CFPB–IG Reform Act of 2021

Bill 117 hr 6038, also known as the CFPB–IG Reform Act of 2021, is a piece of legislation that aims to reform the Inspector General (IG) office within the Consumer Financial Protection Bureau (CFPB). The bill was introduced in the House of Representatives on September 14, 2021.

The main purpose of the CFPB–IG Reform Act of 2021 is to strengthen the independence and effectiveness of the CFPB's Inspector General office. The bill includes provisions that would require the CFPB's IG to be appointed by the President and confirmed by the Senate, similar to other federal agency IGs. This change is intended to enhance the IG's independence and ensure that they are able to conduct thorough and impartial investigations.

Additionally, the bill includes measures to improve transparency and accountability within the CFPB's IG office. It requires the IG to submit reports to Congress on a regular basis, detailing their activities and findings. The bill also establishes procedures for handling complaints and whistleblower disclosures within the CFPB, in order to ensure that potential misconduct or wrongdoing is promptly addressed. Overall, the CFPB–IG Reform Act of 2021 seeks to strengthen oversight and accountability within the CFPB, by enhancing the independence and effectiveness of the Inspector General office. The bill is currently under consideration in the House of Representatives, where it will be debated and potentially amended before being voted on.