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H.R. 957 (114th): CFPB-IG Act of 2015


The text of the bill below is as of Feb 12, 2015 (Introduced). The bill was not enacted into law.


I

114th CONGRESS

1st Session

H. R. 957

IN THE HOUSE OF REPRESENTATIVES

February 12, 2015

(for himself, Mr. Walz, Mr. Royce, and Mr. Luetkemeyer) 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.

1.

Short title

This Act may be cited as the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015, or the CFPB-IG Act of 2015.

2.

Appointment of Inspector General

The Inspector General Act of 1978 (5 U.S.C. App.) is amended—

(1)

in section 8G—

(A)

in subsection (a)(2), by striking and the Bureau of Consumer Financial Protection;

(B)

in subsection (c), by striking For purposes of implementing this section and all that follows through the end of the subsection; and

(C)

in subsection (g)(3), by striking and the Bureau of Consumer Financial Protection; and

(2)

in section 12—

(A)

in paragraph (1), by inserting the Director of the Bureau of Consumer Financial Protection; after the President of the Export-Import Bank;; and

(B)

in paragraph (2), by inserting the Bureau of Consumer Financial Protection, after the Export-Import Bank,.

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 semi-annual hearings regarding the reports required under subsection (b) and the reports required under section 5 of the Inspector General Act of 1978 (5 U.S.C. App.).

.

(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 3 of the Inspector General Act of 1978 (5 U.S.C. App.).

4.

Effective date

The amendments made by this Act shall take effect 60 days after the date of the enactment of this Act.

5.

Transition period

The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall serve in that position until the confirmation of an Inspector General for the Bureau of Consumer Financial Protection. At that time, the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall become the Inspector General of the Board of Governors of the Federal Reserve System.