPB. This includes granting the IG office subpoena power to compel the production of documents and testimony during investigations. Overall, the CFPB–IG Reform Act of 2023 aims to improve transparency and accountability within the CFPB by strengthening the oversight capabilities of the Inspector General's office. The bill is currently being debated in Congress and may undergo further revisions before potentially being signed into law.
Congress
118
Number
HR - 1411
Introduced on
2023-03-07
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

3/7/2023
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

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.
Bill 118 hr 1411, also known as the CFPB–IG Reform Act of 2023, is a piece of legislation currently being considered by the US Congress. The bill aims to reform the Inspector General (IG) office within the Consumer Financial Protection Bureau (CFPB).

The main purpose of the bill is to strengthen the oversight and accountability of the CFPB by making changes to the way the IG office operates. This includes increasing the independence of the IG office by requiring the Inspector General to be appointed by the President and confirmed by the Senate, rather than being appointed by the CFPB Director.

Additionally, the bill seeks to enhance the IG office's ability to investigate and report on potential misconduct or inefficiencies within the CFPB. This includes granting the IG office subpoena power to compel the production of documents and testimony during investigations. Overall, the CFPB–IG Reform Act of 2023 aims to improve transparency and accountability within the CFPB by strengthening the oversight capabilities of the Inspector General's office. The bill is currently being debated in Congress and may undergo further revisions before potentially being signed into law.
Policy Areas
Finance and Financial Sector

Comments

Related

Member:  Mark Alford
Bill Update Alert:  CFPB Transparency and Accountability Reform Act

Recent Activity

Latest Action3/7/2023
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 jurisdi...