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CFPB–IG Reform Act of 2021
12/30/2022, 8:18 AM
Summary of Bill HR 6038
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.
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.
Congressional Summary of HR 6038
Bureau of Consumer Financial Protection-Inspector General Reform Act of 2021 or the CFPB-IG Act of 2021
This bill establishes a separate Office of Inspector General for the Consumer Financial Protection Bureau (CFPB). Currently, such oversight of the CFPB is combined with the Office of Inspector General for the Board of Governors of the Federal Reserve System.
Read the Full Bill
Current Status of Bill HR 6038
Bill HR 6038 is currently in the status of Bill Introduced since November 18, 2021. Bill HR 6038 was introduced during Congress 117 and was introduced to the House on November 18, 2021. Bill HR 6038's most recent activity 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. as of November 18, 2021
Bipartisan Support of Bill HR 6038
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
38Democrat Cosponsors
0Republican Cosponsors
38Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 6038
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 6038
CFPB–IG Reform Act of 2021
CFPB–IG Reform Act of 2021
Bureau of Consumer Financial Protection-Inspector General Reform Act of 2021
To require Senate confirmation of Inspector General of the Bureau of Consumer Financial Protection, and for other purposes.
Comments
Sponsors and Cosponsors of HR 6038
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