H.R. 2513

119 HR 2513 IH: Bureau of Consumer Financial Protection-Inspector General Reform Act of 2025
 U.S. House of Representatives
 2025-03-31
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 I  119th CONGRESS  1st Session  H. R. 2513  IN THE HOUSE OF REPRESENTATIVES   March 31, 2025   Mr. Meuser  (for himself,  Mr. Huizenga ,  Mr. Barr ,  Mr. Williams of Texas ,  Mrs. Kim ,  Mr. Donalds , and  Ms. Salazar ) 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 2025   or the   CFPB–IG Reform Act of 2025  .
2.
Appointment of Inspector General
 Chapter 4  of title 5, United States Code, is amended—
(1)
in section 401—
(A)
in paragraph (1), by inserting  the Bureau of Consumer Financial Protection,  after  the Export-Import Bank of the United States, ; and
(B)
in paragraph (3), by inserting  the Director of the Bureau of Consumer Financial Protection;  after  the President of the Export-Import Bank of the United States; ; and
(2)
in section 415—
(A)
in subsection (a)(1), by striking  and the Bureau of Consumer Financial Protection ;
(B)
in subsection (c), by striking  For purposes of implementing this section, the Chairman of the Board of Governors of the Federal Reserve System shall appoint the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection. The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall have all of the authorities and responsibilities provided by this Act with respect to the Bureau of Consumer Financial Protection, as if the Bureau were part of the Board of Governors of the Federal Reserve System. ; and
(C)
in subsection (g)(3), by striking  and the Bureau of Consumer Financial Protection .
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 semiannual hearings regarding the reports required under subsection (b) and the reports required under section 405 of title 5, United States Code.
 .
(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 403 of title 5, United States Code.
4.
Effective date
(a)
In general
The amendments made by this Act shall take effect on the date on which the first Inspector General of the Bureau of Consumer Financial Protection is confirmed by the Senate.
(b)
Appointment
The President may appoint, and the Senate may confirm, an Inspector General of the Bureau of Consumer Financial Protection before the amendments made by this Act take effect.
(c)
Transition
The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall, upon the date on which the first Inspector General of the Bureau of Consumer Financial Protection is confirmed by the Senate, become the Inspector General of the Board of Governors of the Federal Reserve System.