H.R. 1411 – CFPB–IG Reform Act of 2023

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Updated January 20, 2026 at 4:29 AM UTC

The CFPB‑IG Reform Act of 2023 changes how the Inspector General for the Consumer Financial Protection Bureau is selected and operates. It requires the President to appoint, and the Senate to confirm, the IG, creates the IG position within the CFPB, and sets funding and oversight requirements. The bill affects the CFPB, its Inspector General, and relevant congressional committees.

Key Provisions

Requires Senate confirmation of the CFPB Inspector General and sets a 60‑day deadline for the President to appoint the IG after enactment
Amends existing statutes to formally establish the Inspector General position within the CFPB under the Dodd‑Frank Act
Mandates that the CFPB allocate 2% of its transferred funds each fiscal year to fund the Inspector General’s office
Requires the Inspector General to appear at semiannual hearings before the Senate Banking Committee and relevant House committees
Adds the CFPB to the Council of Inspectors General on Financial Oversight
Specifies that the law takes effect when the first CFPB Inspector General is confirmed by the Senate
Provides that the existing Federal Reserve Board Inspector General role will transition to the CFPB once the new IG is confirmed

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the Committee on Oversight and Accountability, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Oversight and Government Reform Committee

March 7, 2023

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HouseIntro Referral

Introduced in House

March 7, 2023

HouseIntro Referral

Referred to the Committee on Oversight and Accountability, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Oversight and Government Reform Committee

March 7, 2023

Bill Text

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Introduced in HouseIssued March 7, 2023

I

118th CONGRESS

1st Session

H. R. 1411

IN THE HOUSE OF REPRESENTATIVES

March 7, 2023

Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Oversight and Accountability, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To require Senate confirmation of Inspector General of the Bureau of Consumer Financial Protection, and for other purposes.

1.

Short title

This Act may be cited as the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2023 or the CFPB–IG Reform Act of 2023.

2.

Appointment of Inspector General

Chapter 4 of title 5, United States Code, is amended—

(1)

in section 401—

(A)

in paragraph (1), by inserting the Bureau of Consumer Financial Protection, after the Export-Import Bank of the United States,; and

(B)

in paragraph (3), by inserting the Director of the Bureau of Consumer Financial Protection; after the President of the Export-Import Bank of the United States;; and

(2)

in section 415—

(A)

in subsection (a)(1), by striking and the Bureau of Consumer Financial Protection;

(B)

in subsection (c), by striking For purposes of implementing this section, the Chairman of the Board of Governors of the Federal Reserve System shall appoint the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection. The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall have all of the authorities and responsibilities provided by this Act with respect to the Bureau of Consumer Financial Protection, as if the Bureau were part of the Board of Governors of the Federal Reserve System.; and

(C)

in subsection (g)(3), by striking and the Bureau of Consumer Financial Protection.

3.

Requirements for the Inspector General for the Bureau of Consumer Financial Protection

(a)

Establishment

Section 1011 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5491) is amended—

(1)

in subsection (b)—

(A)

in the subsection heading, by striking and Deputy Director and inserting , Deputy Director, and Inspector General; and

(B)

by inserting after paragraph (5) the following:

(6)

Inspector General

There is established the position of the Inspector General.

; and

(2)

in subsection (d), by striking or Deputy Director each place it appears and inserting , Deputy Director, or Inspector General.

(b)

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 and the Committee on Energy and Commerce of the House of Representatives at semiannual hearings regarding the reports required under subsection (b) and the reports required under section 405 of title 5, United States Code.

.

(c)

Funding for Office of Inspector General

Section 1017(a)(2) of such Act is amended—

(1)

by redesignating subparagraph (C) as subparagraph (D); and

(2)

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.

.

(d)

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.

.

(e)

Deadline for appointment

Not later than 60 days after the date of the enactment of this Act, the President shall appoint an Inspector General for the Bureau of Consumer Financial Protection in accordance with section 403 of title 5, United States Code.

4.

Effective date

(a)

In general

The amendments made by this Act shall take effect on the date on which the first Inspector General of the Bureau of Consumer Financial Protection is confirmed by the Senate.

(b)

Appointment

The President may appoint, and the Senate may confirm, an Inspector General of the Bureau of Consumer Financial Protection before the amendments made by this Act take effect.

(c)

Transition

The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall, upon the date on which the first Inspector General of the Bureau of Consumer Financial Protection is confirmed by the Senate, become the Inspector General of the Board of Governors of the Federal Reserve System.