Bill Introduced to Give CFPB Independent Inspector General

A bipartisan coalition made up of Reps. Steve Stivers (R- OH) and Tim Waltz (D- MN) introduced legislation this week to create the new position of Inspector General at the Consumer Financial Protection Bureau (CFPB). The bill mirrors a similar offer made back in March in the Senate by Rob Portman (R- OH). The CFPB currently shares an inspector general with the Federal Reserve System.

The Office of the Inspector General (OIG) at the Federal Reserve provides oversight of Federal Reserve and CFPB programs, including investigation of the agencies for potential internal fraud and inefficiency. The OIG previously criticized the CFPB in a report in May for poor security protocols regarding sensitive information during enforcement investigations. Rep. Stivers hopes that a Senate-confirmed Inspector General at the CFPB will provide accountability to an agency that often operates on the edge of its statutory and constitutional authority.