New Bill Seeks to Create CFPB Inspector General

Mar 16, 2017

The latest piece of congressional legislation seeking to reconfigure the Consumer Financial Protection Bureau (CFPB) was introduced by Sen. Rob Portman (R-OH), who is seeking to create a new dedicated, Senate-confirmed Inspector General (IG) to monitor the agency.

In its current set-up, the CFPB shares an IG with the Federal Reserve. However, the Fed’s IG is hired by the central bank’s chairman and is not appointed by the president or confirmed by the Senate. Sen. Portman, who introduced similar legislation in the last Congress, stated this new IG would enable greater accountability and transparency at the CFPB.

“Installing a dedicated, Senate-confirmed internal watchdog at the CFPB will provide greater transparency and accountability at the CFPB,” he said. “Given the vast powers of this large bureaucracy and the CFPB’s insulation from congressional oversight, it is critical that it have an independent IG to ensure robust oversight. Every federal agency should be responsive and accountable to the American people, and this bill will help ensure we have an independent IG in place like we do at other federal agencies.”

Joining Sen. Portman as co-sposnors on the bill are Sens. John Barrasso (R-WY), Roy Blunt (R-MO), Thad Cochran (R-MS), Susan Collins (R-ME), Mike Enzi (R-WY), Dean Heller (R-NV), John Hoeven (R-ND) and Johnny Isakson (R-GA).

About the author

Phil Hall

Link copied

Published

Mar 16, 2017

Community

How To Win Real Estate Investors, And Keep Them Coming Back

NMP Ignite speakers share strategies for building lasting investor relationships, overcoming financing challenges, and generating repeat business

Real estate investors can be some of the most valuable clients an originator will ever work with. They buy repeatedly, refinance properties, build portfolios, and refer other investors. But earning their loyalty requires a different approach from traditional residential lend...

Analysis and Data

Just 22% Of Homebuyers Are First-Timers As Cash Purchases Rise

NAR finds nearly one-third of repeat buyers pay cash, narrowing the pool of financed purchase transactions for lenders

First-time homebuyers remain largely on the sidelines of the housing market, accounting for just 22% of purchases as older, equity-rich repeat buyers continue to dominate, according to new data from the National Association of Realtors (NAR).The first-time buyer share edged ...

Feb

Sacramento, CA

More from

Regulation and Compliance

West Capital LO Challenges Contractor Status, Required Fees

A former originator alleges unpaid overtime, recurring tech charges, and company restrictions that he says undermine his independent-contractor status

Regulation and Compliance

Nov 06, 2026

CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Regulation and Compliance

Nov 05, 2026

Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations

Regulation and Compliance

Nov 02, 2026

UAD 3.6 Deadline Is Monday. Are Brokers Ready?

Wholesale lenders have adopted different rules for appraisal transfers, loan product changes, and reporting formats, adding complications for brokers and appraisers ahead of the Nov. 2 mandate

Regulation and Compliance

Oct 27, 2026

Friday Harbor Expands AI Appraisal Reviews As UAD 3.6 Deadline Nears

The new capability adds more than 350 automated checks as lenders prepare for the November 2 mandate

Tech

Oct 27, 2026

The Hidden Cost Of Appraisal Uncertainty

As home equity lending grows, lenders need a better way to resolve conflicting property evidence before it creates costly setbacks

Regulation and Compliance

Oct 25, 2026

Popular