HR 1411 United States House · 118th Congress

CFPB–IG Reform Act of 2023

This bill creates a dedicated Inspector General position for the Consumer Financial Protection Bureau (CFPB), replacing the previous arrangement where the Federal Reserve's IG also oversaw the CFPB. It requires the CFPB to allocate 2% of its annual funding to support the Inspector General's office and mandates semiannual congressional hearings by the IG to report on oversight activities. The bill also sets a 60-day deadline for the President to appoint the IG after enactment. These changes directly affect the CFPB's internal oversight structure and reporting requirements.

Bill status in committee 1 of 4 stages cleared

Introduction

Mar 2023

Committee Review

Floor Vote

President

Introduced Mar 7, 2023 Last action Mar 7, 2023

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Committee

Mar 7, 2023

Committee

Referred to the Committee on Oversight and Accountability, 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.

lower

Mar 7, 2023

Introduced

Introduced in House

lower

1 primary · 2 co-sponsors