Independent Inspector General for Consumer Financial Protection Bureau
This act establishes an independent Inspector General for the Consumer Financial Protection Bureau (CFPB). This means that oversight of the CFPB's actions, which protect your financial rights, will be more independent and transparent. The new Inspector General will require Senate confirmation and will have a dedicated budget, aiming to enhance their effectiveness in uncovering irregularities.
Key points
Establishes an independent Inspector General within the Consumer Financial Protection Bureau (CFPB) to oversee its operations.
The Inspector General will require Senate confirmation, increasing public oversight of this position.
The Consumer Financial Protection Bureau will be required to dedicate 2% of its annual funds to the Inspector General's office, ensuring financial independence.
The Inspector General will regularly report to Congressional committees, enhancing transparency and accountability of the CFPB.
Status:
Expired
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