Press Releases

Stivers, Walz Legislation to Establish an Inspector General at the Consumer Financial Protection Bureau Passes Committee

f t # e
Washington, October 1, 2015 | comments
WASHINGTON, D.C. – Bipartisan legislation sponsored by Congressman Steve Stivers (R–OH) and Congressman Tim Walz (D-MN) that would create the position of an independent Inspector General (IG) at the Consumer Financial Protection Bureau (CFPB) passed out of committee on Wednesday.
share: f t
WASHINGTON, D.C. – Bipartisan legislation sponsored by Congressman Steve Stivers (R–OH) and Congressman Tim Walz (D-MN) that would create the position of an independent Inspector General (IG) at the Consumer Financial Protection Bureau (CFPB) passed out of committee on Wednesday.

“The CFPB has been given broad authority and must be accountable to the American people,” Stivers said. “More than 30 other federal departments and agencies have an independent Inspector General. This bill would bring the CFPB in line with these agencies and provide the necessary oversight and transparency.”

“The CFPB is an important agency that works to ensure that you, the consumer, are protected from things like predatory payday lenders, shoddy mortgage bankers and defective products. Their work is important, but that doesn’t mean that they don’t need oversight,” Walz said. “I believe the appointment of an independent Inspector General will only increase their ability to fulfill their important mission and I am pleased this legislation passed out of committee.”

The CFPB receives its operating funds from the Federal Reserve. Currently, it has very little Congressional oversight and does not have an independent Inspector General solely dedicated to the Bureau. Instead, the CFPB shares an Inspector General with the Federal Reserve, which is appointed by the Fed Chairman. The bill sponsored by Congressman Stivers and Walz would amend the Inspector General Act of 1978 to establish an independent Inspector General for the CFPB.

Having passed Committee, H.R. 957, the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015, will soon head to the House floor.

-30-

f t # e

Office Locations

Find the office location closest to you
map