Rep. Steve Stivers (R-OH) introduced Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015, H. R. 957 that would ensure greater accountability at the CFPB by creating an Inspector General, nominated by the president and confirmed by the Senate. Reintroduced Feb. 20, 2015, the bipartisan measure is being co-sponsored in the House with Rep. Tim Walz (D-MN). Sen. Rob Portman (R-OH) introduced a companion bill in the Senate
Meanwhile, U.S. Rep. Randy Neugebauer’s (R-TX) Financial Product Safety Commission Act of 2015 (H. R. 1266) removes the CFPB from under the umbrella of the Federal Reserve System and sets it up as a stand alone agency governed by a five-member bipartisan commission. Chairman of the Financial Institutions and Consumer Credit Subcommittee, Neugebauer introduced the bill in March following CFPB Director Richard Cordray’s semi-annual report to Congress.
Cordray just presented his seventh semi-annual report to the House, with a focus on mortgages, credit cards and student loans in addition to responses from companies to consumer complaints about these financial products. ##
(Image credit:Consumer Financial Protection Bureau)
