Right now, the Consumer Financial Protection Bureau (CFPB)—the government agency that watches over banks and financial companies to protect consumers—doesn't have its own internal watchdog. Instead, it shares an Inspector General with the Federal Reserve, which is a different agency with different responsibilities. This bill would change that by creating a separate Inspector General office just for the CFPB. Think of an Inspector General as an internal auditor whose job is to investigate waste, fraud, and misconduct within an agency. By having its own dedicated Inspector General, the CFPB would get more focused oversight tailored to its specific mission of protecting consumers in financial markets. This means someone would be watching specifically over how the CFPB spends money, handles complaints, and conducts its operations—rather than having that responsibility split between two different agencies with different priorities.

CFPB–IG Reform Act of 2023

Luetkemeyer, Blaine

Bureau of Consumer Financial Protection-Inspector General Reform Act of 2023 or the CFPB-IG Act of 2023 This bill establishes a separate Office of Inspector General for the Consumer Financial Protection Bureau (CFPB). Currently, such oversight of the CFPB is combined with the Office of Inspector General for the Board of Governors of the Federal Reserve System.