CFPB–IG Reform Act of 2025
- house
- senate
- president
Last progress March 31, 2025 (8 months ago)
Introduced on March 31, 2025 by Dan Meuser
Sponsors (7)
House Votes
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.
Senate Votes
Presidential Signature
AI Summary
This bill creates a separate Inspector General for the Bureau of Consumer Financial Protection. The Inspector General would be appointed by the President and must be confirmed by the Senate. The Inspector General must testify twice a year to key congressional committees about their oversight reports. The bill also sets aside a steady share of the Bureau’s budget to fund this watchdog office and adds the Bureau to a council of financial watchdogs. These changes take effect once the first Inspector General is confirmed.
Key points:
- Who is affected: The Bureau of Consumer Financial Protection, its new Inspector General, and congressional oversight committees.
- What changes: Creates an Inspector General position at the Bureau; requires semiannual hearings; dedicates 2% of the Bureau’s annual transferred funds to the Inspector General’s office; adds the Bureau to the Council of Inspectors General on Financial Oversight.
- When: The President must appoint an Inspector General within 60 days of enactment; the law’s amendments take effect when the first Inspector General is confirmed by the Senate; once that happens, the current dual-role Inspector General reverts to serving only the Federal Reserve Board.