Senator Rob Portman (R- OH) introduced new legislation on March 15th intended to improve transparency and accountability at the Consumer Financial Protection Bureau (CFPB) by establishing an Inspector General at the independent federal agency. The new CFPB Inspector General would need Senate confirmation. The new law would also allow Congress a mechanism of oversight into the agency’s affairs.
The CFPB’s structure, purpose, and leadership have come under intense scrutiny from federal courts, the Trump Administration, and Congressional Republicans in recent months. Upon introducing the bill, Senator Portman said, “every federal agency should be responsive and accountable to the American people, and this bill will help ensure we have an independent IG in place like we do at other federal agencies.”