CFPB–IG Reform Act of 2023

Bill 118 hr 1411, also known as the CFPB–IG Reform Act of 2023, is a piece of legislation currently being considered by the US Congress. The bill aims to reform the Inspector General (IG) office within the Consumer Financial Protection Bureau (CFPB).

The main purpose of the bill is to strengthen the oversight and accountability of the CFPB by making changes to the way the IG office operates. This includes increasing the independence of the IG office by requiring the Inspector General to be appointed by the President and confirmed by the Senate, rather than being appointed by the CFPB Director.

Additionally, the bill seeks to enhance the IG office's ability to investigate and report on potential misconduct or inefficiencies within the CFPB. This includes granting the IG office subpoena power to compel the production of documents and testimony during investigations. Overall, the CFPB–IG Reform Act of 2023 aims to improve transparency and accountability within the CFPB by strengthening the oversight capabilities of the Inspector General's office. The bill is currently being debated in Congress and may undergo further revisions before potentially being signed into law.