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Consumer Financial Protection Oversight: Enhanced Accountability and Independence

This act changes how the Bureau of Consumer Financial Protection (CFPB), which protects citizens' financial rights, is overseen. The main change is that the person responsible for internal oversight of the CFPB (the Inspector General) will require Senate confirmation, aiming to increase their independence and accountability. Additionally, the Bureau will be required to dedicate a fixed portion of its budget to the Inspector General's office, ensuring stable funding for oversight activities.
Key points
Increased Independence for CFPB Inspector General: The individual overseeing the Consumer Financial Protection Bureau will require Senate approval, aiming for greater independence from the Bureau's leadership.
Stable Funding for Oversight: 2% of the CFPB's budget will be allocated to the Inspector General's office, providing resources for effective oversight of the Bureau's expenditures and activities.
Enhanced Transparency: The Inspector General will be required to report regularly to Congressional committees, increasing transparency in the Bureau's operations and its oversight.
Improved Consumer Protection: Strengthening independent oversight of the CFPB aims to better enforce regulations protecting consumers from unfair financial practices.
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Expired
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Additional Information
Print number: 117_HR_6038
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Process start date: 2021-11-18
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

CFPB–IG Reform Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6038.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-11-18.

What are the main provisions?

Key points include:

  • Increased Independence for CFPB Inspector General: The individual overseeing the Consumer Financial Protection Bureau will require Senate approval, aiming for greater independence from the Bureau's leadership.
  • Stable Funding for Oversight: 2% of the CFPB's budget will be allocated to the Inspector General's office, providing resources for effective oversight of the Bureau's expenditures and activities.
  • Enhanced Transparency: The Inspector General will be required to report regularly to Congressional committees, increasing transparency in the Bureau's operations and its oversight.
  • Improved Consumer Protection: Strengthening independent oversight of the CFPB aims to better enforce regulations protecting consumers from unfair financial practices.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Luetkemeyer, Blaine [R-MO-3].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

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