Require Presidential appointment and Senate confirmation of the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection.

Summary

Designates the Board of Governors of the Federal Reserve System’s Inspector General (IG) to also serve as the Inspector General for the Consumer Financial Protection Bureau (CFPB). It gives the Board IG the authority to carry out statutory IG responsibilities over the CFPB as if the CFPB were part of the Board and explicitly permits the Board IG to exercise oversight authority over Federal Reserve banks without requiring those banks’ permission. The measure also applies most of the statutory rules that govern IGs (as they apply to the Treasury IG and Secretary of the Treasury) to the Board IG and the Board Chairman in their relations with the CFPB, while carving out a few specific exceptions, and makes conforming changes to the chapter’s table of sections and related provisions.

• The Board of Governors’ Inspector General is designated to serve as the Inspector General for the CFPB.
• The Board IG may exercise all Inspector General Act authorities over the CFPB as if the CFPB were part of the Board.
• The Board IG can conduct oversight of Federal Reserve banks without needing the bank’s permission.
• Most statutory provisions that apply to the Treasury IG/Secretary are applied similarly to the Board IG/Chairman in CFPB matters, with specific exceptions.
• No separate CFPB IG office is created; responsibilities are consolidated under the Board IG.
• Conforming amendments update the chapter table and remove or redesignate affected statutory paragraphs.
• The bill does not specify new funding or appropriations for these added duties in the supplied text.
• Potential legal and administrative questions may arise about CFPB independence and inter-agency coordination under consolidated oversight.