On February 12, Representative Steve Stivers (R-Ohio) reintroduced bi-partisan legislation that would require the Senate to confirm an independent inspector general for the Consumer Financial Protection Bureau, arguing it would provide greater oversight.
The Bureau of Consumer Financial Protection-Inspector General Act of 2015 (H.R. 957) is co-sponsored by Tim Walz (D-Minn.), Blaine Luetkemeyer (R-Mo.), and Edward Royce (R-Ca).
Currently, the CFPB is not subject to oversight from Congress through the annual appropriations process, as it receives funds through the Federal Reserve. The CFPB also shares an inspector general with the Fed, which is an unconfirmed position appointed by its chairman.
The legislation would amend 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. Stivers said in a statement: “This legislation will allow for increased oversight of an agency that has been given broad authority. It is important that we take the necessary steps to ensure the CFPB is accountable to the American people.”