Bill calls for CFPB inspector general

A bipartisan duo of two House lawmakers have offered a bill that would install an inspector general for the Consumer Financial Protection Bureau.

Reps. Steve Stivers (R-Ohio) and Tim Walz (D-Minn.) reintroduced legislation that would require the Senate to confirm an independent inspector general for the agency, arguing it would provide greater oversight.

{mosads}“This legislation will allow for increased oversight of an agency that has been given broad authority.  It is important that we take the necessary steps to ensure the CFPB is accountable to the American people,” Stivers said in a statement.

The lawmakers noted that the CFPB is not subject to oversight from Congress through the annual appropriations process, as it receives funds through the Federal Reserve. It currently shares an inspector general with the Federal Reserve, who is appointed by the central bank’s chairman.

 “Their work is important, but that doesn’t mean that they don’t need oversight,” Walz said.