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Stivers Reintroduces the Bureau of Consumer Financial Protection Inspector General Act

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Washington, July 28, 2017 | comments
Congressman Steve Stivers (R – OH) this week re-introduced the Bureau of Consumer Financial Protection-Inspector General Act, legislation that creates the position of an independent Inspector General (IG) at the Consumer Financial Protection Bureau (CFPB). Stivers re-introduced the bipartisan legislation with Congressman Tim Walz (D-MN).
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WASHINGTON, D.C. – Congressman Steve Stivers (R – OH) this week re-introduced the Bureau of Consumer Financial Protection-Inspector General Act, legislation that creates the position of an independent Inspector General (IG) at the Consumer Financial Protection Bureau (CFPB). Stivers re-introduced the bipartisan legislation with Congressman Tim Walz (D-MN).

“Federal agencies must be held accountable to the American people,” Stivers said.  “This legislation will allow for increased oversight of an agency that has been given broad authority – and often overreaches that authority.  It is important that we take the necessary steps to ensure the CFPB is able to fulfill its role in protecting consumers, while being held accountable.”

The CFPB currently has very little Congressional oversight and receives its funding from the Federal Reserve, rather than the appropriations process. Moreover, the CFPB does not have an independent, Senate-confirmed Inspector General.

Instead, the Consumer Financial Protection Bureau shares an Inspector General with the Federal Reserve, an unconfirmed position appointed by the Federal Reserve Chairman.

This legislation amends the Inspector General Act of 1978 to establish an independent Inspector General for the CFPB. The position would be appointed by the President and then confirmed with the advice and consent of the Senate.

There are currently more than 30 federal departments or agencies that have an independent IG.

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