Bill Details
HR.2513 - 119th Congress
Status
Latest action
2025-03-31 - 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 concerned.
Introduced Date
2025-03-31
Policy Area
Finance and Financial Sector
Committees
View committees (2)
Cosponsors
6
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would change how the Inspector General for the Consumer Financial Protection Bureau is chosen and run. Right now, that job is tied to the Federal Reserve’s inspector general, but this bill would create a separate inspector general office for the Consumer Financial Protection Bureau. The new inspector general would have to be appointed by the President and confirmed by the Senate, and the office would get its own funding, reports, and oversight duties. The goal is to give the agency a more independent watchdog and make its oversight structure clearer.
- It creates a separate Inspector General position for the Consumer Financial Protection Bureau instead of sharing one with the Federal Reserve.
- The President would have to appoint the first inspector general within 60 days after the bill becomes law, and the Senate would have to confirm the person.
- The bureau would set aside 2% of the money it transfers each year to fund the Inspector General’s office.
- The new inspector general would testify at semiannual hearings before congressional committees and join the Council of Inspectors General on Financial Oversight.
Official Summaries
Bureau of Consumer Financial Protection-Inspector General Reform Act of 2025 or the CFPB-IG Act of 2025
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.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2513 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 2513
To require Senate confirmation of Inspector General of the Bureau of
Consumer Financial Protection, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 31, 2025
Mr. 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 concerned
_______________________________________________________________________
A BILL
To require Senate confirmation of Inspector General of the Bureau of
Consumer Financial Protection, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 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''.
SEC. 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''.
SEC. 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.
SEC. 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.
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