New Bill Seeks to Create CFPB Inspector General – NMP Skip to main content

New Bill Seeks to Create CFPB Inspector General

Phil Hall
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)

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). 
Published
Mar 16, 2017
SEC: Angel Oak Capital Advisors Misled Investors

Company, portfolio manager agree to pay $1.825M combined in civil penalties.

Regulation and Compliance
Aug 10, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
As Expected, The Fed Raises Rate By Another 0.75%

Experts say housing industry will shrug off the latest increase.

Regulation and Compliance
Jul 27, 2022
AmTrust Ends 'No-Poach' Agreement, Pays $1.25M Fine In Deal With N.Y. AG

Company also agrees to cooperate with ongoing investigations of the title insurance industry.

Regulation and Compliance
Jul 25, 2022
NAR Chief Economist: Nationwide Home Price Decline Won't Happen Soon

Lack of inventory continues to support growth in prices, which have increased year over year for 124 straight months.

Regulation and Compliance
Jul 22, 2022
FHFA Director: Fannie, Freddie Need $300B Combined In Capital

So far, the enterprises combined have built $83.5 billion in reserves, or about 27% of the target.

Regulation and Compliance
Jul 21, 2022