Section 1 Short title
This Act may be cited as the “Bureau of Consumer Financial Protection–Inspector General Reform Act of 2017”, or the “CFPB–IG Act of 2017”.
Bureau of Consumer Financial Protection–Inspector General Reform Act of 2017
A BILL
To require Senate confirmation of Inspector General of the Bureau of Consumer Financial Protection, and for other purposes.
Sec. 2 Appointment of Inspector General
The Inspector General Act of 1978 (5 U.S.C. App.) is amended—
in section 8G—
in subsection (a)(2), by striking “and the Bureau of Consumer Financial Protection”;
in subsection (c), by striking “For purposes of implementing this section” and all that follows through the end of the subsection; and
in subsection (g)(3), by striking “and the Bureau of Consumer Financial Protection”; and
in section 12—
in paragraph (1), by inserting “the Director of the Bureau of Consumer Financial Protection;” after “the President of the Export-Import Bank;”; and
in paragraph (2), by inserting “the Bureau of Consumer Financial Protection,” after “the Export-Import Bank,”.
Sec. 3 Requirements for the Inspector General for the Bureau of Consumer Financial Protection
Establishment— Section 1011 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5491) is amended—
in subsection (b)—
in the subsection heading, by striking “and Deputy Director” and inserting “, Deputy Director, and Inspector General”; and
by inserting after paragraph (5) the following:
“(6) Inspector General—There is established the position of the Inspector General.”
in subsection (d), by striking “or Deputy Director” each place it appears and inserting “, Deputy Director, or Inspector General”.
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 of the House of Representatives at hearings no less frequently than twice annually, at a date determined by the chairman of the respective committee, regarding the reports required under subsection (b) and the reports required under section 5 of the Inspector General Act of 1978 (5 U.S.C. App.).”
Funding for Office of Inspector General— Section 1017(a)(2) of such Act is amended—
by redesignating subparagraph (C) as subparagraph (D); and
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.”
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.”
Sec. 4 Effective date
The amendments made by this Act shall take effect 60 days after the date of the enactment of this Act.
Sec. 5 Transition period
The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall serve in that position until the confirmation of an Inspector General for the Bureau of Consumer Financial Protection. At that time, the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall become the Inspector General of the Board of Governors of the Federal Reserve System.